As some of you may know, I am a Dave Ramsey follower when it comes to my finances. I’m currently on what he calls Baby Step 6, which is paying off your mortgage. In an effort to get me motivated for 2014, I decided to reread his book Total Money Makeover (if u haven’t read it, I highly recommend it!). I started with the chapter that pertains to BS6 and it has really hit an accord with me this time around. I think it’s because I’m closer to paying off my mortgage (projected July 2015). Dave Ramsey states “every dollar in your budget that you can find above living, retirement, and college should be used to make extra payments on your mortgage”. I’ve known this and have been practicing it since I bought my home in 2011 but I’ve also been throwing snowflakes at other goals instead of all at the mortgage. So what I’ve decided to do for 2014 is to throw all snowflakes at the mortgage, except $750 that I will use for Christmas. I was going to put increases to income at the mortgage and snowflakes towards Christmas and a trip to the Bahamas in 2015 but now I will focus on Christmas and the mortgage only.
I know that there are others here that are focusing on paying down/off the mortgage and we should post often to help keep each other motivated and accountable because as Dave Ramsey puts it “paying off the mortgage is a marathon, not a sprint”.
RereadingTotal Money Makeover
December 23rd, 2013 at 05:11 am
December 23rd, 2013 at 03:38 pm 1387813090
Can I tag along with you to the Bahamas? ; )
December 23rd, 2013 at 05:45 pm 1387820719
December 23rd, 2013 at 06:42 pm 1387824120