Tweaking that budget

Am I all about the money as a couple of husbands and a date mentioned? Once again I confronted that question as I tweaked the budget.  No I can’t buy whatever I want and I can’t go crazy on my renovation but despite that, I am actually pretty happy with life.   The ability to buy is not what defines my happiness.   Yesterday defines my happiness.  I got up at 5:41 and was on my couch working by 6:05.  I worked until 9:05.  I then took a two hour break to work on my hallway floor, take a shower and have lunch.  It is now refloored and looking better.   I then went back to work for a couple of hours and then took another extended break to pick up my last custom cabinet, go to Americana Grocery and a pet food store.  I went back to work for another hour and a half before decided to go swimming.  I swam then headed back to work for another hour, finishing up my work day at 6:30pm.   I realized at the end of the day that I had a fantastic day despite putting in a full day’s work.    Now I did spend money when I ran the errands but the cabinet was part of my renovation, Americana grocery came out of my blow money and of course the pet food store came out of my cat budget.  The point is more that just simply being able to set my own work schedule yesterday made the day pure bliss.  And that part of the day was free.

BTW, did you know that I have probably spent about $6K on my renovations.  I know that I am doing it within my budget parameters but it is mind-blowing to me that I managed to come up with that money and yet still do all the other things I wanted to do.   Do I wish my renovation budget was bigger?  Absolutely!  But I am happy with the decisions I made within the budget that I had.

And now on to the tweaking….

I found out that I could potentially pay off my mortgage when I am 50 or maybe 51.  Wowsers!  Imagine freedom at 50 from the largest debt that most people put themselves into. Imagine no mortage payments?  Isn’t that worth that infamous deprivation that I am supposedly undergoing?

What do I need to do to accomplish that?  I need to pay off another $43K on my mortage and then I need to take the remaining amount and refinance it into a 3.5% mortgage.  If I pick a 10 year mortage vehicle, my required monthly obligation will rise a tiny bit but if I continue with exactly the same payments as I am making right now….  I will pay that 10 year loan off in 5 years.   Add that into the 2 to 3 years that it would take me to pay off the initial amount to do the refinancing and in 7 to 8 years, I will be free.   If I go with a 30 year mortgage, it will just a bit more than 5 years to pay it off.  I have been seriously reconsidering another 30 year mortgage so I can reduce my required obligation in case something happens to my income flow.   This also presumes that interest rates stay at the current rates until I can refinance in a couple of years.

But what a goal!  So I tweaked my budget to push more money into the extra mortgage payment.   My funds are doing ok so I think I can get away with putting less money into them.   I am not going to change my side-bar because paying off 7 years is  a good intermediary goal and will get me more than halfway to my $43k payoff goal.


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