Monday, 20 October 2008

Pay off your mortgage early

Greed is partly responsible for the current financial state of affairs.

Not only for the reasons that are already springing up in your minds, but also due to the fact that it is not common (enough) knowledge that it is possible to pay off your mortgage early.

Just like when losing weight, when people go on a financial detox, they often need an incentive, like the incentive of saving up for something!

I am sorry, but paying your mortgage in 14 years instead of 25 is a huge incentive, and often you do not even need to overpay each month by as much as you may think.

I am about to remortgage and first on my list of considerations, was choosing a lender who ALLOWS me, penalty free, to overpay. The difference it makes to compound interest is phenomenal.

Don't just believe me, do some research. Sadly, as it is not in the financial institutions interests you will have to look quite hard. I just Googled the concept and was very disappointed to see that the highest ranked link was from 2005. See:
Read this!

Let's create a movement and all pay our mortgages earlier.

Anyway, back to my opening statement, greed! If the banks had made this more common knowledge more of our money would be with them, instead of in restaurants and bars, and maybe their foresight and lack of greed (for the compound interest) would have led to them being better off now, and maybe less reposessions...? Just a thought.........

Happy to debate it though!


Well the good news is that I am writing this from Virgin Active, after a gorgeous swim, jacuzzi, steam room AND sauna.

But the bad news is that I used the scales in the ladies changing rooms. At what I THOUGHT was my heaviest, a few years ago, I was 80 kilos, but I weighed myself tonight and I am .... drum roll...... 88 kilos.

So drastic action is needed. (I have added the image above on Wednesday 22nd October - had to because when I told my husband that I am 88 kilos, he laughed, and I said "what is so funny", to which he said "two fat ladies: 88". [This aint bingo darling]. To which I replied "well it is only ONE fat lady!". Anyway, when I "Googled" two fat ladies, this was the first image to come up - hee hee).

I am now sitting in Virgin Active's cafe having my last ever latte - I have said that so many times before. AND tomorrow serious action will commence, which will include having Vita Mix soups for lunch and no pastries on the way to work.

I look forward to reporting back to announce that I have already lost a couple of kilos (if I can find a place to hide them, hee hee hee).

Watch this space. I traditionally put on weight at Xmas, but quite frankly there is no room for that at the moment. So maybe I finally start going to Virgin Active classes, and burn some fat rather than simply floating up and down the pool.

Up until now my visits to the gym have been stress relief, but they now need to be serious fat burning sessions :-)

Okay, I just Googled Vita Mix and weight loss (have owned my Vita Mix for over a year by the way) and this fab website came up. I am making this soup tomorrow.

Can't "weight" :-)