How often have you thought "I'd love to pay off my credit cards and just be done with them but I need them just in case"? Or have you ever wondered if it is even possible to survive without credit cards? Did you know that I have never once owned a credit card? Neither has my husband. We made the decision when we married that we would not take out credit cards. If we would need something, we would save up for it and pay cash/debit card. It is very possible to survive without credit cards. Here … [Read more...]
Building an Emergency Fund and Paying Off Debt – Why to Do Them Together
If you are a fan of Dave Ramsey or have just heard of him in passing, you are probably aware of his baby steps. His baby steps are set up to help you get out of debt and then live a great financial life. He advises to do one step at a time. Baby step #1 is building an emergency fund of $1,000. Baby step #2 is paying off debt. This is the debt snowball that you may have heard of (throwing everything you have at your small loans, paying it off, then paying everything you had been on the next … [Read more...]
Debt Payoff Check-In– August 2015
It's been awhile since I've done a debt payoff check-in. Part of that reason is because I don't feel like I have much to tell you. While we have been paying down some debt, we have also taken out a car loan. Back in December 2014 we discovered that to repair Matt's little two door Focus was going to cost us almost twice what the car itself was worth. And that was just to get it to pass inspection. As it was a 2002 and a cheaply build car, that $2000 wasn't going to last long before more repairs … [Read more...]
Debt Payoff Check-in
I'm not sure I can really do this post. Our debt payoff has pretty much stalled. When money got super, super tight a couple years ago, I put Matt's student loan in income based repayment. That actually put it in deferment for two years. For two years, it still collected interest but we paid nothing. We are now back to paying on it we officially owe more on his loans than when we graduated. Also, pretty soon, we will have another car payment. We aren't going the truck route like we had … [Read more...]
Debt Payoff Check-In
The last time I updated on our debt payoff it was February....of last year (you can read that post here). I hadn't realized it had been that long. But honestly, we stalled out quite a big over the summer. Then the whole medical bill fiasco hit in November.I am happy to report that Abby's birth is finally paid off!! And the van will be paid off in June!! We will be ending up with another car loan unforunately. We are limping Matt's car along until we can get the van paid off. We aren't going to … [Read more...]
A Step Closer to Debt-Free Living….And a Giveaway!!
Today is a wonderful day in our house. Today we became $120 a month richer!Our tax return came in yesterday. We decided to use most of it to pay off two debts. We paid off the smallest student loan. I have talked about that here and here. I did not get it paid off by Christmas like I wanted but not too far past. I am so excited!And even better.....I went in and paid off the Focus today!!! We still have a payment on the van but the car is now completely ours. :)We know have $120/month to put … [Read more...]