Mortgage Ladder?

October 13th, 2009 | 9:10 pm | Posted in Finance, Mortgage, Savings | 2 Comments »

LadderWow — it’s been awhile since we last talked shop… I mean, this place really is turning into a Mommy Blog.

Recapping financially, I’ve pretty much been on autopilot since the start of the summer…not really focusing on one thing over another, just kinda going with the flow.

It’s all good — debts are falling, assets are growing — but I’m sure I could make better use of the money that I fortunately have at my disposal.

So after a long conversation with my wife over the weekend, I think I’m going to try something new regarding the way I pay my mortgage.

Truth by told, the conversation only lasted around 15 seconds, but I’ve been thinking about it ever since.

See, I find myself with an entire year’s worth of minimum mortgage payments saved up. I call that piece of mind.

I know how I got there — but I still can’t believe I actually did it.

Now I’ve often complained of late that the monthly mortgage bill is a budget buster. I mean, a four-figure bill can’t help but get in the way…

So, what I’m thinking of doing is automating my monthly mortgage payment to be paid from my savings account — the one that has 12 months worth in it already.

My checking account will then be absent of the peaks and valleys that come each time a paycheck comes in and a subsequent mortgage payment clears.

All the while, though I’ll have that comfortable buffer of 12 months, I’ll continue to top-up the savings account on a weekly basis so as not to deplete things too drastically.

Make sense?

Basically, I’m taking my monthly mortgage payment from the forefront to the background and, over time, I’m hoping that it starts to feel like I’m not making mortgage payments at all.

That’s the plan anyway…

2 Responses to “Mortgage Ladder?”

  1. [...] mortage expenses were the same as last month. I haven’t been overpaying it like I did earlier in the year because I’m trying to boost my savings [...]

  2. [...] Nothing much to report here but things should change for the better soon as I’ve stopped paying the mortgage from my checking account which is what this really [...]

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