Basics, Debt Free

How To Stay Out Of Debt

1.  Live on a budget and plan for future purchases. If you are going to live without borrowing money, you will need to save for future purchases.  Saving for automobiles, furniture, and appliances requires a lot of discipline and a lot of planning.  The debt free life is awesome, but it does require that you spend some time mapping out your financial future.  We use the You Need A Budget software to manage our finances and I’m proud to have them as a long-time sponsor of this site. 2.  Maintain adequate cash reserves. Rainy day fund, emergency fund, freedom account – It goes by many names, but no matter what you call it, you’ll be glad you have it when…

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Automobiles, Debt Free, Debt Story

Four Years Without A Car Payment

I was sifting through some old paperwork today, and I stumbled across an old letter from our bank.  It was dated September 8, 2005.  I was pleased to see that it was a notice from our bank, informing us that our car loan had been paid-in-full.  I smiled as I put the letter back in its place and then I went searching through the No Credit Needed Archives – for a quick trip down memory lane. On August 29, 2005, I sent the final payment to our bank and paid off our car loan.  It’s hard to believe, but it’s been four years since we’ve had a car payment.  And to think, I used to be one of those folks…

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Debt Free, Debt Reduction, Family

Great News – My Parents Are Debt Free!

I have some awesome news that I want to share with you  guys. My parents are debt free! I just got off the phone with my Dad, and he was so excited.  For more than two years, my Dad has been focused on paying off his mortgage.  Month after month, he made his regular payments, and then used every, extra available dollar to reduce his principal.  Today, he was able to walk into his credit union, hand them a check, and pay off his mortgage! I cannot explain to you how happy I am for my Mom and my Dad.  I asked Dad for permission to write a bit about their story, and he was happy to share with you…

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