- Oooh I want to know how you paid off $20,000 in 8 months on one income? Thanks for the inspiration!
😀 Well, Barry and I decided that since our lives are spent teaching others how to save money and how to live on less than they make, it seemed really silly for us to still be in debt. So, with $20,000 left on our home mortgage, we decided to kick it to the curb…..for good. We cut our budget to the bare bones – we didn’t take a summer vacation and we got rid of some unnecessary bills (land line phone, etc.). We figured out through numbers that it would take us about 10 months to get it done. We prayed for God to bless our efforts….and we went to work. Barry took any extra work he could find – he did some construction work on the side, he taught budgeting classes, he designed some websites, and a few other things. I taught tons of workshops and was given several very nice donations which went straight to the house. Any extra money that I could squeeze out of my monthly budget was saved at the end of the month and added to the mortgage’s principal balance. And sure enough, God in his grace blessed our efforts. We finished paying it off in 8 months instead of 10! Funny story….about $1,800 of the money came from a hail storm that damaged Barry’s truck. The insurance company “totaled” it and gave him that cash toward a new vehicle…..we don’t have issues driving a little bit of a dented truck when we have a paid off house…..so the money went to the house instead of a new car. That was our priority – and plus, I think it gives the truck some nice, country character. Don’t you? 😉 When we’re ready for a new truck, we’ll pay cash using the money we’re now setting aside. [Read more…]