Funny you mention the “dragon hoard”—I see that a lot. People get so focused on the emergency fund number that it almost paralyzes them. I’m a bit more cautious, though. Even with a stable job, I like to factor in things like health issues or unexpected family stuff. Sometimes the “worst case” isn’t just about jobs, you know? But yeah, if you’ve got a solid safety net and feel comfortable, putting extra toward the mortgage can be a smart move. Just don’t drain your reserves too far—life has a way of surprising us.
Just don’t drain your reserves too far—life has a way of surprising us.
That’s the bit that always sticks with me. I’ve seen folks get a little too aggressive with extra payments, then a busted water heater or medical bill throws everything off. It’s smart to keep that buffer, even if it means the mortgage takes a bit longer. I’d say you’re on the right track—paying down debt is great, but not at the expense of sleeping easy at night.
Couldn’t agree more about keeping that buffer. I’ve seen clients get so focused on knocking out their mortgage that they forget about the “surprise expenses” lurking around the corner—like the time my own furnace decided to retire in January. Paying extra is great, but not if you’re left scrambling when life throws a curveball. A little patience (and a solid emergency fund) goes a long way.
...like the time my own furnace decided to retire in January.
That’s the kind of curveball that really makes you rethink the “all in on the mortgage” strategy. I’ve seen folks get so focused on that finish line they forget about the potholes along the way. Curious—has anyone here ever actually dipped into their emergency fund for a big repair, or do you try to keep a separate “house stuff” stash? I find it’s easy to underestimate how often those big-ticket items pop up.
I actually keep a separate “house stuff” fund, just for this reason. My emergency fund is for job loss or medical stuff—if the water heater dies, it comes out of the house stash. Learned that the hard way after a surprise roof leak wiped out my emergency savings once. Now I just budget a little every month for home repairs, even if it feels like overkill. Those big expenses always show up sooner than you think...
