- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## My Journey Towards Financial Freedom
My husband (30m) and I (27f) embarked on the exciting journey of homeownership three years ago when we purchased our first house. We took out a loan of 490k, which we have been diligently managing, and have successfully reduced it to approximately 450k with an additional 70k sitting in offsets. Despite our financial progress, I find myself constantly plagued by a nagging feeling that I should be doing more to expedite the repayment process.
### The Struggle with Balancing Financial Goals and Enjoying Life
The allure of being mortgage-free sooner rather than later is undeniably enticing, yet the reality is that we are still several years away from achieving this milestone. The thought of carrying this burden for such an extended period is overwhelming, causing me to grapple with feelings of guilt and anxiety whenever we indulge in spending.
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****** just grabbed a
✅ You have a house
✅ You can comfortably afford the house
✅ Healthy offset balance
At the rate you are going you’ll have no mortgage before 40!
You’re doing great! Feel proud, not guilty!
🙌
Set up your budget so that you’re allocating enough in investments to feel that you’re working towards your financial goals while at the same time ensuring that you also put enough into your “fun” account so you’re enjoying life as it comes. If you’re finding that you don’t have enough to satisfy both, either lower your expectations, lower your cost of living, or earn more money.
Both progress and success are incremental, not overnight (despite what others would have you believe).
The person who takes one step a day for a year is 365 steps ahead of the person still planning their overnight leap.
Firstly, you are doing so well! I’m a lot older (early 40s) and we only bought our first home 5 years ago. We still have bigger financial goals (bigger house, passive income etc) so it’s really hard to balance the drive to keep earning more and count every dollar with actually enjoying the fruits of our labour.
The only advice I have is to think about the 2-3 things that you really enjoy and allow yourself to spend a reasonable amount towards that. Could be travel, adventure, food – whatever brings you joy. As long as you’re still progressing towards your long term goal, you can still enjoy the little things along the way.
Rather than focussing just on debt (race to 0), do you have any investments outside that? How about super?
Doesn’t sound like you have made any real plan, doing that would make the numbers make sense. While I’ve got debt I’d love to get rid of, at the same time we’re on track for millions by 60… so any debt is easy paid off. No hypothetical situations required, feels bad spending a few grand on something, but can see in black & white how much it matters in the grand scheme (hardly).
You’re doing great – financial independence is a marathon, not a sprint.
Do you have or are planning to have children? If so settle into the grind and prepare for the long haul.
I have a bigger mortgage and make the minimum repayments YOLO.
You’re doing fine