I've been slightly under the weather the past few days so there was plenty to time available for me to work on my yearly spreadsheet. In fact I have the next 2 years kind of mapped out.
The reason being, 2012 is a pretty important year for us. It is the year my mortgage prepayments end and both mortgages get to coast to their term ends. We will then get to own both places after just 5 years. It may sound great but...
Would I recommend doing this? Not really. Just like I wouldn't necessarily recommend completing grade 10 level of piano. The sacrifices are great and there are plenty of opportunity to build an unhealthy level of resentment. I guess you need to know what you are getting into and have a spouse (if applicable) who is on board and can balance out views.
I finished my piano levels because that was part of the deal I made with my parents for them buying me a piano. I struck that deal as a 7 yr old and I felt obligated to stick with it.
I cannot say I am passionate about the instrument. I am good at it. Through the whole process, I did develop a love for learning and teaching music history as well as having the opportunity to nurture students over the period of the 7 yrs I taught. And it is the reason I have been able to have the post secondary education I do. For that I am eternally grateful.
The deal I made with myself and D regarding the quick mortgage payoff, was that I would do my best to use our pooled financial resources to achieve this goal. We first decided that it would be a worthy goal to achieve. That if I got too carried away (ie. too frugal or depriving), he would do his best to rein me in. (There wasn't a worry on his end). And I identified which years due to various circumstances would be tougher than others and why (mainly due to ambitious savings goals).
2009 was our most difficult year. It was the year where we needed to put in place emergency funds for all our properties and cars ($20000) alongside the prepayments ($23000). We cancelled a number to trips in order to reach our goals. I leaned heavily on this blog and all of you out there for support. Looking back, it wasn't very balanced. I had named this blog deliberately to remind myself to balance...
2010 has been much better. Without needing to put as much money into savings, we had opportunities to dust off some of our personal ambitions. We got to see great new places and D replaced his vehicle. We are still behind in the savings department but I'm not worried as the light at the end of tunnel is getting brighter and I know I would be able to catch up quickly.
2011 will be a hybrid sort of year. If everything falls into place, it will be an epic travel year as well as the final full year of prepayments. That means my income will be mostly savings after that. Originally I though I had half of 2012 ahead of me still. I had forgotten about D's yearly bonus (paid Jan 2012) which we are expecting to be able to pay for the remainder of prepayment needed as well as my 40th birthday trip. All of a sudden my timeline is a year. That is the best Christmas present ever!