Monday, December 21, 2009

2010 is upon us...

Wow! Where did 2009 go? I can't believe it's just a few days until Christmas, then only a week left in this year. Whew! Planning a wedding while buying and renovating a new home certainly does make a year go quickly. While it's been a great year, I am looking forward to 2010 and hopefully things calming down a bit and getting back on track of paying down mortgage debt. Now that we have 2 mortgages I am having some anxiety about getting them paid off as soon as possible. I have a renter in my condo that I had prior to our marriage and while the extra income is great and it would come in handy for us to pay for the renovations on our current condo, I have decided to use it directly to pay down the mortgage on that condo. Right now the rent isn't quite enough to pay the mortgage, but if I use the extra $1000/month towards that debt, it will soon be enough to cover it and will actually start to generate an income for us or ultimately pay off that mortgage quicker than we thought possible. We'd like to start having kids soon and if possible, we'd like for me to be able to stay home with them for awhile, so if we can get the mortgages down to where the rental income and my husband's income can pay for them both along with all of our living expenses, which should completely be doable, then we'd be in a great position for me to stay home with babies. My big push for 2010 is to reduce these mortgages and for us to remain consumer debt free while not touching our emergency fund for the renovations. It's going to take us a little longer to finish renovations, but knowing that we aren't going in to debt to complete them is worth more than finishing early, as far as I'm concerned. I hope everyone has a happy and healthy holiday season, take time to reflect on the reason for the season and enjoy time with family and friends.

No comments: