I found this article on Yahoo about a couple who went to extreme measures to pay off their mortgage in less than 3 years. Now I wouldn’t recommend this to anyone as it is very extreme, however there are some good tips in the article.
One of them I really like is living on the same income you made five years ago.
”Live on what you were making five years ago
Once you adapt to a more expensive lifestyle, there’s no going back – but continuing to live the way you live right now is relatively easy. Vow not to increase your spending by more than inflation for the next five or 10 years. You won’t have to give up a thing you enjoy now, but if you get regular pay increases and save the difference, you’ll soon be putting away buckets of money.”
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Excellent article and some good advice in there. It is very tempting once you start earning more to buy a better car or move to a bigger house or splurge on gadgets etc. I’ve managed to resist the urge and used to extra to pay off my mortgage – it’s made a HUGE difference.
In some ways the article represents something I call “the best kept secret”, which is that it is very feasible for someone on quite a modest income to have zero debt, significant capital worth and retire at 50 – you just need to have the right mindset.
Thanks again for posting a great article.
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My wife and I recently set a similar goal of paying our own mortgage down in five years. I set up my own blog to keep myself motivated and document our progress. Although you’ve been working on your plan for a few months longer than we have, your posts have a very familiar ring to them. I truly hope that you are able to reach your goal and make it to Portugal sometime during (or before) year 2012. Good luck!
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The article is great. I am very motivated and I tend to work all the hours I can to get money in to pay my mortgage. I make sure that i get enough sleep and time with the children (who always come first) but I am still managing a 7 hour day easily and I can do a 10 hour day if necessary. I tend not to take weekends off unles we have something specific planned and this helps to bring in more money.
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