Lots of personal finance bloggers, especially after becoming debt-free, say saving is boring.
I don’t get it.
I love watching my money grow and the numbers tick up. There’s nothing better – except cheesecake, maybe.
I’m a bit of a hoarder in real life, so maybe it’s not surprising that I also like to hoard money (real or otherwise – sometimes I think wistfully of all the Neopoints I had banked back in the day).
I was so resentful of my consumer debt, basically because I didn’t actually get anything out of it. It was all incurred while supporting an unemployed partner – less consumer debt and more keeping up with bills, really.
But now that I have a mortgage, I just might be changing my tune. It’s a different story as I deliberately took on this debt, plus the payoff is so much bigger.
I don’t mind my mortgage as I wouldn’t have a home without it, but I’d like to minimise the massive effect of compounding interest working against me.
The $3,000 in extra lump sum payments I’ve made? Apparently saves over $9,000 in interest over the long run.
I get it now…!
Interest is such a killer! Any savings made on interest are so important!
Yep, it feels like good doesn’t it. Keep it up 🙂
I’ve always been a saver, but there’s just something about watching the mortgage balance progress towards $0 that is far more exciting than saving. I also just really love the idea of owing nothing to anyone except myself. I don’t think that mortgage debt is bad debt, but it’s still DEBT.
In the Auckland housing market you’re sat on a little profit. Well done you for getting on the ladder.