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First, mortgages are no longer a wise investment. The general trend is towards home values going down, not up. You could well end up 10 years from now owing more than you can sell the house for. I have had this happen to me.
You have GOT to live within your means. If your wife is overspending, she needs help. Yes, overspending is a pathology!
Downsizing even further is probably your best solution, after your wife has addressed her issues with spending more than you have. Being house poor is a fool's journey into madness, especially because with gas prices continuing to rise, as food may be a real luxury soon.
I have downsized twice in the last 5 years, in part because my family grew up and left home, and the last time because it made economic sense. I live in an older trailer house, but it is lovely inside...warm and comfortable. Ashamed of it? NO WAY it is paid for IN FULL and MINE. It was a wise move. I am now able (and motivated) to save about 25% of my income after taxes, sometimes more and I am looking at ways to cut corners so I can save even more.
I am worried about a second Great Depression in this country, and I am not alone in my thinking. LIVE SMALL and get your wife on the same page. |
You have several issues here sm - Reality check 
