Originally published October 2008.

My friend Genny is hosting a thoughtful project this month, based on a book she read entitled, One Month to Live. Although I certainly won’t know when my 30 day clock will begin, it’s an interesting prospect to consider how I’d use my time.

In high school I made a “life list” and I’ve considered writing a reprise to that — all the destinations I’ve yet to travel, and the goals I’ve yet to achieve. But this project is quite different. With only 30 days, I find myself thinking more about what I wouldn’t do, than what I would do.

I wouldn’t
…go anywhere, see things or fill my life with adventure, like I would on a bucket list that I might take decades to cross off. I wouldn’t achieve, reach goals or buy things.

I wouldn’t watch the news, or listen to anyone who shared the negative side of it.

I wouldn’t answer the phone or sort my email inbox.

I wouldn’t resent, regret, worry, or feel obligated, angry or hurt.

I would
…pick and choose the small things that have brought me joy.

I’d live at the cabin, like we do in the summer.

I’d fill the freezer with filet mignon and shrimp, make fancy dinners with my daughter and bake chocolate chip cookies from scratch with my son.

I’d rise early and go to bed late, watch the sun illuminate the lake as I drank coffee with my husband, and watch it blaze red at dusk as we sipped Merlot.

I’d go for walks.

I’d toast marshmallows with my kids and ride bikes to Dairy Queen.

I’d blog every day, leaving my own “Last Lecture.”

I’d take pictures.

If friends and family visited, we’d talk and laugh, and share good news.

I wouldn’t talk about dying in 30 days.

And I’d thank God if he let my last 30 days be healthy ones.

What would you do with your time, if you knew you only had 30 days to live?

Originally published December 2007.

A couple of years ago, we had just moved to the cabin. Our home was a disaster, and we’d barely finished the addition before the snow flew. As Christmas approached, I had little energy to even find the kitchen countertop, let alone decorate for the holidays. Let’s just say those weren’t the best months of my life.

I remember a weekend when I had a burst of Christmas spirit and I cleaned the kitchen just enough to make some cookies with the kids. When I finally located the hand mixer, I searched in a panic to find the rotary whisks that you insert into the mixer.

I could only find one.

We managed to bake the cookies, even with just the single whisk. And when six-year-old Craig wrote his annual email to Santa, he included a sweet and generous addendum:

“And could you please give my mom a mixer?”

On Christmas morning, we all experienced the excitement every young family anticipates — the rush up the stairs and the noisy rousing of Mom and Dad from their bed. But the first gift Craig looked for, and the first one that was opened, was the one marked, “Mom”.

If it’s possible to fall in love with your six-year-old, it may have happened for me that morning.

Merry Christmas everyone!

This week, Darla and I are headed for Cincinnati, to the Healthy Communities/ Healthy Youth Conference. I’ve attended this conference many times over the years and have always been inspired and motivated after leaving it.

My kids have often come with me as well, usually helping with my exhibitor booth for Empowering Youth. In the photo below, Darla is only six, as she hands out brochures to conference attendees at the National Service Learning Conference in 2002.

And at last year’s HCHY conference, she even facilitated a breakout session with me (photo above), based on my book, Empowering Youth: How to Encourage Young Leaders to Do Great Things.

But for the first time, this year Darla is the headliner for our breakout session. She was named a Youth Leader for Literacy last year, and as a part of the project, she’s promoting her neighborhood book club idea, Bookworm Wednesday. She’ll present the ideas put forward in her article series, “How to Start a Book Club” and together we’ll facilitate small-group activities to help participants begin to visualize this kind of project in their own communities.

I remember a time about eight years ago when I had just started my company and was assembling SPARK Peer Tutoring Handbooks in our screened-in porch. As I laminated cards and collated papers, I watched my young children zip around the backyard in their battery-operated Jeep.

In my mind’s-eye, I had a vivid flash of those same kids in high school, traveling with me to speak at conferences and school districts around the country. I remember smiling to myself, thinking, “That would be so cool.”

And it is.

If you’ve been reading this series, you know our goal is to have our second mortgage paid off within a year. Part One in this series is here.

You may think our plan is silly, or unattainable. You may think we’ve been frivolous in the past – or that the cuts we’re making are ludicrous. Whatever frame of reference you’ve come from, I hope I’ve offered some food for thought.

