Last Monday (Easter Monday), my wife and I decided to take our three youngest children to the movies. We chose a 7.15 PM session so that we could go out to dinner first.

We arrived at the Hogs' Breath Café at around five o'clock. The total cost for dinner for the five of us was $120. We then headed to the movie theatre. The children had chosen the 3-D movie, How To Tame Your Dragon. Total cost of tickets for the five of us was $98 (that included a buck each to hire those 3-D glasses).

We also bought a bucket of lollies for $4.50 and my wife and I had two take-away coffees for $6.60. We smuggled in our own water in the children's backpacks. It was a great night. Great movie and great company. The total cost, though, was $229.10. Ouch.

Now, financially, our family is one of the lucky ones. We don't have a mortgage. I couldn't help wondering, though, how some families could afford a night at the movies and dinner. I did notice, as I looked around the theatre, that many children seemed to be accompanied by just one parent. Also, the theatre was barely a third full. Clearly, there are many families who just don't get to go to the movies or take their families out to dinner as much as they'd like to.

And, following another interest rate rise which will increase mortgage payments by $17 per month for every hundred thousand dollars borrowed, many families will be doing it even tougher. A lot of them will never get to see the movie, 'How To Tame Your Dragon' (until it appears on TV).

These days a lot of families are doing it a lot tougher than they admit. Aussies are a proud bunch and we don't like to whinge, especially if we are struggling financially. We tend to suffer in silence - or at least, we keep the money complaints among the family. And that's because a lot of Australians, to borrow a line from the movie, have not 'tamed their mortgage'.

So, in the hope that I can see more families at the movies and having a great time going to dinner with their families, I thought I'd offer up some suggestions on how to tame your mortgage.

Now, please understand, these are suggestions only. I am aware that some of what I suggest may not be easy. I also admit that I have a personal bias against debt. I detest loans. I believe every homeowner should do all they can to have no mortgage on their family home. Trust me, it's a great feeling to make that last payment on your home loan. It's great to live with no mortgage. That's when you've really got your mortgage tamed.

First of all, the best solution I have ever heard to overcoming any problem is this: Never have the problem in the first place. Instead of borrowing the maximum you can afford (which is what thousands of people mistakenly do), you should borrow the minimum you can get away with. If you don't like having a big mortgage, don't get one. Buy a smaller home. Buy a home in a cheaper area.

Second, if you've already got a big mortgage (and it's hurting you) and your life is one continual series of worrying about money, then here's a simple but profound idea. Sell the house.

Have you got any bedrooms in your home that you don't use? How about a formal lounge or dining room in which you never sit? Then it's almost certain that your home is too big which is why your mortgage is too big. Sell the home, get rid of the mortgage then go and buy a smaller home with a smaller mortgage. Presto, you've tamed your mortgage. Believe me, you'll feel better.

Third - and this is a suggestion I have made before and I know people have taken me up on it - Rent out one or two of those spare bedrooms. Do you know how much some bedrooms are being rented for in Sydney at the moment? Up to $180 each. If you've got two empty bedrooms, that's $360 a week you could potentially be earning; that's $18,720 per year or $1,560 per month. Now, that would tame your mortgage.

Fourth - get a better paying job. Come on, you can do it. Most people stay stuck in poor paying jobs for far too long. They undervalue and undersell themselves. Maybe you could consider a job in real estate? I am serious. It's easier than you think. Ordinary real estate salespeople earn well over a hundred thousand dollars a year. Good ones earn upwards of two hundred thousand dollars.

Okay, if you don't want to quit your job, why not ask the boss for a pay rise? Or perhaps offer to do some over-time? Or, if you can make it, why not take a second job? Come on, you're trying to get your mortgage tamed. A couple of years or so with a few extra thousand dollars coming in can make a world of difference.

Fifth, make sure you have got the best housing loan deal. If not, consider refinancing by switching to another lender. And, of course, make sure you pay fortnightly which will see you shave years off your loan as time goes by.

Further, when you take out your loan, you should 'pretend' that it's actually four (yes, 4!) percentage points higher than it really is. If you can't afford the loan at four percentage points more, then don't buy the property. If you can afford it, then buy the property and pay your loan as if it was four percentage points higher. This will cut your loan time in half and save you at least two hundred thousand dollars. Talk about taming a mortgage!

Whatever you do, you should make it your aim to get rid of your mortgage as fast as you can. So, the smaller the loan you start with, the faster you'll get it paid off. Don't let your ego trap you into buying a whopping McMansion that you can't afford.

You should be able to go to the movies with your family when you feel like it. Please don't let your mortgage hurt your life.

Tame your mortgage and get your life back. You'd be surprised what you can do if you really try.

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