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AndrewP #2928527 01/17/22 03:58 AM
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Originally Posted by AndrewP
Paradoxically we changed our mortgage to come out weekly - the more frequent payments mean a fair savings in interest and faster pay-down.

While paying down debt is usually a good thing, mortgages can be an exception in some cases. For one, mortgage interest can be tax deductible. Secondly, if your loan was financed or refinanced in the recent past you probably have a good rate (though likely not the case in 2003) and you probably can get a much higher return using the money for paying off other debt or investing it elsewhere instead of paying off the mortgage early.

Dawn70 #2928531 01/17/22 12:51 PM
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In Canada, mortgage interest is not tax deductible. Out of one’s loans (aside from student loan) the mortgage is usually the lowest interest rate - visa, car, other being higher. Especially visa.

Weekly payment vs monthly change nothing in regards to out of pocket payments, yet lower overall interest paid during the course of the mortgage.

Any extra monies could/should be utilized to pay off high interest loans first. Then those loan payments can be included in the extra monies and pay off the next loan faster as well. Mortgage last.

Of course, once the house is paid off, the bank can’t take it from you. That security is pretty good. So, at times, it makes sense to secure one’s dwelling ahead of the most theoretically effective schedule. That’s what I did. I’ve even paid off my mortgage before any investing. No point getting 2% while paying 5% - that kind of thinking.

The bank was never to pleased with my decisions. And always tried to talk me out of my course and have me invest in some sort of product. Ha, the bank is there to make money; not make DnJ money. Take its “advice” with a grain of salt. Heck, skip the salt, and do your own math. Lol

In a particularly heated discussion with an investment specialist, I ended up showing her the projected payments and actual personal worth utilizing the bank’s and my strategies. She was gobsmacked. Apparently, like most employers, they tell their view of the “facts”. Guess what, she started to pay down her mortgage first as well, forgoing investing in products with such pittance of return.

Invest in house and self. The returns are always good.

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Now: Me54 XW51 S25 S23 S21 D20

Oct 8/17-BD, Moves in w/OM, Leaves Kids
Me49 W46 S20 S19 S16 D15
M26 T29
Dec 9/17-Legal Separation
Oct 3/18-W Files
Apr 6/19-Divorced

Love the Sinner, Forgive the Sin.
Dawn70 #2928533 01/17/22 02:29 PM
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It’s a chronic topic of debate in personal finance circles, whether to pay the mortgage off early or not. A lot depends on your taxes, your other investments, and current mortgage and bond rates.

For instance: in my case, the increased standard deduction on US taxes means I do better not itemizing my deductions now-and the tax benefit of deducting my mortgage interest is moot. The interest I save by paying my mortgage off early is higher than I could earn in any similarly safe bond or cd investment at present. (It’s not appropriate to compare it to stock returns since they are higher risk). And as someone just a few years away from retirement, eliminating that mortgage payment by the time I retire will make a substantial difference in how comfortably I can live on my retirement income. My parents’ generation typically had their homes paid off by retirement. Many boomers do not and it’s contributing to the dismal retirement picture for my generation as a whole. (But not for me as I did manage the budget in our marriage and even with the financial hit of divorce, I’ll be ok in the end - although certainly not retiring early!)

For somebody in their thirties, it might make sense at these interest rates to put all their extra money into stock market investments instead.

Dawn70 #2928535 01/17/22 03:49 PM
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Thanks for all your comments, feedback, advice, suggestions. Andrew, advice is never a bad thing, even if it is ultimately something I don't use. wink I don't mind hearing other viewpoints for sure, as it may expose me to something I hadn't thought of or just somehow missed.

For everyone discussing mortgage, not that it matters, necessarily, but we don't have a mortgage. Our home, gifted to Sparky by his grandparents, was paid off before they passed on, so at least we have that going for us. We still have insurance, property taxes, etc., which function like a mortgage in that they are due regularly, but as far as having an actual mortgage payment, we are out from under that particular financial obligation, so that is good. The cost of our property taxes and insurance is less, on a monthly basis, than what a mortgage would be, so that is good. His mom's house is also paid off, so there again, we are paying insurance and taxes, but not an additional payment for mortgage.

Andrew, I try very hard to stick to a cash only deal for myself. Sparky, like many, is used to "cashless" as he has always just used his debit card, so we are trying to find a compromise that works for both of us but still allows us to keep a tight rein on spending. We do keep an eye on what we spend regularly and we discuss it every few weeks just to make sure we are staying on track. We both drive about 60 miles a day for work, so we have gas expenses that people who have shorter commutes wouldn't have. Neither of us eat out much during the week (I have a mini fridge and a microwave in my office for my needs, Sparky works in a cafe and he can get meals for half price, so he usually buys something once or twice a week, but since I don't eat out except maybe once or twice a month, we figure it balances out). We buy groceries weekly and now that we are back in the groove of meal planning, we should start to see a reduction in our weekly expenses related to eating, but I don't foresee a huge reduction, as we were pretty frugal with our grocery shopping anyway. I have to admit that one of the best things to come out of the pandemic was online grocery ordering so you just drive to the store and wait in the parking lot while someone brings your stuff out. It has really reduced the amount of impulse buys both in food items and in general merchandise. I still do go in Walmart about once a month to pick up a prescription, but I try to do it during my lunch so I'm on a time schedule and that kind of limits my dallying around looking at stuff that I really don't need anyway. That coupled with my new organizing and decluttering effort really has me thinking about purchases so that I don't end up with yet another cute set of wooden spoons that function EXACTLY like the other 10 sets I already have. LOL I'm a big work in progress, but I do feel like we have a good start on really getting a handle on things, getting our savings in line, and putting our house into a workable, organized mode that really helps improve our moods. Lots of things seem to be falling into place and I'm so very grateful for that.

