BLOG – March through your mortgage (2 minute read).

I paid off my first mortgage in 7 years instead of 25 years.

I’m not telling you this to gloat. Far from it. It was hard work. I’m telling you, to share four solutions that may help you to reduce and March through your mortgage.

Everyone’s circumstances are different. This is what worked for me.

EARN – I had a job in a consultancy. At weekends I worked as a scuba diving instructor. I also did silver service waitressing. An extra $1,000 each month takes YEARS off a mortgage.

“I don’t have time to work a 2nd or 3rd job” I hear you say….

LEARN – I learnt to do things differently. For example, I rented out my spare room. The lodgers rent covered more than half the mortgage.

YEARN – I realised that when you get your first mortgage you need to spend less than you earn. I yearned for $22 cafe smashed avo on toast, but ate breakfast at home! 

RETURN – (I’m NOT giving financial advice). I returned every cent to the bank. I got a high interest savings account, put every extra cent there and every 6 months I made a BIG mortgage overpayment. Speak to a qualified expert to see what might work for you.

This month it’s the Underspent “March through your Mortgage” challenge. Would you give Earning, Learning, Yearning or Returning a go?

Thanks for reading. 

Until next time…