When the house is paid off... then what?
We have just over a year left to pay off our house. We're hoping to cut that down to a little under a year, depending on what we get back from taxes this year. We currently pay just under $1000/month for our regular mortgage payment (which includes taxes and insurance). I am going to budget $500 / month for taxes and insurance after we pay off the house because we will no longer have escrow taking care of those for us. We have been paying an additional $2,000 / month minimum and keeping a $0 balance budget where every extra cent at the end of the month goes into the mortgage pay off e-check. In a year I have no idea what to do. I know we can put MORE into retirement, and MORE into college funds for the boys, but I feel like we've been thrifty for so long that I'm not going to be able to adjust my mind into now it's ok to take a $5k vacation. What are your plans when your house is paid off? Or for those lucky ducks who already paid off your house - how was your transition to a debt free life? I just feel like it can't be as easy as it sounds!
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