Skip to Content

How To Cope When Your Mortgage Gets You Down

Middle Class Dad how to get your spouse to stick to a budget bio

Taking out a mortgage is a big life decision. What you’re doing is that you’re essentially saying to yourself that you’re going to commit to an asset over a period of decades. You’ve locked into squirreling money away each month, building equity in your home and, therefore, wealth. 

Sometimes though the prospect of a mortgage can get you down. You feel almost trapped by it. When you go to work, it’s constantly on your mind. You feel that you have to perform so that you can continue earning money to pay for it. It’s a tough master. 

The good news is that you can fight back against this feeling and find ways to cope. Some of them are practical, but the vast majority have to do with your mindset. 

Remind Yourself That Your Mortgage Is A Wealth Builder

It might not feel like it sometimes, but a mortgage is a wealth builder.

It’s something that provides you with a compelling vehicle to put away a large chunk of your income every month into an asset that will have value in the future.

The returns to property might not be as high as in the equities market. But it’s the discipline that you need – something you don’t get if you spend all your life renting. 

Find Ways To Reduce Interest Payments

Interest payments are the fees the bank charges for providing you with the loan that bought your house. It’s one of the ways they make their money. 

In many cases, interest payments are reasonable and you’re able to build equity in your home quite cheaply. Sometimes though, homeowners can get stuck in deals that don’t work in their best interest. And that can cause resentment. 

The best thing to do in this situation is to find a mortgage broker who can show you your options. Almost always, you’ll discover that there are better deals out there that allow you to build your wealth faster. 

Remind Yourself It Doesn’t Have To Last Forever

Paying off a mortgage can feel like something that takes forever, but it doesn’t have to. Living rent-free seems like a pipe dream for many, but it is actually possible if you know how to go about it. 

There are a few strategies you can use here. One is to commit to paying down your mortgage faster by working longer hours and forgoing holidays for several years. It’s not ideal, but it can bring you within striking distance of your target goals faster. 

Another option is to downsize. Remember, you don’t have to stay in your current property until you pay off the mortgage. You can simply take the equity you’ve built up and use that towards a new home. 

Whatever you choose to do, just remember that your mortgage isn’t a lifelong commitment that can never go away. If you really don’t like it, you can always opt-out. Many people do.

Remind Yourself That You’re Building Wealth

Building wealth is a discipline. It’s something that people achieve over the course of many years. They start small, but eventually, their wealth begins to multiply as they make returns. 

Property owners experience this all the time.

Equity is virtually nothing at the start of their journey. But after a couple of decades, the value of their home rises and they pay off their mortgage. And once they do that, they have freedom. They’re able to do whatever they like with their properties.