At what point do you get off the financial treadmill?
I have gone back to feeding my emergency fund. It’s true. I decided that 4 months was just not enough and I put some extra money I got towards my fifth month and have decided to continue contributing my second job towards it.
I am still going ahead with plans to contribute extra money towards the mortgage. That is coming out of the pay increase I got by changing jobs.
So, I anticipate that I will get up to 6 months in emergency fund in February of next year. This round will take longer because I cut my hours significantly at my second job. So what do I do in February? Do I quit my second job or do I continue on and simply contribute more to my mortgage?
It is becoming clear that I am working my life away at this point. I work M-F at my regular job and then work Friday night and all day Saturday at my second job. I either see the kids Saturday night or I see them Sunday mornings. Once I accomplish those two tasks there is very little time left over for anything else – like say… a social life.
At what point do I say to myself that I am financially secure and get off the little hamster wheel of making money? When my emergency fund is stocked up in February? When I have paid off my mortgage (2019 or so if I keep up my current rate)? Do I really work my 40s away to get rid of my mortgage? How about when I have enough socked away for retirement?
Any ideas on figuring out how to achieve work-life balance?