As a self-proclaimed CFO of our family, I decided to pay off our mortgage early without telling my husband. This weekend, the hubby had a father-children day with the kids. I knew this was happening and budgeted for it. However, I was shocked to find out that a simple outing turned out to be very expensive. I had suggested movies and a quick lunch at Chipotle. He decided to do bowling ($30.33), museum trip ($11.00) and lunch at his favorite somewhat expensive restaurant ($36.00).
In a very gentle way, I let him know that we now had little money left over for the month and that we would have to be very frugal from here on out. Trust me, I was very nice about it. I asked him if instead of spending about $15 a day for his daily lunches, could he spend $10 or less for the rest of the month. He finally asked question, “Why don’t we have any money? Why are we so broke?” Oh crap! I had to come clean and let him know of my plan to pay off the mortgage in four years. To give him credit, he did not respond in a negative or positive way; he just remain silent. 12 hours later he asked “Why four years?” He expressed that he is on board with paying off the mortgage early, but does not want to sacrifice our quality-of-life, vacations and other things for the next four years to reach this goal.
Unfortunately, I don’t think I can reach this goal if I am the only one dedicated to doing so as I originally thought. So where does that leave us now? He suggested a ten year goal letting us still enjoy life but also save money in interest. In reality, we could pay it off in about six years saving $66K in interest without adjusting our lifestyle tremendously. Obviously, this is all contingent on him keeping his current employment for the next six years. Additionally, instead of putting away an allotted amount when we get paid as I have been doing, he suggests we wait until the end of the month when all expenses have been paid to determine how much we can put towards the mortgage. In my experience, this always results in a decreased amount of savings.What am I going to do? Part of me knows he is right but another part of me really wants to save a lot more money by paying it of right away. I’d love to hear what your thoughts are! Are you #teamkillthemortgageasap or #teamhusband? I received a lot of great feedback on my last post so I’m wondering what you guys are thinking about my husband suggestion.