As you’ve seen in my first few articles, I am a very goal oriented, scheduled person. I actually enjoy sitting down and crunching numbers to figure out how to save for an item and how long it will take to get there. (Yes, I’m a nerd in this way). So I have no problem making goals, my problem is that I want to make too many.

My husband and I are not ones to just go buy a big purchase (or even a small one for the matter) on a whim. We tend to save and then when we get to our goal we still contemplate if that is truly a need. So while saving for things is very good, I’ve found that sometimes it’s good to sift through your savings and reign in to just a few, manageable goals.

For example, my husband and I wanted to add on a garage, a bonus room, a new dining room table, and try to pay down our mortgage all at the same time.  They are all great goals to have, but as we took our money each month and divided it out into our various savings accounts I realized that our small portions were going to take a long time to even attain the smallest of our goals.

At that point, I decided we needed to have a big discussion on what we really needed and to get on the same page. We both agreed that we wanted to truly be debt free and the dining room table and garage could wait. We have no debt except our mortgage, and while we have a good mortgage interest rate, it’s still interest we are paying monthly. Therefore, we are now taking the money we would have been dividing amongst our various savings and are on a 6 year plan to pay off our mortgage (we currently have 19 years if we stick to our original mortgage schedule). It will save us over $40,000 that we would have paid in interest. Wow! It’s amazing how redirecting your focus and truly narrowing down what’s important can really save you in the long run. On top of that we were still able to take the money we had already saved in various accounts to pay for a new bonus room, which we hope to add very soon.

Sometimes it truly pays off to refocus every once in a while and really hone in on what’s the most important for you and your family’s needs rather than allowing your mind and money to drift in various directions.

 

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