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Mortgage Principal Reduction Extravaganza Month

November 12th, 2017 at 02:40 am

So...Living Life on My Own Terms suggested something for the entire month of December. The Mortgage Principal Reduction Extravaganza Month!

What a great idea! I mean, it's not like many of us don't already focus to the principal reduction of our mortgage(s), however, dedicating December to this critical step towards financial freedom seems like the right thing to do, especially during a month where spending is typically high. My hope is to remain grounded and focused on debt reduction even in the throws of Christmas.

I currently "invest" $250.00 per month towards mortgage principal reduction. In December, I am going to put any other "Loose Change" towards this investment as well. I am going to track my progress in my side bar with my November starting balance.

Wish me luck. Should be fun!

7 Responses to “Mortgage Principal Reduction Extravaganza Month ”

  1. creditcardfree Says:

    Good luck! If I had a mortgage I'd be all in. May have to think of another way to have a December Extravaganza.

  2. Amber Says:

    Good luck!

    I don't have a mortgage and since I'm on track to hit baby step 1 this week, I think I'll join with CC reduction, goal is to pay off a CC.

  3. crazyliblady Says:

    That sounds like a great present to yourself and your family. Are other family members in on the game to help reduce the balance?

  4. Out of the Dark Says:

    I never thought about asking family to join in on the mortgage pre-payment strategy. Thoughts?

  5. crazyliblady Says:

    I have always thought that household finances should be a family affair. I have no idea what finances were like in my house before my dad died, but after, my mom kept it all to herself. Except that she complained every payday about how much stuff cost. Since I became an adult and am trying to do things differently, I have thought that everyone in a family should have a voice in a household's finances and that they can contribute. After all, the kids in a family do benefit (or suffer) as a result of mom and dad's finances, right? What if you were to make it a game with each person coming up with ideas on how to get more money to pay down the mortgage (coupons, discontinuing a service or not buying something, making different kinds of meals, etc.). Just a thought worth a couple of cents. LOL Big Grin

  6. crazyliblady Says:

    I wanted to add that because my mom did keep the finances all to herself, I had no idea how to handle money when I got out of college. I did know how to balance a checkbook because I took a basic business class in high school, but I did not know how to create a budget. So, I went to the public library and got books about it, but I am still learning. Apparently, the application of the skill is much harder than reading about it. Big Grin

  7. rob62521 Says:

    Good luck! You'll have to keep us updated.

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