A FEW LESSONS WE’VE LEARNED

We tend to spend what we have – in order to make mortgage-paydown a priority, we need to budget it like a bill.

If we didn’t look at the cumulative savings, we wouldn’t choose to tighten the belt at all. Saving ten dollars here and there did not offer us enough incentive to bother with a budget. A complete budget recalibration was in order. When I did the math to look at annual savings in multiple areas of the budget, I finally understood how much money was slipping through the cracks.

We don’t miss what we’ve cut out of the budget. So the fact some of the cuts are short-term (like travel) should make this whole process far simpler than we thought it would be.

Our pay-down went faster once the loan amount was less. The bank gets most of your payment early in the amortization, so the quicker you can reduce the balance, the better.

For instance:
• If you owe 100,000 at a rate of 5% and amortized at 15 years, only $375 of your $800 payment goes toward the principle on your loan.
• If you’ve paid it down to $50,000, $575 goes to principle.
• At $25,000, $685 of your $800 payment pays down your loan.

An excellent credit score translates to thousands saved in closing costs. Know your score and if it’s low, figure out what’s bogging you down.

Spreadsheets can be FUN - especially when you watch the loan balance decrease by leaps and bounds. The decreasing loan amount and budgeted monthly expenditures are tangible outcomes that validate your efforts when achieved.

Some budget cuts should be permanent. Some can be temporary. Both are good.

Ours is just a smaller second mortgage. But you have to start somewhere, right? Other families may need to start by paying off their car loans or credit card debt. Will we pay it off in a year? I hope so. Either way, we know we’ll have developed habits that last a lifetime – and we’ll have passed on these habits to our kids.

Our first mortgage? Well that’s a different story – and one that looks to be about 15 years from its conclusion. But with our new habits in place, after we reach our first goal, I bet we’ll find room in the budget for accelerating these payments as well – while loosening up on some of the sacrifices too.

Thank you for joining me on my Mortgage Payoff 101 series. What is your debt-control goal?

MORTGAGE PAYOFF 101 SERIES:
Getting Started
Monthly Charges
The Credit Card
Sell Your Stuff
Lessons Learned

When we moved to our current school district two years ago, we bought a house there, without selling the previous one. This meant we ended up with two mortgages – one humongous and the other on a 10-year track to payoff. This necessitated the serious need for a budget.

We’ve always considered ourselves pretty frugal – almost always eating at home and buying our school clothes at high-end garage sales. We never carry credit-card debt – unless it’s a short-term, zero-percent offer at Menards. We’re big on getting a great deal – and usually that means buying pre-owned. But over the years expenses got away from us. When when we had low monthly expenses and almost no mortgage, our budget could handle the kind of discretionary purchases and travel we’d become accustomed to. But that’s all different now.

MAKING THE PLAN
A year ago, I started taking a careful look at our budget. I set up an Excel document and added the real charges we paid throughout the prior 12 months. This gave me a realistic look at utilities, seasonal expenses, gas, groceries, travel costs, and our sneaky credit card bill. The Excel program allowed me to create columns that automatically add themselves, so as I replace budgeted amounts with “real” figures, it recalculates it for me to see if we’re still on track.

It feels strange to talk about our family’s finances, and many of our “numbers” I won’t share, but I think it’s important to explain the areas in our life we’ve identified as “belts that could tighten.” If you’re from a similar middle-class life, you might find that cutting down on these areas in the budget could help you as well. I will add the disclaimer that we’re fortunate in that beyond the two mortgages, we don’t have any debt.

BELIEVING IT
Before setting these budget changes, our family had no idea we could pay the second mortgage down quickly. The act of making the pay-down a priority is what made the difference. Now 12 months after implementing our new monthly money goals, the progress we’ve made shows we could possibly pay off our second mortgage a year from now. It would take continued focus, but I truly believe it is possible.

In this series of articles, I’ll address the ways we changed our budget – and with any luck, in one year we’ll be celebrating the payoff of our second mortgage. Please read on in the weeks to come – I hope our efforts help others as well!

MORTGAGE PAYOFF 101 SERIES:
Getting Started
Monthly Charges
The Credit Card
Sell Your Stuff
Lessons Learned