As I was going about my day yesterday, I received a call to do something for my brother that involved money. In the process I had to log in my banking app so that I can check if there is enough to spend.
My home loan is with the same bank where my transaction account is and everything I log in, I get to see what my total assets (The money left in my transactional account) and what my liabilities are ( the money I owe on the home loan) is at any given point in time. The last time I checked, I remember thinking to myself that if I slash off the next N$50 000 of the home loan I will bring the loan amount to just under $200 000, which will bring me closer to my hairy audacious goal ( read it here).
What I found almost made my heart skip a beat. The app showed I owed a whooping N$657 000. What could have could have happened I thought? At first thought maybe someone stole my savings and now my home loan has increased significantly. Then again I thought, the house did not even costs N$500 000 so there is no way I can owe the bank that much. After collecting my thoughts I called the bank to enquire.
The banker was slightly confused because on her end, it shows the correct amount. She then assured me that maybe there is just something pulling incorrectly and I should not panicked. She refreshed the data from her end and hopefully it should pull through within a day or so. After that, I called a friend that has a home loan account at the same bank and she also noticed the same, and the bank is aware and are working on it.
After this experience I realized that in as much as I owe the bank, at this point in time, with the current level of earnings and responsibilities; I am not prepared to owe the bank $657 000. This is because I have conditioned my mind the sort of debt level that will not cost me my sleep at night in context of things around me and the quality of life I would like to live.
This therefore bring me to a very good introspection for you. How much are your debt level? Are you aware of how much you should be owing or you simply just rely on the lender to let you know how much you owe? Is your debt level perhaps costing you your sleep especially in these times of uncertainty? Think about it.
Stay Safe ~Dhalondoka