If you have been following this blog, you know that one of our goals is to have our house paid off in five years or less. Today I’m giving you an update on where we are. Right after we started this plan, we found out that Carrie has cancer. She had to have surgery, she was not working for 7 weeks. So, during that time we shifted shifted our budget around to absorb the loss of income. That slowed the buy down a bit.
Carrie is back to work, but we aren’t going to immediately resume our aggressive buy down. Instead we’re going to take those additional payments and we are going increase our emergency fund. Carrie’s going to be going though some chemo treatments and we may need the extra cash in the near future. At the end of the year we’ll evaluate where we are and if we don’t need the extra cash at that time we’ll make one large payment to the house.
I really feel fortunate that we are in a position that we can move our budget around to help prepare us for this storm. If we had credit card debt or car payments or student loans this would be a very different situation for us. If you are reading this and are thinking that you wouldn’t be prepared for this because you do have some debt, then I recommend that you get on a budget and pay that stuff off as fast as you can. Need help with that? Check out Financial Peace by Dave Ramsey. It outlines a good plan that anyone can follow; including us.