At the beginning of 2020, I set a goal to get my mortgage balance on our rental property under $40,000. I wrote the goal down on a post-it, shared it in the #SMCMoneyTribe group on Facebook, and dedicated one month of my SMC Money Challenge savings toward a large principal payment on my mortgage. Four weeks later, the Coronavirus pandemic hit followed by a financial pandemic and I forgot all about my BIG GOAL. At that point in 2020, my focus was trying to find toilet paper and make sure my family was fed.
I started the year with “discipline” as my power word but “pivoting” became more appropriate. I had to pivot when some of my income sources became unreliable and my 2020 money goal got further and further out of focus. Then one day, after months of quarantining, I found my little post-it displaying my BIG GOAL. I took a moment and thought about how it would feel to have my mortgage look like most people’s new car payment. I thought about the long term money goals that my husband and I have for our family of three (plus 2 fur babies). Then…I thought about what it would feel like if it was paid off completely. Could I reach my goal by getting my mortgage under $40,000.00 this year? I wasn’t sure, but I sure as hell was going to try.
Since I wasn’t planning on traveling anytime soon due to the Coronavirus, I pivoted and used my travel sinking fund to make a principal payment in addition to the monthly mortgage & escrow payments. Then anytime I had extra money from a sinking fund, I would send another payment. One principle payment was as low as $15.00 but I didn’t care because that meant I was $15.00 closer to my goal. On December 11, 2020, I sent my last principal payment of $80.00 and with that payment, I hit my BIG MONEY GOAL for 2020. My current mortgage balance is $39,977.20. I am so proud of myself and I can’t wait to see what 2021 brings.
I walked into 2020 with excitement and hope. I plan to leave it with excitement that I survived and gratitude for both the big and small wins of this year.
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