I'm a single gal with an aggressive mortgage repayment plan (at least that's what my banking advisor calls it). My plan is to retire the day my mortgage is paid. On my budget it shows as a whopping 53% of my net income. However, I "only" have $1200 in personal debt. Am I making a mistake in applying so much toward my house? There's not much left for the "living" part of the budget.
It’s great to have a goal, and a plan to reach that goal. Lots of people don’t. The plan needs to be sound, one that is attainable without making you crazy. If you have personal debt, then you may be strapping yourself too tight in your desire to achieve your goal. You won’t be the first person to have made this mistake. I’ve watched lots of people double their mortgage payments to get mortgage free, while racking up personal debt on their line of credit or credit card.
The other thing is if you’re so focused on paying off the mortgage that you leave no money for having some fun, are you having a life?