I can't believe I forgot

Wow we are 4 days into June and I have not updated on my reason for this blog. That is getting my home loan down to a big fat 0 in my 10 year time frame.

So 30 May was "M" day and payments were made and interest added. I hate interest with a passion. Then again it is a necessary evil for me as there is no other way I will have a home. At least now my interest rate is a reasonable 5.99% rather than the evil 9.1% I settled for when moving day arrived.

So last months payment of $1440 to my larger loan included $613.26 of interest. This month was a little better - $609.14. So that means each month I will pay approximately $4 extra to principal. What I am pleased to see is the $830.86 that came off the total loan balance this payment. It's great to see that over half of my money is improving my overall balance. Then there is the smaller more pleasant loan. Now this one I almost like as it is approximately 50% offset which is fantastic. This is also the loan I throw all spare money at. This months payment was $260 + $500 extra. Only $72.87 was for interest meaning I paid $687.13 off the balance. I would love to have this loan fully offset if I was to be unemployed but that might be asking too much.

Whichever way you look at it though for the month of May I managed to reduce my home loan by a whopping $1517! I am always super happy when it goes over the $1500 mark. Not bad for a single Mum on a very average income :O)

Patience is a virtue I don't have

I want my mortgage gone and I want it gone now! Anybody else ever feel that way? The biggest problem for me is lack of money to do it as fast as I want to do it. I can imagine how it would feel to not have the monthly commitment of paying for shelter but I simply do not have enough money to be there right now. I must tell myself daily I am doing the best I can possibly do with my current income and to focus on that rather than what I cannot do. I'd love to have my morty gone 5 years from purchase date but with already 2.5 years gone and still over $150k to go it aint gonna happen. So I will have to settle for 10 years which is still a great effort.

What has brought on this current bout of impatience? It's mortgage day tomorrow. My payment and interest get applied and I see how much of my payment disappears down the drain to interest. At the end of each month I feel this way. I know interest is the cost of borrowing but I don't like it.

So to turn my nose up at the bad stuff I have made an effort today to save money. I stopped and got petrol on the way to work and put the $1.60 I saved using a supermarket coupon in my money jar. I got milk at the dairy by work rather than by school and saved another 50 cents. Tonights dinner was leftovers from last night with pasta. Savings from my grocery challenge will be added next Friday when I see how well I have done. All little savings but if I could manage to save $3/day I will have $1000 in my money tin over a year.

I have a quiet weekend planned and may be computerless if mine is not back tomorrow. Can only beg borrow and steal for so long. I plan on at least one day of the weekend being carless so that will save on petrol. Sunshine is forecast so hopefully that will save on using the heatpump.