About six months ago we refinanced our mortgage. And decided to keep paying what we were paying before so we could pay it off faster. Great idea since we wouldn't be missing that money.
Well, with the economy getting worse and Hubby nervous about his job we decided to use that extra amount as an emergency cushion- just in case. Right before we refinanced I would write bonus checks to our mortgage by figuring up every extra bit of money I made from rebates, ebates, or our t-shirts sales on cafepress. Sometimes it was just $25 a month and once I even made up to $100. That gazelle intensity went away after the refinance and now we're reducing our payments too. It seems as if we'll never be debt free.
Right now, we're firmly entrenched in our house having made the decision not to downsize to a cheaper home. We've made the decision to stay put until kids are out of school unless we're forced to sell. So, moving down isn't an option right now. We've got to work with what we have.
Now I'm wondering what the best strategy is for us. Do I continue to scrape up bits of money here and there to send towards the payment? Do I save those bits and scraps for our emergency fund? Do we cut back even more?