DnJ, it was a lovely Sunday around our house as well. It was cold and snowed Saturday afternoon/evening, so we awoke to a pretty blanket of snow on the ground. Of course, it was 70 degrees last week and what we got was actual snow, not the typical sleet/ice that we normally get, so there was nothing on the roads and it was just really pretty. It wasn't a lot of snow, so not everything was covered, but it still looked nice. By late afternoon, though, it was gone, since it was 50. We just stayed in, Sparky cooked us a big country breakfast while I folded some laundry. We watched some tv, I read while he played his video game. I deep-cleaned the kitchen and reorganized/restocked the pantry and cleaned out the fridge, we napped. We capped the evening off with a big pot of lasagna soup, trying out a recipe I found online last week, and catching up on a few of our favorite tv shows from the DVR before turning in early to get ready for this work week. We are boring homebodies, so it was pretty much the perfect, relaxing day for us.

My class starts this week, so I'm looking forward to getting back to work in the classroom tomorrow. This semester is already off to a flying start and I suspect that once we get past January, time will fly to May. Happy Monday, all!


Me 52, H53
Bomb drop 9/29/2014
Divorce from XH final 12/17/2014
Marriage #2 12/31/2019
5 adult (step)daughters (3 from XH's first marriage, 2 from current H's previous relationships)
6 grandkids
Dawn70 #2928540 01/17/22 08:15 PM
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Lasagna soup???? Omg was that as delicious as it sounds???

kml #2928576 01/18/22 07:35 PM
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Originally Posted by kml
Lasagna soup???? Omg was that as delicious as it sounds???

It was divine! A few minor tweaks I'll make next time, but oh so very tasty. It made a HUGE pot, so we are having leftovers tonight because I have had a h3ll of a day and Sparky has to work open to close today so neither of us will be terribly interested in actually cooking tonight. I'm taking my mom some tomorrow and Sparky took his mom some this morning. Definitely adding it to our regular repertoire.


Me 52, H53
Bomb drop 9/29/2014
Divorce from XH final 12/17/2014
Marriage #2 12/31/2019
5 adult (step)daughters (3 from XH's first marriage, 2 from current H's previous relationships)
6 grandkids
Dawn70 #2928580 01/18/22 07:53 PM
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Recipe, please!

Dawn70 #2928584 01/18/22 08:25 PM
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It's a long one, but easy (despite what looks like a lot of steps):

Combine in large pot
1 pound ground beef, browned and drained
3 cups prepared marinara sauce (I would normally make my own, but I cheated and used a Bertolli jar)
1 box chicken broth (recipe didn't specify size, but I had a 32 oz. box so that is what I used)
1/2 box beef stock (again, not size specific, but used what I had, so 16 oz.)
1 can Italian style diced tomatoes
1 box oven ready lasagna, broken into smaller, bite-sized pieces (my small grocery store didn't have oven ready so I just got regular and parcooked them for about 10 minutes before adding them to the soup)
1 tsp Italian seasoning
1 tsp Lawry's seasoned salt
Salt and pepper to taste
Simmer for 8 minutes.

While soup is simmering, mix in smaller bowl and set aside:
8 oz ricotta cheese
1 1/2 cups mozzarella
3 oz. shredded parmesan
1/2 tsp Italian seasoning
Garlic salt to taste

Once the 8 minute simmer time is over, add to the pot:
1 cup heavy cream
1/2 of the reserved cheese mixture from above
Stir to combine and cook 2 more minutes or until ricotta mixture is melted.

When serving, dot bowls with spoonfuls of ricotta mixture for extra cheese.


Me 52, H53
Bomb drop 9/29/2014
Divorce from XH final 12/17/2014
Marriage #2 12/31/2019
5 adult (step)daughters (3 from XH's first marriage, 2 from current H's previous relationships)
6 grandkids
Dawn70 #2928585 01/18/22 08:29 PM
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I mentioned I'd make tweaks:

-more seasoning (Italian seasoning, oregano, basil, garlic. I went a little light handed on that kind of stuff since I used an already prepared sauce and you never know on those seasonings. I usually put a little olive oil in the pan and "toast" my seasonings then brown my ground beef in them, but didn't do that this time and now I know I missed that opportunity to season, but again, since I was using preseasoned marinara, I didn't want to overdo.)

-I used shredded mozzarella, but I think those little mozzarella pearls would be great too...trying those next time.

-I broke my lasagna noodles (I know everyone of Italian descent is screaming no right now) as per the recipe, but actually should have broken them down a bit more.


Me 52, H53
Bomb drop 9/29/2014
Divorce from XH final 12/17/2014
Marriage #2 12/31/2019
5 adult (step)daughters (3 from XH's first marriage, 2 from current H's previous relationships)
6 grandkids
Dawn70 #2928592 01/18/22 10:01 PM
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Sounds delish!

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