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.
Please note: this is an old post. I have been blogging for a really long time: since my childhood, in fact. Bear in mind that any opinions stated may have changed, any code snippets may no longer be considered safe or secure, and my personal circumstances are almost certainly different to what's contained herein. You have been warned...