Many of us think living with a mortgage for 15 or 30 years is normal. But is it really? There are many things that can be done to eliminate that debt that might seem just too big to kick.
By sticking to a calculated budget, taking it one step at a time, placing any extra money into the mortgage, and even involving the children, you will find that it is doable. And here you will find inspiration to take the first step.
On today’s episode of The His & Her Money Show, Steve and Melissa Smythe from Braver, Bolder, Living brings us their inspiring journey of debt freedom. High school sweethearts, with two adult children, Steve is a business analyst and Melissa has a background in education, preferring to call her career: being a mom.
This couple paid off their consumer debt of $60000 in three years and then, to their astonishment, licked the mortgage of $120000 in less than the expected 2 years. By using their ‘Inch by inch, life’s a cinch, yard by yard, life’s hard’ philosophy. Furthermore, this is a mentality that you too can use to become completely debt-free.
The Beginning of The Journey
Their start and stop journey to being debt-free started with concentrating on the $60000 consumer debt. Once Steve did a spreadsheet and saw the interest they were paying, he realized that money could be used for saving and investment. Melissa’s motivation to get out of debt was to be a stay at home mom. And so their journey began.
After three years of reading books and implementing what they had read, they eliminated their consumer debt and set up an emergency fund. Things were very comfortable and that’s the way they liked it. The pivotal moment for them came when Steve suffered a stroke. They realized they had to pay off their mortgage as quickly as possible for peace of mind.
Tackling The Mortgage
Their two-year plan was practical and simple. Steve used his spreadsheet budget to calculate how they could do this. Melissa realized that by cutting back on some expenses, ‘sticking to the needs and putting away the wants’, they could crush their mortgage.
Together they sold things they didn’t need, did odd jobs, paid any extra money into the mortgage, and voilá! They were completely debt-free. Steve feels more at peace to know his family is in a secure place. Moreover, Melissa is thrilled to be able to bless others with her time, money, and knowledge. The journey and obstacles they had to overcome will inspire you to take the next step in your life.
Get in touch with Steve and Melissa on their website Braver Bolder Living
What You Will Learn
- Find out your motivation to become debt-free
- How to involve the children in the journey to debt freedom
- Creating a blessing fund to bless others
- Leaving a financial education and legacy to your children
Resources Mentioned
- Financial Peace Revisited by Dave Ramsey
- The Total Money Makeover by Dave Ramsey
- A Complete Guide to Money by Dave Ramsey
- Debt-Free Living by Larry Burket
- Debt-Proof Living by Mary Hunt
- Love Your Life Not Theirs by Rachel Cruze
Thanks For Listening!
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