Pay Down Mortgage…Check, Buy New Flooring…Half a Check?

A few months ago Mrs. Pennypacker and I created two goals for ourselves – goals that were to be completed by the end of 2014.  Well, 2014 ended two weeks ago and I’m happy to report we accomplished our goals…um, actually one and a half of them.

The first goal, as well as the most important, was to pay extra on our mortgage to get the amount left down to 43%.  Done.  Our second goal was to buy new flooring for our home – LVT, or luxury vinyl tile, and carpet.  Unfortunately, this one is only half done.  We saved up our money, but a bonus that I was expecting from my day job never came.  Apparently, the company didn’t quite meet it’s financial goals for last year.  While we still may get a bonus, it’s likely to be smaller than previous years and it’s uncertain when it will arrive.  So, despite not getting the bonus, we did save enough to buy half the flooring.  So, we decided to pull the trigger on the LVT and wait on the carpet.  If the bonus never comes, or if it ends up being too small, it will take a couple more months of saving to have enough for the carpet.

Now, the flooring store that we chose to buy from does offer a “12 month, same as cash” deal.  Since it wasn’t really my fault I didn’t get the bonus, we could have just signed up for the credit card and rewarded ourselves with both sets of flooring.  But, we made a deal with ourselves – no more debt.  Not to mention the fact that we really didn’t accomplish the savings goal.  We’d be pants-on-fire-lying to ourselves if we went ahead and bought the carpet anyway.  Besides, we’re not kids.  We’ve waited four months, we can wait a couple more.

So, what about you?  Would you have signed up for the 12 month, same as cash deal and pushed “go” on the entire flooring order?

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