Personal Finance

Still Figuring It All Out

Many of you might be wondering what the conclusion of the CFO Mom “payoff mortgage early” was. To be honest, not a whole lot. Life has gotten in the way of my husband and I having a meeting to create a new budget together. For now, we have landed on a 6 year plan making our last payment on September 1st, 2022. In this plan, we dedicated my paycheck to extra payment instead of savings as its been for the last few years.Currently I work part-time which allows me more time to spend with the kids. I love dropping them off to school and picking them up without having to worry about before or after care. My husband and I both worked hard several years ago to make this possible. I try to remain grateful everyday that we can do this.

In the same light, I really, really want to payoff this mortgage as fast as I can. There’s a tricky balance between working more and increased childcare costs. However, adding five more hours a week is possible without having to pay for childcare. It would also force me to add more a month to my 401k. There are two cons to this scenario. One: I would have to work more. Who wants to do that? 🙂 Two: I would have to give up my free Fridays which is my personal day to get things done. I love having a “me” day to do whatever I want to. I also volunteer on some Fridays at the kids’ school. However, I am committed to killing the mortgage and this seems like a pretty easy way to increase the amount I can pay a month. A few days ago, I requested to increase my hours starting July 1st. My boss was open to it so I think that will certainly knock off a few months of mortgage payments.

On another note, I have definitely lost motivation and excitement I had for savings and reducing expenses. In fact, since it’ll be more years before the mortgage is gone, I am doubting the expenses I have already cut. After my children’s piano recital, I wondered if I should cut piano lessons. Maybe I do need a gym membership to stay healthy for the next 6 long years. Should I be saving more towards the kids’ college funds? Ahh! This is definitely a complicated line of thinking.

Why can’t this be easier?

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7 thoughts on “Still Figuring It All Out

  1. If it is easy, it is no fun! 😉
    We are ok to keep the mortgage rather long. We value travel, an occasional splurge, my wife taking care of the kids on Wednesday, our cleaning lady more. Not having these things would give us so much stress…

    Liked by 1 person

  2. I admire the dedication you have for finishing in 4 years.I know you feel demotivated since you guys decided to go to 6 years but don’t lose heart and continue to be frugal. If you are using that extra money to save and invest than you are still winning. I hope you find peace with your decision.

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  3. Firstly I admire your organisation! Having an end date for a goal (even if it is 2022) is fantastic! It will help with the motivation! I wouldn’t get a gym membership unless you know you are going to use it! Try to prove to yourself for 1 month that you will (either walk every morning or use a ‘free gym pass’ they give out to prospective members) but don’t spend the money until you know it is worth while! Also, remember saving is about seeing the actual money! If you can’t see physical notes in your hand, you haven’t been ‘saving’! (I tried to save money on my groceries, but couldn’t believe it when I checked my bank balance and the ‘savings’ were gone! Now I get ‘cash out’ at the supermarket register and put it in an envelope!). Most importantly, hang in there! I know the Horrible Middle Phase of Saving! (https://savingwithstef.wordpress.com/2016/05/17/the-three-phases-of-saving/) Trust me, I’ve been there! I’m cheering for you, CFOMom! You can do this! Regards, Stef (@SavingwithStef).

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  4. If I were in your position, I would continue with the piano lessons but not worry too much about the other things you have cut…. I am biased because I majored in music education, but music really helps kids’ brains grow and make connections that they don’t get from other learning experiences. Our daughter takes piano lessons and they are a huge expense, but I think of it as an investment. 🙂 However, this is all, of course, very personal, every family is different, and you should definitely do what you know is best for your family! 🙂

    I am super impressed that you are considering going back on Fridays for work – that’s awesome! It’s also a coincidence in a way, because my work is only 8-12 on Fridays (we work 9 hour days the rest of the week) and I, too, use Fridays to catch up on household stuff and cleaning. (It’s also nice to have the house to myself for a few hours!!!) So I feel your pain on giving that up – but I admire it, too! Go you!

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