FLOURISHING AFTER 50: We’re facing a miserable Christmas thanks to our sky-high mortgage. Is home ownership worth the struggle?

Dear Vanessa,

I feel very stressed about this Christmas. It’s shaping up to be a big disappointment for my kids. This year we simply can’t afford the usual gifts or beach vacations. Everything seems very tight, and with interest rates the way they are, our mortgage is now costing us an extra $26,000 a year compared to when we bought the house. All the money we used to spend on fun is gone.

I’ve been thinking about looking for a second job to help out, but the thought of leaving my kids alone during the holidays breaks my heart. My husband is already working double shifts to try to save some, but it seems like we’re stuck in an endless cycle.

Is it really worth it to own a home? We have worked very hard to get here, but now I wonder if it is too much. What should we do? How can we make this Christmas special without spending a lot of money?

Christina.

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Dear Christina,

First, let me say that your letter will resonate with many families right now. You’re not the only one feeling the pressure of rising interest rates and the impact they’re having on household budgets. An extra $26,000 a year on your mortgage is no small amount; no wonder fun money has disappeared.

Let’s address your biggest question: is it really worth it to own a home in Australia? Owning a home has long been considered a key part of financial security in this country, offering stability and potential for long-term growth. But the rising cost of living and higher interest rates are forcing many to rethink. The truth is that homeownership is a deeply personal choice and what works for one family may not work for another.

You and your husband should evaluate whether staying in your home aligns with your overall happiness and financial goals.

Start by talking to your lender or a mortgage broker to see if there’s room to negotiate for a better rate. Many people pay more than necessary simply because they haven’t asked for a better deal. My free tool can help you compare your current rate with what is available. It’s worth exploring: every little bit you save makes a difference.

If lowering your mortgage payments isn’t possible, take a step back and reassess your priorities. If your home is putting too much pressure on your family, there’s no shame in considering downsizing or renting out. This doesn’t mean giving up; It means adapting to live a life that works best for your family.

Now, let’s talk about Christmas. Remember, what kids value most isn’t the size of gifts or a fancy vacation—it’s the time with their parents and the memories they make together.

Instead of focusing on what you can’t give, think about what you can. A day at the local park, a homemade picnic, or even a backyard camping adventure can be just as special as a trip to the beach. You could involve your children in holiday planning, perhaps baking Christmas treats together or making decorations. These simple moments can be magical and won’t cost you a fortune.

As for the idea of ​​a second job, I understand your doubts. Balancing work and family life is a challenge, especially during the holidays. Consider options that could allow you to earn some extra money without sacrificing too much time with your children, such as flexible freelancing or selling items you no longer need online.

Finally, remember that this is a season of your life, not the entirety. These financial pressures will not last forever. By taking small, manageable steps now, you can ease the burden while also finding ways to make this Christmas meaningful and joyful for your family.

I wish you strength, clarity and a beautiful Christmas full of love and togetherness.

A cordial greeting,

Vanessa.

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