Apparently I was a little obsessed with paying off my mortgage in 2018.
- Paying a Mortgage / 5 Ways ~ 11/16/18
- Can I Afford an Extra Mortgage Payment? ~ 6/11/18
- Quick Mortgage Update ~ 7/24/18
- Mortgage Update // By the Januaries… ~ 3/25/18
- Just a Mortgage Update ~ 3/6/18
- Mortgage Principle Payment Goal 2018 ~ 2/13/18
- Paying the Mortgage ~ 2/13/18
However, the seed of early payoff was planted a few years earlier:
- Mortgage, Taxes and Insurance–oh my! ~ 9/25/16
- Pay September Mortgage, Check! ~ 9/7/2016
- Made Another Payment! ~ 8/11/16
- Mortgage ~ 7/18/2016
I’m still interested in eliminating that debt, but I’m realizing I’ve got to slow down.
I tried an experiment last year to see if I could pull off paying the equivalent to 2 of my husband’s larger bills–his student loan (754 mo) and his child support (555 mo) –and still feel comfortable with what I had left.
I decided to put 754 a month into my 403B and 555 a month towards the mortgage principle (in addition to my regular house payment). I was able to do it for about 4 months. Then I started noticing my checking account getting lower and lower.
I was starting to feel uncomfortable having so little left per month. I felt like I was depriving myself.
Growing up, I was very tight with my money. I spent less money than my friends did in high school, and in college, I spent as little as possible because I wasn’t sure how much I’d need to be able to complete my degree. My frugal habits continued into my adulthood.
I examined why I was so frugal and realized part of the reason was my self-worth–I didn’t think I was worth spending money on. I had been working full-time for years and realized I was depriving myself of things unnecessarily. After this realization, I specifically give myself permission to spend on wants instead of only needs.
After four months of my experiment of spending the same amount as my husband on his bills, I started falling into that overly-frugal space again. It didn’t feel good.
The deciding factor, though, was that I got some estimates on a new garage floor and parking-space addition to my driveway. The lowest bid was $4700 and I could only swing this if I stopped putting so much aside on either the 403B or the house. My retirement is super-important to me, so paying so much extra on the mortgage had to go.
I’m on my way to saving up the $4700, and I’m happy with my decision.
I am still choosing to pay a little extra on my mortgage*, just not $555 a month. It’ll likely take me 6 months to a year extra to pay the mortgage in full, and that’s ok with me. I think that making improvements to the house along the way and having some extra cash set aside will help me achieve a better financial balance and help me treat myself better.
Peace Out (and In),
*Mortgage principal as of today: $44,652
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