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?