Have to thank you for all your help on our previosu post : http://canadianmoneyforum.com/showthread.php7801-please-help-prioritize-our-priorities
A quick update/summary:
Daily Banking Account: 5k
House 246k (purchase price 2008)
TFSA - 20k in couch potato
5k in savings account
In the time of our last post we've made pretty good strides (I think). We've paid off all our student debt/LOCs, got married, and replaced my 400,000km car with a a newer used car.
We're currently over-contributing to our mortgage by about 25% per payment (bi weekly).
We've got 15k of TFSA contribution room to use up in the coming year.
Our plan is to max out the TFSA room with the couch potato strategy and anything above and over our 30k emergency fund will go to pay down the mortgage. Current mortgage rate is 3.77 with 1 more year left on term. Long term plan is to move closer to the city (likely 2 years away), and likely start a family around that time.
Should we focus all our attention on paying down the mortgage and leave the TFSA room or aggressively fund the TFSA and then concentrate on mortgage? Or should we take a balanced approach.
Any insight would be appreciated.