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no debt

July 21st, 2018 at 06:54 am

Although we have no debt now we have had debt in the past and lived pay check to pay check, no-one really taught me about budgeting, saving etc. Although our bills were paid on time ( for the most part) we did struggle.

Everything changed 13 years ago when our daughter got really sick and I was at college and my husband had to give up work to take care of her (needed 24/7 care), we sold our house but still had debt and I was really over living pay check to pay check, so I sat down wrote out our bills/debts etc and figured out how we were going to pay it off and have it gone. We had no savings and so the journey began. Believe me it was a long process and it took a long time to get where we wanted to be but I researched, called companies for better deals paid our debts off 1 by one and then snowballed the rest, started trying to save a little...although I was more focused on getting rid of debt then saving and this hurt us a lot along the way when something came up.

My husband was quite sceptical at first, but I put us on a budget, menu planned and shopped with lists and watched our debt disappear....even now with my current illness and not being able to do anything much at all we are still on track and starting to save for a house again. I think he is a bigger cheapskater than myself now.

We also are saving for a new car, I don't want debt other than a morg so we will save for a car and when we need to replace it we will use the cash that we have and that is all...its a tool and not something you have to have the latest and greatest of..

remember when you get discouraged that you didn't get into debt overnight and you won't get out overnight but if you stick to it you will get there and all the stress and pressure that is alleviated is amazing and you can live life again...and on your terms...living to work not working to live

Posted in Debt | 6 Comments »

6 Responses to “no debt”

  1. CB in the City Says:
    July 21st, 2018 at 12:32 pm 1532176352
    1532176352

    I recently bought a used car with cash. First time ever I did not finance a car. What a good feeling that was.

  2. mumof2 Says:
    July 22nd, 2018 at 01:08 am 1532221716
    1532221716

    Yes my hubby says the same thing...we use to put a car payment away for when we needed to update but health issue got in the way I think once we buy a home we will go back to doing this each month

  3. rob62521 Says:
    July 22nd, 2018 at 07:17 pm 1532287050
    1532287050

    Good idea to save for the car. It sounds like even though you had an issue with the health and expenses, you aren't letting it get you down and you are fighting once again to get out of debt and stay there. Good for you!

  4. mumof2 Says:
    July 23rd, 2018 at 01:04 am 1532307872
    1532307872

    Yes we have had a bad year health wise but we still managed to get out of debt and stay that way...so that is great....but we won't start the car acct till we get our house deposit..we haven't had a car payment for 10 yrs now...that feels good!

  5. Good Nelly Says:
    July 27th, 2018 at 07:42 am 1532677365
    1532677365

    Yes, we all should set a goal of saving a substantial amount and plan a budget to achieve that. I try to save at least 20% of my monthly earning. When you have a substantial amount in your savings account, you also become confident.
    Yes, getting out of debt overnight is not possible. But, having the determination helps to repay it completely.
    Paying back debt and saving a substantial amount is the basic step of building a solid financial footing.

  6. Bobbie Blue Says:
    August 20th, 2018 at 01:21 pm 1534771313
    1534771313

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