I have three times more than my current mortgage.Here’s Why I Don’t Size Up

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I could spend more on housing, but my plan is to stay where I am.


Key Point

  • My income has increased since I bought the house over 10 years ago.
  • I can afford a more expensive house, but I’m not willing.
  • It’s smarter to live below income in case I lose my household income, and I prefer to spend my money on things other than housing.

When my husband and I purchased our home 13 years ago, mortgage His one salary is enough.Recently became a full-time employee Freelance Being a writer and knowing my income would fluctuate, I needed the reassurance that, in the worst-case scenario, I could cover my housing payments with just one income.

Since then, thankfully my husband’s income has increased, and so has mine. Not only that, but her workload has been more consistent in recent years than it was 13 years ago.

Thanks to these changes, my husband and I can now afford a more expensive home. In fact, I did the math recently and found that technically I could pay her three times the current mortgage.

Despite that option, we have no plans to move anytime soon. Here’s why:

1. I want a cushion if my household income drops

You never know when household income will take a hit.many experts warn recession It’s hard to say how it will affect us if the economy plummets next year. You may notice.

That’s why I like to keep my housing costs low relative to my income. You have more flexibility to absorb lost income without worrying about late bills.

2. I want to spend money on other things

Having a nice home is important and deserved to many people. But I would rather spend more money on things that are more meaningful to me, such as travel, good food, entertainment, experiences and activities for my children, rather than a nicer house. By keeping it low, you can spend your money on other things that make you and your family happy.

3. My house is perfectly comfortable

I don’t have the nicest, biggest, or fanciest home in the area. But another reason I have no plans to move is that my house fits my family’s needs perfectly. We have enough bedrooms for everyone to have their own (although my daughters still want to share) and can be spread out out of each other’s way if needed. There is enough space for you to stay.

If your space is cramped and you don’t have enough storage, you may want to move. But thanks to our basement and its multiple closets (and my constant toy purging and decluttering efforts), I’m fine in that regard. So for me, it doesn’t make sense to increase the mortgage payment or deal with the hassle of moving when the setup works.

Many people decide to enlarge or upgrade their homes as their income increases. But that’s not my plan. I mean, I’m happy with my current home and the financial flexibility it gives me.

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