I’m not buying anything not required. I want all credit cards paid off, just paid off a building loan by doubling payments, making sure payments are zero as soon as possible.
We're almost there, except we need to replace our nearly 6 year-old smartphones. First off, AT&T in our area sucks. Text messages are sporadic about getting through, either sent or receiving. The phones are stuck at Android 6, incapable of going any higher, so they're limited on security. Other than that, no other purchases are needed.
Same thinking here. Paying off debt and not spending on anything buy necessities. The debt grim reaper is coming and it won’t be pretty.
56% of credit card holders say its gonna take a year or more to pay off what card debt they have now.
A different 17% say they don’t know when they will be able to pay off their cards.
Credit cards is where financial institutions make money. The interest rates on cc debt are incredible.
Excellent strategy. I’m doing the same.
I’m not buying anything not required.
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This is the first month that I don’t have enough money in my bank accounts to cover my: 6 month auto, my home-owners and a surprise association assessment. I also had a $400 JCP purchase that made me whole. (long story: estate and greedy siblings)
It sucks. I sold some stock and will fill up my bank account, but what do people do who aren’t as fortunate as I am? Food is over $100 a month more than budgeted for.
I’m just quiet quitting the economy under The Potato administration. I will pay my bills (food, power insurance …), offerings to the church / missions, and local businesses if I absolutely can’t do something myself. The only debt (House will be paid off in June or July). Our cars are 2017 Toyotas and the last 3 years haven’t seen that many miles going into work and back. I’m stacking my money to get savings to house payoff + emergency funds. Putting bunches into our 401ks.
Everyone can punish this administration by going Galt as much as you can and make legal tax avoidance a new game to play. I’m with you brother, get finances cleaned up, starve the beast FedGov and get right with the Creator.
“I’m not buying anything not required. I want all credit cards paid off, just paid off a building loan by doubling payments, making sure payments are zero as soon as possible.”
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Bravo, this is the best thing you can do for yourself and family.
It has been 7 weeks since we paid off our last debt, we are finally debt free including mortgage. Working now on an emergency fund and should have it by the end of March.
The best feeling ever and amazing how much we are now able to put into savings and retirement accounts. A real life changer!