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Put Gym Money toward Mortgage Principal

August 19th, 2014 at 04:24 pm

Before I could spend any of it, I took my gym money right over to the bank and paid down principal. It was $145, and it reduced our total paid in interest by $33. That's nice to see.

So now we owe $69,193.

I called my brother after I left the bank, and just mentioned that I'd paid down some principal, and he chuckled. He said he feels bad when he sees his principal go down because he knows he's doing something wrong (in his mind, the cheap interest rates mean that it's better to keep the mortgage and put his money elsewhere). He has a lot more money than I do, and it's all tied up in various investments and stock options. Actually, I think it's just stock now, not options anymore.

We have completely different attitudes about money, and he understands that I operate on piece of mind. Plus it is definitely worth it to us not to have the mortgage anymore so that we can pay for F's school. In the meantime, we are still fully funding our IRAs.

I know a lot of you use your extra funds (and snowflakes!) to pay off debt. If you're debt free except for your mortgage, how do you use that extra money? Paying down the mortgage or investing?

3 Responses to “Put Gym Money toward Mortgage Principal”

  1. Beawealthywarrior Says:

    All my snowflakes goes towards paying down the mortgage as well Smile

  2. CB in the City Says:

    I am building up my emergency fund with extra money.

  3. MonkeyMama Says:

    Currently in "liquidity" mode, so saving any extra sums.

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