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April 2015

May 2nd, 2015 at 05:46 pm

Living Expenses- $1,932.34
Mortgage Repayments = $6,818.00
(Interest = $112.17)
(Principal = $1105.83)
(Extra Repayment =$5,600.00)
Other Expenses = $1,220.48 - big chunk of this was for my Samsung Note. Also spent a bit on house repairs, gardening, new BBQ and Rubber mats.

I don't know how I feel about that big extra repayment to the mortgage that we paid last month now, maybe we shouldn't have done since DH quit his job (but we didn't that was going to happen - not so soon) it would have been good to have more liquid cash in hand, but at the same time because of that repayment we will most likely be paying less than $100 of interest every month from now on.

Changes in our Goals this year:

The biggest one is that we will most likely NOT be able to pay off the mortgage this year, unless of course DH find another job fairly quickly. We could however cash in some investments to pay it off but really we want to keep cash or assets we can easily cash in if we need to. Also all extra repayments we have made to the mortgage is in what they call "Redraw Account" that technically we can redraw if we want to. But we will not be doing that unless something catastrophic were to happen. The other reason that I'm not as bothered by it is that our interest rate here (which I guess is similar in the US) is at it's all time low. So putting off pre-paying it for now is not so bad and even if we don't ever make any extra payment the whole thing will be paid off in less than 20 months. Unfortunately here in Australia we done get any tax incentives in delaying paying our mortgage off that's why all this time I have been very determined to pay it off as soon as possible. Anyway, at this time our plan is just being delayed, definitely not abandoned.

It goes without saying that another change we will have to do while DH is not working is to stay within our budget as much as possible and even try to tighten it. We can definitely save some money in some categories, especially under transportation cost - DH won't need to buy train pass.

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