Hey all, It's been too long since I've utilised a budget successfully. Double income no kids, life was excellent! Now we're down to one income and one child, it's less easy. Fortunately we had about $8k cash, and were floating around $6.7k cash right now, 6 months in.
We're kickstarting the budget, and we're cleaning up our waste. No-fees banks, better interest rates, voluntary contributions on our superannuation - a full Heath-check!
We currently owe $331,000 on our home, at 4.1% interest. My income is $82,000 ish. My finances is $80,000, but that isn't around for 6 more months yet.
We've just finished paying our interest-free debt (furniture etc for home) and our car debt (4 year old Subaru Forester.) We were $24,000 ahead on our mortgage, but we stopped some payments to smash our car loan harder, to great success. Now we have about $16,000 more on our mortgage than we "should." And I want to grow that. A lot.
How much cash should we have at hand before we start making lump-sum payments onto the home loan ? The loan itself is peculiar in that we can't have money in an offset account to help it, and we can't re-draw the amount we're ahead, we can only halt payments.
Thanks in advance!
Submitted July 20, 2017 at 07:23AM by BrahCJ http://ift.tt/2tJAJ02
