Posted By Jonathan on December 12, 2012
I am happy to say that we have continued our aggressive course of paying down our mortgage that we defined when we bought our house, and have achieved a 40% payoff amount. I was blessed with a very large Christmas bonus again this year and we have dedicated it to the mortgage, just like we had planned.
We realize that these bonuses are a variable in our income, and so we are very thankful for them. Without them, it would about twice as difficult as it has been to pay off our mortgage as quickly as we are (just over 3 years). But because they are variable, that makes it all the more important that we use them for something important like paying for a mortgage. If we didn’t, if/when the bonuses went away, we wouldn’t even have the option of putting it toward our house and would be stuck with a lower income and just as much debt. The way we are doing it, if/when the bonuses go away (I think they will someday), we will at least not be cramped by debt when our income drops a bit.