This post is part of the National Blog Posting Month challenge and was actually the prompt for November 1st…which I missed since I only found out about the challenge on November 2nd.
If I did not have to worry about a mortgage or rent my life would change in a big way because my savings would grow by a tremendous amount. I currently spend about $750 (depending on the water bill) for rent, including pet rent, insurance, water and sewage every month. If I had a house that was paid off or no longer needed to pay rent then I would have that extra $750 at my disposal to divide between short term savings, long term savings, investments and fun money.
Of course I would send part of that money over to splurge fund so that I could get the things that I really wanted every now and then instead of denying myself all the time. I would not go on a big spending spree because that is not my mindset but I would certainly know that if I wanted something I just needed to take a peek into my splurge fund in ING to see if the money was available and if it was then I could go ahead and get that item or experience that I wanted.
How would your life change if you did not have a mortgage or rent to think about?
It would be awesome if i didnt have to worry about rent. The extra cash would be so nice. Not to mention the feeling that regardless of how much you spend today you are not going to get kicked out of your house because the rent or mortgage is already covered. Would be such a nice feeling.
Even if you didn’t have rent or a mortgage payment, you’d probably pay about a third of your current payment towards utilities, taxes, insurance, and maintenance. The extra $500/month would be nice.
That is a nice thought, no rent and no mortgage. That definitely would open up a world of financial freedom. Instead of dreaming about it, we should put the effort into developing some kind of side income that covers that monthly expense.
I currently don’t pay mortgage and rent… I live in my parent’s basement like a troll! Still, if you’re not making much money, it doesn’t make a whole lot of difference.
Ha ha..I wish I had a parents’ basement to troll out in right now. That money I would be saving on rent now could go into a down payment savings account for a house.