s/o paying off debt

Rink08 · March 2014

roses&65335678 said:

Rink08 said:

We live debt free and don't buy things (including a house, cars) unless we have the money in our accounts to pay them outright.

We were incredibly poor for a while and both worked muliple jobs with crappy hours so that we didn't have to pay for childcare (unless he was away for the Army and I was working). We're more than fine now but we did what we had to in order to get to where we are. If we needed to, we'd do it again before having debt.

How do you buy a house outright without ever having a mortgage? Did you inherit money or something?

No, We live well below our means. We've rented for eight years and match (or more than match) our monthly rent to monthly monthly deposit into the house fund.

ETA: to clarify : the first two and a half/almost three years we weren't able to do this. We started when we had an extra income which was able to be put solely in savings and then continued once DH made enough to pull it from one of his salaries once I didn't have one.

rosesandpetals · March 2014

Rink08 said:

Rink08 said:

We live debt free and don't buy things (including a house, cars) unless we have the money in our accounts to pay them outright. We were incredibly poor for a while and both worked muliple jobs with crappy hours so that we didn't have to pay for childcare (unless he was away for the Army and I was working). We're more than fine now but we did what we had to in order to get to where we are. If we needed to, we'd do it again before having debt.

How do you buy a house outright without ever having a mortgage? Did you inherit money or something?
No, We live well below our means. We've rented for eight years and match (or more than match) our monthly rent to monthly monthly deposit into the house fund. ETA: to clarify : the first two and a half/almost three years we weren't able to do this. We started when we had an extra income which was able to be put solely in savings and then continued once DH made enough to pull it from one of his salaries once I didn't have one.

Well, it is pretty impressive to completely pay off a house in 5 -6 years, especially when you're not even making mortgage payments. Good job.

Rink08 · March 2014

@roses&65335678‌- thanks. I feel like I should add that although we could buy a house now, we're waiting one-two more years before actually buying one because DH will be moved again with his job (to what will hopefully be a permanent placement) in that time.

ToastieSimons · March 2014

We have debt. CC debt. It's currently not accruing interest and I'm working my butt to stick to a tight budget and pay it off as fast as possible.

I cannot go back to work at the moment, it would cost me money. Literally. But we moved back in with my parents so we have zero mortgage, our cars are paid off, and neither of us had student loans.

I'm hoping in 2 months to be debt free.

ASullivan1231 · March 2014

We paid off my car this month. Now we only have our mortgage. We have a really good 401k and a pretty good savings but we still charge too much. We pay it off every month, but DH and I both want to be saving more. We live pretty responsibly but, ideally, we'd both like to cut back a little more to save some more.

dizzycooks · March 2014

We have a small car loan and two mortgages, but one is covered by renters. No consumer debt and we paid off or paid outright for all of our student loan debt. Grad school was great training for what we pay in childcare bills each month. I work ft because the little bit I make after daycare is the difference between vacations and adding to our Efund.

kcisthebombdotcom · March 2014

Our only debt is our mortgage.

bumpuser8448316 · March 2014

We have a vehicle loan. We had the cash to purchase our van but we got 2% financing so we'll lay less in interest than we would in taxes withdrawing the money to pay cash.

laurakaz13 · March 2014

We have a mortgage, but that is it. We both work and save a ridiculous amount of money in both our retirement plans and savings accounts.

minerswife17 · March 2014

We bought a tractor a few years ago but we have 0% interest.

jlpev · March 2014

We have 1 car, 1 student loan, morgage, & cc but that gets paid off every month.

trizzie · March 2014

Mortgage and one car payment. I have a student loan that is almost paid off. But, we pay $150 a month on it, so it is minimal. We have a very healthy e fund and retirement.

mrsrobinsontobe · March 2014

My husband and I both have good jobs that pay well...still, I can't imagine not having a mortgage payment! How does one make that happen -- truly impressive !!!

We have some cc debt, not too bad. no student loans. My husband's company pays for his car payment, but I just got a new car, so that's in there. And we pay $400 a month for public full day kindergarten!

stellasmommy412 · March 2014

We are debt free except for our mortgage. We will be paying off the house in 3 years. We got out of debt 2 years ago. We have also already set up retirement and college accounts.

I worked part time as a waitress to pay off our debt. DH is a nautical engineer, so he's salary and can't work OT. It's not really that kind of job.

In the interest of not being flagged for spam, suffice it to say we used a popular book/plan by a well-known anti-debt author and radio show host to help us get to where we are today.

bumpuser8448316 · March 2014

Rink08 said:

Rink08 said:

We live debt free and don't buy things (including a house, cars) unless we have the money in our accounts to pay them outright. We were incredibly poor for a while and both worked muliple jobs with crappy hours so that we didn't have to pay for childcare (unless he was away for the Army and I was working). We're more than fine now but we did what we had to in order to get to where we are. If we needed to, we'd do it again before having debt.

How do you buy a house outright without ever having a mortgage? Did you inherit money or something?
No, We live well below our means. We've rented for eight years and match (or more than match) our monthly rent to monthly monthly deposit into the house fund. ETA: to clarify : the first two and a half/almost three years we weren't able to do this. We started when we had an extra income which was able to be put solely in savings and then continued once DH made enough to pull it from one of his salaries once I didn't have one.

Dang. We need to live somewhere cheaper.'if we put our rent payment into savings each month it would take over 20 years to la cash for a house

Rink08 · March 2014

I think that it came across wrong. If we didn't have an entire income also already put into savings, it would have taken quite a few years longer. The amount that we match with rent yearly is less than the salary amount that we were able to deposit. DH also directly deposited incomes from part time positions (Army Reserves and working for his family business). He has also randomly deposits income from odd jobs (such as car/computer/home repairs and doing other people's taxes) throughout the years.

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