Debt Reduction, Mortgage

Paying Off Our Mortgage – Update For February 2017 With Chart

My wife and I are working to pay off our fixed-rate, conventional, fifteen-year mortgage. Our goal is to eliminate our mortgage debt in less than 10 years.  We have been paying off our mortgage for 7 years now – and it’s cool to see more and more of our monthly payment go towards our principal.  I use a simple pie-chart to track our progress – and post our updates here at No Credit Needed. Having a visualization keeps us motivated!  Here’s a chart with details for our current progress –   The percentages above represent the amount of our mortgage we have paid – 42% – and the amount we still owe – 58%. Our process is pretty simple –…

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Debt Reduction

Get Out Of Debt – Quick Tips

I love hearing stories about how folks are getting out of debt – and living debt free! Several years ago, my wife and I paid off all of our consumer debt – and we are now in the process of paying off our mortgage. I created an illustrated guide for debt reduction – t0 show the process that we used to eliminate our debt. Here are few quick tips which have helped us reduce – and eliminate – our debt. 1.  We make plans – and stick to them.  Here’s our simple, one-page plan for eliminating our debt.  Day after day, month after month, and even year after year, we keep plugging along. 2. We make all minimum payments –…

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Debt Reduction, Debt Story, Emergency Fund, Savings

Get Out Of Debt – The Emergency Fund

I recently wrote about our debt reduction process – a simple one-page guide to getting out of debt. Over the next few days, I plan to elaborate on each of the steps mentioned in the article, starting today with a few notes about step 1 – and the emergency fund. My wife and I have our primary checking account with our local bank.  This allows us to deposit our paychecks locally – and is a great place for my son to find coins for his collection.  The account is interest bearing and is free. Our saving account is online – and that’s where we keep our emergency fund.  Withdrawals from our checking account and deposits into our savings account take…

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