My fiance and I want to utilize our money to its fullest.
Im torn between paying down our mortgage and investing.
After our recent refinance, our mortgage interest rate is only 2.3%.
We could get a higher return from stocks or real estate.
Im all for spending money on the kids, but I also want to use our money wisely.
What would be the best financial decision for our family?
To pay down debt, especially when youre doing it fast, you often need a single-minded focus.
When you hit a big goal, sometimes you go through the now what?
Dont get me wrong.
Having extra money to spend each month is a wonderful problem to have.
Perhaps the hardest part is giving yourself permission to pursue goals that arent financial.
I really hope I can convince you otherwise.
Using your money to its fullest isnt always about building wealth.
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Whats great about this situation is that you and your fiance sound like youre both on the same page.
You both want to save money and spend some on the kids.
You just need some help setting priorities.
If the two of you havent sat down to review your budget, thats your starting point.
You dont say whether youve been saving or investing up until this point.
A good rule of thumb is tosave at least 20%of your income.
Otherwise, you could each open aRoth IRAand contribute on your own.
That doesnt mean you have to fly first-class and stay in luxury hotels.
But since your children are young, Im assuming retirement is a ways off for both of you.
A 2.3% interest mortgage is about as low as you might go.
So Id take advantage of what are probably the lowest rates well ever see in our lifetimes.
Youre better off investing that money in an index fund and allowing it to compound over time.
Regardless of how you decide to prioritize, I think you oughta take a bit of pressure off yourself.
Theres no one-size-fits-all best financial plan for your family.
Aim for making wise decisions, rather than perfect ones.
It sounds like youre both off to a good start.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
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