This post is going to be the start of goals week at Move To Portugal. Thinking about it we’re half way through the year so it seems as good a time as any. Today we have our ‘new’ five year plan, Wednesday there will be an update on how 2011′s goals are going and then to finish, Friday will have July’s mini goals. Phew!
So. The ‘new’ five year plan. It’s not too new for us because we’ve been sitting with it for a while now, but I’ve only hinted at it here on the blog.
The big change. We’ve taken moving to Portugal in 2012 off the table for now……..and we’re alright with that. It’s a combination of two things. First and foremost my youngest daughter. Her decision not to go to University next year changes things, and the last thing we want to do is put pressure on her to change her mind. I’d love her to continue her education but in the end it’s her choice, so we’re waiting to see how the next 12 months pan out for her before we do anything.
Second. Money. I’ve said many times that the mortgage plays on my mind…….in an ideal world I would have it paid off before we move. Add to that the job situation in Portugal……well it’s a no brainer for now.
However many times I think about it I’m too scared to make the move without the comfort of dh having a job when we do. Being mortgage free when we move would make all the difference.
So here it is, the updated 5 year plan (with our travel plans).
Let me know your thoughts.
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{ 8 comments… read them below or add one }
How easily can you rent out your home in your neighborhood if you were to move to Portugal? That would help with the mortgage and give you & DH the ability to live abroad. Or what about selling your home?
Looking forward to seeing the new goals!
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Laura Reply:
June 27th, 2011 at 7:10 pm
@Lane we could easily rent our home but would still need to pay rent in Portugal, but we really want the mortgage to be lower before we go…also there’s my daughter to consider.
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Wow! Your 5-year plan looks great and like a lot of fun. My question is similar to the one posted above.
Can you move, rent out the place, then pay off the mortgage that way?
I agree that it would be awesome to pay off the mortgage, but I know that I plan to live in my place for a while after I do so.
I want to experience the rewards of truly debt-free living! Cheers!
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Laura Reply:
June 27th, 2011 at 7:13 pm
@Michael we could but then there’s still my daughter to consider. In an ideal world we would be mortgage free in the Uk, and the house then rented to provide us with income. We have to bear in mind that my husbands salary in Portugal may be 50% lower then here in the UK.
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Sounds great, Laura!
I think having your mortgage paid off befote you move would be a huge weight off your shoulders!
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Laura Reply:
June 27th, 2011 at 7:14 pm
@Carla That was our original plan back in 2007….to be mortgage free when we move abroad…….it would remove a lot of pressure!
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Looks like you have a lot of USA travel in your plans. Do you know anyone on this side of the Atlantic who you could visit in order to cut back on expenses?
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Laura Reply:
June 28th, 2011 at 10:51 pm
@Executioner No, but we do plan in advance and try to do the trips as frugally as possible. We plan on renting an apartment in NY as it’s a lot cheaper than hotels. I’ve debated the travel thing over and over again and always come to the same conclusion; it’s the one thing that I’m not willing to give it up……just yet.
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I do understand what you’re saying but… isn’t it a shame we get tied to debt/possessions that we cannot live the life we really want. I read somewhere that ‘mortgage’ comes from the French and literally means something along the lines of ‘to death’. It is your life of course and you certainly think things through and make the best decisions for you and your family but given your enthusiasm for a big change — well, if it were me I’d sell up and go and take the daughter with you (she’s have a fantastic chance to widen her horizons, learn a new language etc)! What an adventure. I think sometimes that life in Britain, well, it’s easy to settle for ‘exist’ rather than ‘live’ – and retirement creeps up so fast.
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Laura Reply:
June 28th, 2011 at 10:46 pm
@Anna| I completely understand what you are saying and if it was just me and dh then we’d be gone already but my daughter is at that age where she’s not quite an adult, but not a child either, and doesn’t want to move abroad and leave all of her friends (that could change eventually). Giving her a little time without feeling the pressure of our move is the right thing to do now.
You know me though and my decision making on all this, next week I may well just want to sell up and go immediatley!
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Laura, I admire how you are handling your decision to amend your plans–that can be pretty tough. But I can’t wonder about Anna’s post above. I have made some difficult changes in my life recently that I would have never imagined even a year ago. I am currently in Portugal for the summer, trying to decide the whens and hows of a move (for good). Good luck to you and thanks for sharing this journey with the rest of us. I’ll be cheering for you!
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Laura Reply:
June 28th, 2011 at 11:04 pm
Thanks Cristina. Sometimes it feels a little strange airing my inner most thoughts on the internet, but in some ways it really helps. Life changes constantly (for all of us) and I know that a young Laura didn’t handle change very well at all, now I can take things in my stride and move on very easily. I’m sorry to hear that you’ve had some difficulties and I hope the summer in Portugal helps you to clear your mind and reach some decisions.
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Cristina Reply:
June 30th, 2011 at 5:43 pm
Thanks Laura! Nothing like a couple of pastries and a good coffee to clear the mind. I have been travelling a bit and I’m really enjoying the weather. We’ll see what will be the result of all of this. I completely understand the difficulty in discussing these kinds of issues on a blog (it’s something I’ve been dealing with for awhile) but I suppose it’s part of what gives a blog a unique voice as well.
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I’m behind, so you may have already answered this in another post, but how are you doing with the goal of saving 50% of your income? It’s a goal for me as well and I’m finding it difficult. I’m close! But just not there yet. I can’t imagine trying to do so as a parent though. Oy!
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Laura Reply:
June 28th, 2011 at 11:16 pm
@consciously frugal| We’ve finally hit the 50% goal this month. It’s the combination of a few things; my going back to work, my site side income and my children no longer cost us money on a day to day basis now that they are all working. We still need to help them a little but the major expenses are all done for…..for now….she says with all her fingers crossed
Good luck in your quest for 50%. It’s a difficult target to hit, one we had to do it by increasing income, as we’d hit our limit for reducing expenses.
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ConsciouslyFrugal Reply:
June 30th, 2011 at 5:56 pm
Thank you for the well wishes and the info! I can do this without adding more work at this point (I have a 3-4 hr daily commute, so my time is limited. Oh, and I’m lazy), but I will have to stop eating out so much. Worst habit I have by far. Ug! But this is an inspiration. I’m not the only one out here trying for the big save!
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Once your home is fully paid, your goal of earning passive income will be much easier — all that rent that you collect from your home will go straight to your pocket!
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