Flush
Join Date: Sep 2008
Location: Alabama
Posts: 554
|
|
Sounds like a great goal and a good plan.
If I were in your spot with the house money in the bank waiting to be used for hourse or emergency/job situation/economic meltdown, I would consider this.
What if you picked a number that represented 3 months worth of what your income is today with your job. Doesn't matter what that amount is. Save up to or keep up to that much aside. You could surely adjust your situation/find a new job in 3 months couldn't you? Then dogpile whatever you're saving above that amount onto the mortgage. Here's why, in just 2010 you'll pay well well over $5k in interest. What if you could knock that down significantly? It would shorten that extra $40k you're looking to find and ofcourse you'd save even more on the interest for next year.
I understand the need for financial stability and security. Just a suggestion.
|