Final Mortgage Reduction Report

Mortgage Balance

Well, today is the day we are officially mortgage and debt free. Reflecting back, it is quite the accomplishment for us.  Now we will have to see what the future holds.  As for this blog, well, this will be the last post.  The blog will be around until the domain name expires or until I want to use the hosting service for my next project.

With that in mind, if you want to buy the domain name I am confident we can come to an agreement on a good price.

Although in the last few years I didn’t write as much, I did enjoy the blogging experience.  I am glad there were some folks I could help over the years as well.  Take care, pay off your debts, and enjoy life!

May 2014 Mortgage Reduction Report

Due to some extra bills and timing of money going in and out of accounts it doesn’t look like there was a lot of progress in May.  Our mortgage balance is $37,869, our TFSA balance is $33,619 giving us a virtual mortgage balance of $4,240.

There is a payment coming out tomorrow and one on the 17th of June.  After that we will be taking all of the money out of the TFSAs and paying the mortgage off, totally and completely!  With any luck we will have some time in June to pull out 6 years of mortgage statements and figure out how much we paid in interest and legals fees for the last 6 years that we had our mortgage.  I am going to guess that it will be between $60,000 and $70,000.  That would mean that we paid an average of about $5,350 a month for the last 6 years towards our mortgage.

Some of the surplus will improve our quality of life and some will be invested for retirement.  Hopefully early retirement.  This blog will be long gone by that time, but with any luck we will be done with work in 7 years.

Feburary 2014 Mortgage Reduction Report

Well this post will be short and sweet as there is nothing out of the ordinary.

Our mortgage balance is $52,638, our TFSAs are at $41,829, giving us a virtual mortgage of $10,809.  That is a nice number to see.

I have projected forward a couple of months and although I will have to send some cash to the government this year it shouldn’t overly affect our cash flow.

Time to start thinking about the future of my little blog after the mortgage is paid.

January 2014 Mortgage Reduction Report

Well January as come and gone and our bi-weekly payments have been increased.  The good news is our virtual mortgage balance is now $13,796.  Money is now coming out of the TFSAs bi-weekly as well so the number will be changing.  Currently our TFSA balance is $43,751 and our mortgage balance is $57,547.

It was looking like we would be done with the mortgage by June, but things do pop up.  I am not totally sure what things will look like after we pay my income tax and the destination wedding that popped up in June.    Toss a summer vacation in there and it may be September before the mortgage is paid in full.   I guess we will have to see.

Splitting Up Without Hitting the Red

When a relationship ends it can be a truly devastating time and there is no denying that priority number one has to be getting through the day and looking after your self, healing those hurts and mending those wounds. Yet as the days pass it becomes apparent that not only is there the emotional fallout to deal with there are also the practicalities to sort out. This can feel a tad overwhelming, particularly if your ex- partner has been the one sorting these things out for the past few years.

But panic not; here are some top tips to get yourself back on your feet in no time.

Financial Concerns

Assuming there are no children or animals to worry about, the number one priority has to be sorting out your finances so that you can prepare for the future. Savings and debts need splitting up fairly, joint accounts closing and finances separating. Do not take on debt that is not yours to make the process easier, make sure you are getting a fair deal and if things start getting tense between parties then perhaps get your solicitor involved here. If you are unsure on how to begin this process then please seek professional advice.

Property & Vehicles

Sorting out possessions can take a long time and be a particularly painful process as often it can trigger memories of happier times in the relationship. Ease this process by dealing with the major things first, such as any property or vehicles that you own. Properties can be sold fast and with no hassle through companies such as Property Rescue Limited who claim to be able to exchange in just two days leaving you mortgage and hopefully debt free. Vehicles can be bought out by either partner, agreed in exchange for other possessions or sold and profits split.

Possessions

Once the biggies are out the way, box up anything you don’t immediately want to sort through, it is ok to take your time with these things. Try and agree with your partner directly who is having what from the starting point of whatever you brought into your shared lives together goes back out with the respectful party. Remember that it is just stuff and everything that is not of sentimental value is replaceable.

If you are feeling brave it is a great time to have a clear out, donate to charity shops, sell for a profit, give away to deserving friends or just throw away. A physical cleanse of possessions can also cleanse your soul, so onwards and upwards!

