There are countless self-help books and compelling websites offering unique, earth-shattering advice to lessen your outrageous mortgage payments. Each idea promises to make your life significantly easier, allowing you to wake up tomorrow morning debt-free and worry-free. With the darkest irony, it’s often the same organizations providing this “out-of-the-box” advice that are hanging you up by their interest rates.
There are no easy ways to save on your mortgage payments. There is only one easy way: don’t own a home. Rather than treating the symptoms of burdensome interest rates and long-term loan payments, let’s cure the disease – abandon home ownership. Your loan is most likely set to last for longer than a life sentence. This article, then, is not just about saving money, it’s about prison break.
There may be only one easy way to really save on your mortgage, but there are several different paths that can get you there. Young people are trending away from home ownership, which means creative living has been inspiring conversations all over the world. We can draw ideas from these alternative-livers in order to discover the path that can get you to where you want to be: spending money on something – anything – other than your mortgage debt.
From living on a houseboat to leading a nomadic life, here are 7 paths to your mortgage-free destination.
7 Point of Departure: Selling Your Home
Because you’re reading an article about how to reduce mortgage payments, we’re going to assume that you are a proud home owner. Unfortunately, the whole “abandoning home ownership and discovering a creative, alternative lifestyle” thing isn’t going to go well – at all -- while you’re embracing home ownership. We guess it’s finally that time, then, time to get rid of the ole ball and chain.
6 Do What Your New Tenant Is Doing – Rent
The debate between owning property and renting it is age-old for good reason – both options can be very alluring. What does a home have that a rental property doesn’t? Right…debt. Renting an apartment or house affords you both spare cash and a continuous sense of freedom.
You can enjoy your own space without investing all of your money in buying it and all of your energy in maintaining it. Furthermore, we shouldn’t even call buying a home investing. The value depreciates as your interest accumulates, and you’re left wondering why our mainstream lifestyle is so dull and drab. Just don’t rent the house you just put up for rent; that would be weird.
5 Buy Experiences With Those Mortgage Payments: Travelling
Instead of buying things with your money, invest it in experiences and memories. This path to a mortgage-free life directly opposes the “better safe than sorry” lifestyle taught to us by almost every mentor in our lives. This path is much riskier than owning a home. It can also be much more rewarding.
From Personalized Wallpaper to Personalized Scenery
Embrace travelling in your own way – jump from state to state or from continent to continent. Just like homeowners customize their homes to match personal taste, personalize your travels to fit your own preferences. Experience all of those things you read about. Book hotels, camp, stay with friends. Visit museums, national parks, and as many wonders as you can. Submerge yourself into different cultures and develop yourself. Rather than renovating your home, fashion yourself.
4 Introducing the Houseboat
Owning a houseboat is just like owning a home, except it’s not. Your houseboat is a radical personal space equipped with beautiful scenery and stunning sunsets. You enjoy all of the luxuries of home ownership – privacy, peace and quiet, customization – but the enjoyment doubles when paired with the luxuries of boat living. Along with the serene environment of a water backyard comes the ability to live wherever you please whenever it pleases you.
Best of Both Worlds
You can settle into your home – because you take your houseboat with you everywhere you go – but you can still feel like you’re riding by the seat of your pants. From changing your neighbors daily to catching your own meals, the houseboat offers the most unique array of experiences and opportunities. If you’re still set on owning a home, try owning one on the water.
3 Living on the Road
Life in an RV is the quintessential rebellion against mortgage payments and traditional living. You’ll need money for your house on wheels and you’ll need cash for your constant gas bill. These financial needs will amount to much less than mortgage debt and can be easily managed with a moderate income.
Destination: The World
Owning an RV is a great path to your mortgage-free destination. It’s also a brilliant way to make the world your destination. Just like the path of travel and the revolutionary houseboat, living in an RV affords you the opportunity to be whoever you want to be wherever you want to be. Without the debt you’ve gotten used to, imagine the places you can go.
2 No, You’re Not too Cool to Live With Your Parents
Being an adult-child living in your parents’ home might make you cringe when people ask you where you’re currently living. For some reason, remaining at home with your parents when it is economically savvy carries a heavy social stigma – like leading a financially-sound life is somehow laugh-worthy.
Reap the Benefits of the Age of Individuality
We live in an age of interpersonal acceptance and celebration of individuality. This means that the choice that is right for you is the choice that people will support. If you’re drowning in mortgage debt, living with your parents should not be written off as too “lame” too consider. Abandon your home and your debt to live with the people who have always saved you when you were in too deep.
1 Ah, the Faint Smell of Gasoline in the Morning
Though we’d like to think that the smell of gasoline wouldn’t really be one of the amenities of your new home, repurposing a garage into your new pad is a great way to have your own place without owning a home. Take over your parents’ garage or the garage of a close friend. Be close to the people you love, enjoy your own place and privacy, and avoid the mortgage payments currently burdening most of the people around you.
From Payment to Project
Renovating a garage is a fun project to share with those who love – especially with the owners of the garage, of course! Rather than paying a bank for your home, take things into your own hands. Replace that debt with a hammer and nails. You’ll be more satisfied with your own space knowing it’s the product of your hard work and creativity.
Knowing the desperation motivated by mortgage debt, this isn’t your first money-saving article. It is, however, undoubtedly one of the most radical. This is an opportunity for adventure, reckless abandon, and personal fulfillment. Instead of developing a new financial strategy for mortgage management, develop a new, more satisfying lifestyle.