Dear Vanessa,
I’m really struggling and could use your advice. My husband and I have a mortgage, and with interest rates rising so many times, almost all of our money goes toward maintaining the house. We are constantly under pressure and that is causing a lot of tension between us.
Everyone seems to think that owning a home is the end goal, but I’m starting to wonder if it’s really worth all the stress. We used to enjoy simple things, like going out to dinner or watching a movie, but now we barely do anything fun. It feels like we’re just working to stay afloat, and that’s not what I want our life to be.
My husband wants to keep the house no matter what, but I’m starting to think that selling and renting might give us the breathing room we need to enjoy life again.
I don’t want to lose our house, but honestly, I’d rather have some financial freedom than be constantly stressed and fighting. I just want us to find a way to stop living paycheck to paycheck.
Do you think it is possible or is selling our best option?
Thank you very much for your help,
Daisy.
Send your questions to leading monetary educator Vanessa Stoykov at bloomafter50@dailymail.com.au
Leading money educator Vanessa Stoykov (above) suggests that by making some small adjustments to their income, Margaret and her husband could keep the family home and still enjoy life’s simple pleasures.
Dear Margaret,
Sounds like you need some extra money to enjoy life again! Financial stress can be overwhelming, but there are some proactive measures you can take to improve your situation.
First, have you considered shopping for a better mortgage rate? Many banks charge long-term customers what is now called a “loyalty tax”: They often offer better rates to new customers and charge more to those who stay. It’s worth checking if you can negotiate or refinance to get a better deal. Here is a free tool on my site to help you find the best mortgage rate, whether you’re buying or refinancing.
Have you also thought about starting a side job? Nowadays, there are many ways to generate additional income that can relieve the pressure. You could try platforms like Upwork, Airtasker, babysitting, or even driving for Uber. Even a few hundred extra dollars a month can give you more breathing room and allow you to enjoy some of the simple pleasures you’ve had to cut back on.
Another thing to consider is the cost of rent. Renting can also be expensive, and moving comes with its own costs and stresses. If you are seriously thinking about selling, I recommend speaking to a financial advisor first. They can help you determine the best time and strategy to get the most out of your home if you decide to go that route.
But above all, the most important thing here is your relationship. Set aside a time and place to sit with your husband and make it an occasion. Talk openly about your situation, listen to each other’s points of view, and make a plan together. Communication and being on the same page are key to overcoming this. Here is an excerpt from my book. The five conversations about money that can help guide you in talking to your partner.
Maybe together you will discover that a few small adjustments to your income are all you need to feel less stressed and be able to keep your home while still enjoying life.
Wishing you both the best,
Vanessa.