It’s official. By the year’s end, we will have paid off $18,000 worth of debt. Instead of ordering ourselves a bunch of pink plastic flamingos for the yard or sending ourselves a delicious Edible Arrangement, though, we aren’t celebrating this milestone. The reason? We paid off a lot of debt. But we had no other choice.
We have a mortgage. A thirty-year mortgage that requires us to shell out just under $1000 a month to be exact. If math isn’t your strong suit, we also put an extra $6000 towards our mortgage this year. About halfway through the year, we started doubling our payments thanks, in part, to my decision to put all of my side-hustle money towards our mortgage.
When we first bought our house, we put down more than twenty percent and made sure that the size of our mortgage wouldn’t make us house poor*. We had also planned to always pay extra, if not double. However, life happened.
The only way for teachers to earn salary increases is to complete more schooling, so Mr. P is currently doing his time for his first Master’s.** In a choice to remain student-loan free, we are paying his tuition out of pocket one course at a time. As a result, we haven’t been able to pay down our mortgage as aggressively as we had hoped this year.
While we haven’t paid down nearly as much debt as we’d like, we have found several things to celebrate this year:
- Reasonable side hustling that makes extra payments possible
- Two salaries that allow us to afford a mortgage payment, tuition, and our other expenses
- Fully-funded Roth IRAs for the third year running
- The drive and determination we have to find ways to be more aggressive with our payments next year and beyond
- The hope to be mortgage-free by 2025
*Ha. If I knew then, what I know now.
**One day I’ll write a post on the irony of a teacher who doesn’t like school.
So Tell Me…What are you celebrating this year? How are you doing on the mortgage front?