Here are a the strategies that I’ve adopted so that I can remain debt-free for the rest of my life -
- I live on a budget.
- I use cash, debit cards, or checks.
- I do not use credit cards. Period.
- If I cannot pay for it, I don’t buy it.
- If I want it, I save for it.
- I make a house payment to ‘myself’ each month.
- I look for opportunities to create ‘side income’.
- I look for opportunities to reduce taxes.
- I talk with my spouse about our hopes, plans, and dreams.
- I write down my goals and I work very hard to achieve them.
Here are the accounts that I’m funding so that I can remain debt-free for the rest of my life -
For Pre-Tax Retirement Savings -
I am fully-funding my 403b.
My wife is fully-funding her Pension Plan.
These plans allow us to save for retirement AND reduce our annual income taxes.
For After-Tax Retirement And Education Savings -
I am fully-funding my Roth IRA.
My wife is fully-funding her Roth IRA.
We are fully-funding 3 ESAs.
These plans allow us to save for retirement AND our contributions grow tax-free.
For Non-Retirement Savings -
I maintain an emergency fund (inside of my savings account).
I am rebuilding my non-retirement savings (inside my savings account).
I am ‘making a house payment’ to ‘myself’, each month, through a deposit to my savings account.