Why We Want To Pay Off Our Mortgage Early

Contributor: Nurse Frugal at Ladies Go First Paying off the Mortgage early, that’s what we’re doing and here’s why. I vividly remember the day when I came home from work and my husband was sitting behind the computer with a perplexed look on his face.  He looked up at me and asked “I don’t know, do you think we should pay off the house loan too?” Here Is Some Background………… A few weeks earlier we had just started listening to Dave Ramsey, a radio host and author that believes that becoming debt free is the key to financial freedom and building wealth.  We had just emptied out our savings accounts to pay off the two brand new cars we had just financed. My heart sank in my chest, was my husband taking crazy pills before I came home?  Did he realize that paying off the mortgage would mean that we would have to work lots of overtime for years and years to ultimately pay off the $233,346.60 owed on our mortgage?!?!  He proceeded to do a mortgage calculation that revealed that if we didn’t pay off the house early we would pay $118,123.78 in interest throughout the life of our mortgage, […]

Newlyweds: How We Avoided Debt on One Income

Although we avoided debt on one income it certainly was not easy as Newlyweds. By no means would I consider my husband and I “rich”, conventionally speaking, but we have been able to stay debt free, from paying for our wedding to buying a new car. With the exception of a mortgage, which we’re paying off at a crazy fast pace, we live debt free, on a single income. We don’t have a wallet-full of credit cards, we avoid financing anything, and we always have an emergency fund. My husband and I are very fortunate, in that we chose to live on one income, instead of being forced into this lifestyle through job loss. My husband and I decided early on in our marriage that I would be a stay-at-home wife, and he would be the traditional bread-winner. It was definitely difficult, a newlywed couple in their early 20’s trying to live on one income. There were times I considered getting a job, thinking how easy things would be with a second income. Eventually, I caved and took a job at a local shopping mall, getting home each night when my husband was just getting ready for bed. We might have […]

Young Newlyweds $0 Cash,No Food…Our Most Humbling Story

Photo: Our Very First Condo Town-home We All Have To Start From Somewhere: Our Most Humbling Story…. My husband Johnny and I (Zayba) were only 24 years old when we got married in Mississauga,Ontario.  In both of our cultures, it is customary for the newly married couple to live with the husband’s family. My husband’s family is Macedonian and Trinidadian and mine are from East India. Moving in with the parents, well that didn’t work out so well as we only lasted a few weeks before my husband said he wanted to move out.  We looked for a house within our budget but he miscalculated the closing costs in our budget and we were short $750. We didn’t feel comfortable asking my parents for the money so we took a small loan out to cover the cost which we eventually paid back. We ended up purchasing a 1100sq ft condo town-house  in a not so desirable area but it was all we could afford. Source As you are all aware the first trip to the grocery store can get quite expensive, so I opted for a discount grocery store.  I spent two hours shopping, the cashier rang it all in and told me […]

%d bloggers like this: