http://www.paidtwice.com/2009/01/09/does-the-economy-make-you-want-to-pay-off-debt-or-build-up-savings/#comment-73735 chris Sat, 10 Jan 2009 15:59:53 +0000 http://www.paidtwice.com/2009/01/09/does-the-economy-make-you-want-to-pay-off-debt-or-build-up-savings/#comment-73735 BOTH! We have no debt other than the mortgage, which is scheduled to be paid off early in just over 4 years. Most of my paycheck goes to savings anyway. Now the plan is to make additional principal payments in what is left with our monthly household budget. At the end of the month I'll write out a check for what we have left over and send it in to add to our prepayment. If anything happens to me or my spouse, not having a mortgage payment to worry about would be a huge advantage in dealing with rough times. I just remember my grandparents and they had next to no money, however the house was paid off (years before I was born), so they never had to worry about paying for a place in which to live (yeah, I know property tax, utilities, etc, but that can be dealt with). BOTH! We have no debt other than the mortgage, which is scheduled to be paid off early in just over 4 years. Most of my paycheck goes to savings anyway. Now the plan is to make additional principal payments in what is left with our monthly household budget. At the end of the month I’ll write out a check for what we have left over and send it in to add to our prepayment. If anything happens to me or my spouse, not having a mortgage payment to worry about would be a huge advantage in dealing with rough times. I just remember my grandparents and they had next to no money, however the house was paid off (years before I was born), so they never had to worry about paying for a place in which to live (yeah, I know property tax, utilities, etc, but that can be dealt with).

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