This week I was reading through Jax’s post on her new blog – The challenge – and my mortgage statement which, quite by coincidence arrived on the same day. Through Jax I also found Mortgage Free in Three. To say I was inspired is an understatement.
I’ve decided that we should be aiming to pay off our mortgage within 5 years.
Karl doesn’t think it’s possible. Karl thinks we should be aiming for 10 years. I think he’s being cynical. We have just less than £82,000 to pay off and that’s less than the lady who’s trying to pay her mortgage off in 3 years!
I see it this way: if we continue to tighten down the budget, if we continue to optimise the way we buy to reduce unnecessary spending, if I continue to push my alternative revenue streams alongside my main dev income (and get through more of that too) then we can end a month with more money leftover. More money leftover is more money to put into the mortgage.
Here’s what I’m thinking:
- Ebaying — I’ve got at least £300 worth of computer bits, DVDs, books, clothes etc that I could shift
- More hardcore budgeting — going cash-only so I don’t spend a load on non-essentials using the debit card
- Cut backs — figuring out where the money is currently going and where I can save; yes, ordering from Riverford is convenient and stops the “£20 on chocolate when all I wanted was a pint of milk” shops, but so would taking the right amount of cash…
- Gardening — we did OK in the garden last year despite the weather. I want to get this rolling again, but also plan better this year.. what are we going to eat?
- WAHMweb Network — if I can get a few signups on this per month this is will be a boost; I need to implement an affiliate system
- Affiliate marketing — I’ve been dabbling with this on niche blogs for years but never got very far because I’ve not put the effort in. I reckon I can increase payouts with a little more effort (& possibly by getting Karl blogging!)
- Delegation — outsource bits of my work to other people so I can concentrate on the harder/more intensive stuff, which in theory will increase the amount I’m getting done, increasing the income
Of course I’m also conscious that it’s counter-productive to spend 3 hours a week doing something that will save me £5 when I can charge that time out at ~£100. I need to balance the above points and see if I can make use of free time better.
I don’t know, maybe I’m insane for thinking we can do this.