Two more months until I’m debt free! I’m down $20,000 and change from this time last year. I’m single, have a mortgage, and have been working towards this goal for two years. So close!!! : debtfree

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Congratulations to you too! I track my progress in a number of ways to feel excited about the progress.

In terms of the mortgage – that’s a tough question. While a mortgage is inherently a debt, I don’t view it as part of the total debt that must be paid back aggressively. With my mortgage rate so low, it makes a lot more tax sense to put all of my extra money into my Roth retirement plan as soon as it is debt-free, and also to save if at some point I need to replace my 14-year-old car. Another element is that I plan to join law enforcement in the next year or two, which would require a move. Hence, I don’t realistically expect to live in my house until it pays off. Building equity through a mortgage is still a much better option than throwing away the same amount of money in an apartment for half the space. Anyway, this is my process. Do you think this is a fair to see everything or am I missing something?

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