How to Save Money when Undertaking Home Repairs

There was a considerable rise in consumer spending throughout Wales and the UK over the festive period, as households basked in the glow a prosperous economy. If history has taught us one thing, however, it is that reckless spending has a habit of catching up with individuals, especially once growth begins to stall and wider economic factors take their toll. So if you are looking to complete a long overdue home-improvement project this year, you must be proactive and seek out financial savings wherever possible.

3 Tips to Save Money When Completing Home Repairs

With this in mind, what practical steps can you take to save money when remodelling your living space? Consider the following: –

Be Frugal When Purchasing Tools

Materials and tools represent the most significant costs when remodelling an existing living space, so it is crucial that you shop frugally and look to seek out savings where possible. One of the best ways to do this is to invest in multi-purpose tools, which can help you to complete a host of home-improvement tasks for the lowest possible financial cost. Online retailers such as Swift Trading sell various sets of screwdrivers and drill accessories for discounted prices, ensuring that you are able to carry a full range of tools at all times.

Distinguish between Skilled and Non-skilled Tasks

While some home-improvement chores are complex and require the attention of a skilled tradesman, others are relatively simple and need little more than common sense and a keen attention to detail. Although the former must be handled by a fully qualified and industry accredited professional, you can take a proactive approach and look to complete the smaller and less complicated tasks independently. Not only will this enable you to create a clear distinction between skilled and unskilled tasks, but it will also give you a unique opportunity to save money by completing tasks by yourself.

Plan and Schedule your Project in Precise Detail

When it comes to maximising your budget, it may not always be easy to complete your home-improvement project in a predetermined time frame. Attempting to rush work can not only compromise the quality of workmanship, however, but it may also cause you to spend outside of your financial means. To avoid these considerable issues, you should look to carefully plan and schedule each phase of works, as this will ensure that you can budget accurately over a sustained period of time.

Saving Money When Buying a Home – Quick and Easy Tips for the Homebuyer

The average cost of buying a house, outside of the final agreed price of the property, reaches into the thousands. With house buying being such a costly process, and increasingly less affordable in the current economic climate, a few ‘money saving tricks’ can make the difference between climbing the property ladder and falling off the first rung.

Your Mortgage – It goes without saying that shopping around for mortgage deals is a must, but many buyers fall into the trap of wanting to leave themselves a sizeable ‘buffer’ in a savings account instead of funnelling all their savings into a deposit. With the credit crunch putting paid to 100% mortgages, it is more important than ever to scrape together the largest deposit you can manage. If you have less than 25% of the cost of the house in deposit, you are likely to be looking at considerably higher interest rates. Paying potentially a couple of hundred pounds extra in mortgage interest each month for years is not worth the ‘safety net’ of a couple of thousand in a  low interest savings account. Put everything you can into your mortgage and look at offset mortgages if you have significant savings; the benefit of these in the current financial climate is often more significant than ISAs and bonds.

Your Legal Team – Your solicitor is certainly legally qualified to take care of all aspects of your house move, but an ‘all in one’ deal is not necessarily cheaper. Specialist conveyancers can get work completed faster, with fewer billable hours, than a solicitor who only occasionally undertakes such work. Quick Move Conveyancing are a national firm that is well worth a look; they have a plethora of online information about conveyancing and home buying that can help you make a decision. By using specialists rather than ‘all round’ legal professionals, you can move faster, saving money on costly rents or extra mortgage payments that are not contributing to your new home investment.

Your Negotiation Skills – Don’t feel uncomfortable about negotiating on the price of the property. You should never pay the asking price on the property, and anything you can get included in the cost is worth having, even if you don’t actually want it. Selling that wardrobe you hate on E-bay can fetch enough to re-carpet a room or go toward redecorating. Many sellers are willing to pay stamp duty if you are able to move quickly and if you don’t ask, you don’t get.

Reviewing 2013

I took some time today to look at our December 2012 mortgage statement and our current statment.  After some quick math I was simply amazed.

Our balance at the end of 2012 was $112,511, our balance at the end of 2013 is $60,943 and our TFSAs are $43,068.

This means the amount we paid down our mortgage combined with our TFSA balance is a whopping $94,636.

Looking at this number is almost surreal to me.  2013 was obviously an excellent year.  We are looking forward to being mortgage free in the very near future.