Chris made this comment on my post relating to the dilemma:
"How about a compromise.
You keep saving money. Once you have enough to pay off the remaining mortgage, suggest that he let you pay for it, but that he puts that same payment away into savings instead of to the mortgage company.
That way, he'll still be paying the mortgage for the remaining 4-5 years, and you'll both save on interest.I do agree that it is most likely a pride issue, although my wife and I agree on the principle that it is a "common pot"."
Awesome suggestion. I've been looking at how to incorporate the idea. By the time I received the comment, I have made some massive changes to our spreadsheet.
I must admit, this debate has made some things a lot better. For example:
- We are able to have by the end of each year, enough to pay for our yearly trip to France (flights, spending money, apartment rental) and spring ski flights.
- By April of each year, we will have our BC taxes, ski seasons' passes and Christmas ski flights accounted for.
- What it means is a leaner, meaner, less cluttered spreadsheet and much more consistent cash flow throughout the year. We will be much less affected if my business goes down.
- The "working" accounts (home, car, properties, travel) will be topped back up to $5000 each at the end of each year.
- All the while saving on average $31260 per year for the next 5 years. I say 5 years because I am leaving the option of cutting back my work week at that point.
- I have also been able to negotiate a $4000 a year mortgage prepayment with D. That will have the effect of decreasing overall amortization to around 8 years. He is impressed with how much the increased cash flow can do to make our yearly routines easier.