Archive for the Pay Off Debt

We are Finally Debt Free!

It feels like it’s been forever, but we are finally debt free! We have paid off our student loans, credit cards, and even a car loan we had to take out. It feels fantastic to just have our mortgage as our only debt. With this freedom comes a new responsibility: handling our money carefully and figuring out what financial goals we want to accomplish next. Truth be told, this next era scares me more than the debt repayment period. When we were in debt, we had concrete numbers that we knew we had to work towards. It was easy to look up balances at any time and see how much we owed. Those goals were tangible, and easier for me to work towards than an unknown goal. I think now we need to create new goals that have numbers attached to them so that we’ve got that same financial focus. I feel overwhelmed in the fact that I’ve got so many things that we could be saving for: retirement, replacement cars, emergency fund, future kids, paying on the mortgage, etc. […]

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My debt payoff- updated!

The last time I updated this, I owed $12,333.78 on the student loan. As of today, the current balance owed is $11,899.22! I am happy that it has fallen below the $12,000 mark! I got paid a quarterly bonus and put most of it towards the student loan. Also, I have paid off the Home Depot Credit Card that had 0% for 12 months before the promotional period expired. Ultimately, I’d like to pay off this student loan before the year is over, but that seems like a pretty hefty goal, so I’m going to go with 2 years, or 24 months to have it paid off. Tweet

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Calculating my Net Worth

I decided today that I was going to calculate my net worth because I had never done so. I was surprisingly astonished when I received a net worth of $37,337! This took into consideration myself and my husband’s information, but I was really expecting to be in the red! To explain our financial situation a little deeper, I am still in my early 20s and my husband is in his early 30s. We both make a decent income for the area of the country we live in. In fact, we earn almost twice more than the median average household income for our state. We own our own house, have a first and second mortgage, both have Roth IRAs, I have a 401K, and we’ve got a nice chunk of savings kept in a high yield savings account at ING. We both work full time as managers in our respective fields, I work in finance, and he works in the food industry. I was pretty shocked to see the number come up that was displayed. We’ve had a little bit of […]

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My Debt Reduction Plan

As of this moment, we owe $3,040 on our car loan. Add to that the $1500 I got burned by lending money to a friend, and we are $4,540. in debt.  Honestly?  I’m not stressing too much about it.  I know that we are doing our best to get it paid off.  At this point, though, I’m very tempted to just take the money out of our emergency fund and pay off the car loan.  That would be that. At the same point, though, $3000. is almost a year’s worth of payments.  I could keep making the $250 car payment.  Life would go on.  I’m thinking that once we get down to $1500 or so, I’ll just take that out of savings and pay it off. How is your debt reduction progressing? Tweet

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How To Create Your Own Debt Reduction Plan In 3 Easy Steps

In a perfect world we would all have enough money to buy whatever we wanted. Need a new car? Buy it! Need a new house? Buy it! Need a new computer? Buy it! Need a new refrigerator? Buy it! If only life was that simple. Unfortunately, sometimes credit cards make life seem that simple. But like the old commercial used to say, “you can pay me now or pay me later!” And if you’re not careful, next thing you now later comes along, and you have a pile of debt to deal with. If that sounds like you, then it’s time to make some changes. Here is a simple 3-step debt reduction plan that anyone can follow. It may sound a little basic, but getting out of debt IS pretty basic. Not necessarily easy, but the concept is basic, if you do it correctly. So here are instructions for creating your own debt reduction plan in 3 easy steps: 1) What is your goal? Like you would do for any worthwhile goal, if you want to get out of debt […]

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We are Credit Card Debt Free!

photo credit: kainr Well, we did it! I bit the bullet and finally made the last payment on our Home Depot Credit Card.  It made no sense to me to keep making payments each month when we had the money to pay it off, so I just did it.  It was a wash anyway! I could have kept the money in our ING savings account, but it seems that is not really a high yield savings account right now anyway. I figured that if I left that money in the savings account for 6 months I’d earn under $1.50. Was the hassle of making the payments each month worth it to me? No. How does it feel to be credit card debt free? Fabulous! To be honest, I feel better than I did when we paid off our student loans. Crazy, right? Next up: the car loan.  And then we’ll be 100% debt free except for our mortgage.  Woo! What are you working on paying off right now, if anything? Tweet

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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