Saturday, September 26, 2009


Should I agreesively pay down my mortgage after i remodel? or just throw in some extra so i pay it off sooner, but not agreeively sooner...?

.... here are my thoughts....

if i'm planning on getting married in the next 1-2- or 3 years... shouldn't I start saving for the big day? weddings on the cheap end cost 5,000-10,000 and I have no parents to help.

Then there's the $4,900 to buy that extra service year for cal pers... shouldn't I put some money towards that next year?

When I think about it, i'd like to bring my emergency fund to a full 6 months worth of expenses which would mean saving another 3,000.00

and then there is travel and enjoying my mid twenties... which I haven't really gotten to do since i've been saving every dime for my condo.

I mean sure, I could throw a little extra at it each month to knock off some interest over the life of the loan and pay it off sooner... but I don't know if its the right money smart decision for me to make.



Maybe I need a financial planner...


  1. As a long time reader of Ambellamy you do NOT need a financial planner.

    You state yourself, you want to enjoy your twenties ... please do that by putting marriage at the bottom of your list. Maybe when you're 28 or 29. Don't make the mistake of marriage in your twenties because that is what I did; once your 20s are gone, they are gone for good!

    Your boyfriend needs a stable job and have paid off that debt. Unless he's bringing in $35K a year as a musician, his music is a hobby. He needs an education and a job. Do you want to be a single mother with a deadbead dad who cannot pay child support? Even if he's the most perfect boyfirend, he may be a lousy husband. What can he contribute to the quality of your life as a husband? Look at the women who work in your office or that you know? Are they struggling or are their marriages perfect? Seek out those who have perfect marriages before you consider tying the knot.

    For now,

    Save the $3k to increase your ER Fund.

    Then Purchase the CalPers.

    then pay off the crib. It will be paid off by the time you're 28 (or sooner) ... then consider buying a wedding. By then, a million changes will occur in your life and you will see things ENTIRELY differently.

    Good Luck!!

  2. It is not worth paying off your house early especially if you have a low interest rate. I say save your money so you have 6 months of living expenses if anything happens to your job. Maybe even save a year's worth.

  3. Probably the easiest thing to do while pondering this is to pay an extra 1/12th payment every month. That way you make an extra payment every year.

    You should build your savings cushion and wedding fund and get comfortable with the expenses of a new place and then if you have extra money, pay it down.


  4. Sounds like we're pretty much in the same boat when it comes to prioritising. I'm also currently in the middle of saving for a home deposit (just started 2 months ago so only have a paltry amount of $4000 in there), semi-planning a wedding that is hopefully going to be in 2011 and also keep on travelling!

    Compromise & time is the key, I guess. I'm still learning on the compromise part since I want to know them all down in one go but I know it just can not be done. Good luck!! :)

  5. Maybe you could take half of the extra money and put it towards the mortgage and save the other half for things like your wedding. Because honestly, you don't want to be in the position of planning a wedding and having next to nothing saved for it, even if you do have a smaller mortgage.

  6. I think you should beef up your emergency fund to a full six months and then enjoy your twenties a bit. It wouldn't hurt to save for your wedding but remember to live. Do some travelling, shopping, and enjoy being with friends. Your tight budgets have got to wear on you after a little while. Spend some money decorating your new place how you want it, too.

  7. First off, I would set aside more money to enjoy your twenties! Enjoy it girl. Write down some things you like like to see and do, and work at it.
    I would start saving for a future wedding. If you have three years before you are married, and are planning to spend 10,000, that is only 277 a month you would need to save.
    Maybe try to add 100 or so a month extra to EF to beef it up, but I would not make that a priority.

  8. Miss M - if you have $4000 saved in two months, thats AMAZING! That like was my downpayment - granted i live in a LCOL area. :-D

    I don't know your BF from atom, but let's give him some time to really secure a job before marrying. Nothing wrong with SAVING to marry him, just don't elope yet. ;-)

    And ENJOY your 20s! Before you know it, you'll have kids which makes it impossible to travel! Save up for at least one major vacay you want to take and DO IT! You rock, girl.