You know when you come across something at the exact right time you were meant to find it? Well, this happened to me yesterday.
It was Boxing Day and I was lying in bed getting lost in YouTube (do you say in YouTube?) and I came across this video. This video changed the way that I looked at our approximately $200,000 mortgage. I was sick of having it looming over me, sick of paying that fortnightly payment and sick of not feeling as though we owned our home. I decided that if she could pay off her student loans in 2 years, then we could have a bloody good crack at paying off our debt.
A couple of things about our mortgage. We we in the right place at the right time when we bought our block (the week before Elliot was born), and we got it at an incredible price. And we owner built our home, meaning that we could save a lot on building, as I was project managing the build while Jay went to work. So all in all our mortgage isn’t too much, about half of the national average in fact, but it’s still stressful and something we’d like to get rid of.
But the idea of paying it off feels totally unachievable, I felt helpless, and we don’t have any kind of regular income coming in. The two things I took from the video mentioned above was 1) spend less, and 2) earn more.
Anyone who knows us knows we live a frugal life. We don’t splurge on new clothes, almost everything we buy is second hand, we are getting back into the swing of budgeting and meal planning our grocery shop, I think our biggest expense (apart from bills and rates) is the $40 that goes into our Naked Wines account monthly (you can get $100 off your first order using my referral link – I do earn a small credit if you place an order).
So, I knew that what I needed to do was earn more. The first step seems obvious, get a job. And while Jay has some casual work locked in on the calendar, I am yet to commit to anything. I’ve had Elliot at kinder the last two months, I’ve been focusing on my physical and mental wellbeing and I hadn’t yet found anything I was ready to commit to after two big years of running an outdoor education centre.
But then in yet more research and internet rabbit hole-ing, I found this video and started researching the $1000 project. I thought the idea of saving little bits here and there was brilliant. But I thought I could aim for more. So I started by printing off this label and stuck it to a jar. This will be one way that I’m going to start saving some money.
I also got stuck back into reading The Barefoot Investor. I have started working through this book a few times but keep getting stuck. This week, I’m pushing through.
I’m also going to be looking for any other way to make some cashola. Some examples below:
- selling bits and pieces on Facebook Market Place
- creating more useful e-products to share with you
- continue to build my beloved doTERRA business and share the oils with you
- I’ve signed up to do market research
- I’ve signed up to Airtasker and fiverr to offer my services for various tasks people need help with
- I’m thinking of having a little stall at the front of our gate to sell our eggs and potted herbs etc.
I’m going to do updates on this post, I think it’s a position that most young Australians are in. I’d love to hear your thoughts on earn and saving and paying off your mortgage.