The challenge continues, and now we learn whether our participants can stick to their vows!
From the Anchor Post Lenten Financial Challenge (which you can still comment on and join our community), we don’t have any new joiners to our challenge, but we still have our originals:
- Sandy at YesIamCheap who is overpaying AND giving up coffee
- Joe who I am not sure about whether he was joining or saying he was already doing this stuff
- Anne who is going to make some overpayments
- Miss T. from Prairie Eco-Thrifter, who is going to cut out some coffee and over pay too
- Personal Finance is going to add some investing (a newcomer, welcome), which should be fun as well.
Keep up your vows!
I received my Tax Refund, and threw it automatically onto my mortgage which works nicely towards my goals. I may need that money later, but for now, I have knocked down my most significant debt.
Does anybody else care to comment?
Honestly, I have to say that there’s nothing like the freedom of living in your home and knowing it’s completely paid for. Once you are mortgage free those are after-tax dollars that you can apply elsewhere. NO REGRETS about paying it down/off.
While paying down your mortgage seems to be a good idea. Borrowing against equity on your property is becoming harder and harder. According to the new mortgage rules as of March 18, 2010, you can only refinance your home upto 85%.
And that is a very good thing too.