Yes! Another end of year balance has been reached this morning with our mortgage payoff – we have reached the end of Year 6 balance $183946!. Next goal is $180,526.26 - just $500 off the 170′s – can’t wait!
Things are going well here financially. I have most payments automated, so the money comes in and then just goes out to the various accounts. I am over a month ahead on both of loans for our investment/ downsizing house and have a $1000 emergency fund for it in an offset account. Our regular emergency fund took a hit on our last trip to see Dad, so it needs a boost.
We have been working on the insurance claim for the robbery, which I have to say I have found very stressful and at times, just too emotional to deal with. Last night they confirmed the amount that we will be paid. I was shocked to see that it will be enough to buy a good second hand car outright! As much as I’d like to pay it off the mortgage, we have needed the car for quite a while and just been putting it off. I guess it’s a lesson that good can come out of a bad situation. We will park that money in the offset account while find the right car.
I enjoyed this short video about a man who saved his pennies for years towards his mortgage. He took 62000 pennies to the bank to make his last mortgage payment. …. my day will come! 
w00t!
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I had a prowler looking in windows lately and it has unnerved me. My tax return will be going to replace an unsecure window instead of toward debt reduction. The value of feeling secure in your own home cannot be estimated.
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Louise Reply:
February 23rd, 2013 at 9:24 am
sorry to hear about the prowler, that is pretty creepy! definitely takes priority over the debt reduction.
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Congrats on reaching another goal in your journey! Sorry to hear about the robbery – that is not a fun experience, but at least financially it turned out in your favor. As for your mortgage goal, I’m sure you’ll reach it sooner than you think.
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Louise Reply:
February 23rd, 2013 at 9:25 am
thanks Laurie,
breaking the mortgage down to the smaller goals is really helping me keep motivated.
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The breakdowns are a great idea – definitely a great motivation!
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Louise Reply:
February 23rd, 2013 at 4:49 pm
yep, it is too big to think about otherwise
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Well, not the nicest way to finance a car – sheesh! I guess there is always a silver lining if you look hard enough! Great job on the mortgage reduction. I’m doing the same with my PEI mortgage – I’ve lowered the amortization by 8 years over the past 2.5 years. I guess it’s the challenge I love and the fact that we are saving ourselves THOUSANDS in interest!!
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Louise Reply:
February 25th, 2013 at 5:42 pm
thats great with the PEI house Jane!
I love those amortization schedules, really fun to plug in the numbers and see how much interest is saved. we’ll get there
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