Jenn are going through a season where we are SICK of paying mortgage payments. We have been debt-free except for the house for nearly four years, but this stupid house mortgage makes us angry!
If we paid the regular monthly payment for a thirty year mortgage at a fixed rate of 6% interest, only 17% of the principal & interest payments made in the first year go to principal! Where does the other 83% go? To the mortgage lender!!!
No wonder people aren't winning financially!
So, Jenn and I are attacking the mortgage. This translates to the fact that we are boosting income and cutting spending.
As part of the "cutting spending', Jenn and I are having to have the Wants vs. Needs discussion.
I have got to tell you, it is BRUTAL!
Here is what is up for cutting or eliminating in our budget:
- Cable TV
- Spending Money
- Babysitting Money
- Entertainment Money
- Gasoline Money
- Christmas Money
Here is NOT what is up for cutting or eliminating in our budget:
- Vacation Money (we save for it monthly)
- Retirement Savings
- College Savings
I need some great ideas for saving a boatload of cash. Anyone have any great ideas?
Another edition of the Weekly "I Was Broke. Now, I'm Not!" Podcast was released yesterday! To subscribe to the podcast via iTunes, click HERE. If you do not have iTunes, you can download an mp3 by clicking HERE.