Post # 1
Ok, obviously this is personal information, so feel free to just answer the poll if you want. But I find it exciting to think of all the things I can do with my money once I have paid off my “debts.”
Now, I am counting some of my upcoming wedding payments, like the photographer fee, catering cost, etc that I have not made yet. So while they are not really “debt,” they are still large bills that need to be paid.
My main focuses areas are:
- Student loans–owe $6,551.34
- Honeymoon–owe $550 (not really a debt, we did a partial payment plan)
- Wedding payments left to make–$2,100
My plan is to be debt free by August 9, 2013, the day before our wedding. It will take a lot of sacrifice in terms of purchasing things I want and a few large payments, but I am committed to making it work.
Once I am in the clear, Fiance and I are going into super savings mode to amp up our savings toward a house down payment and I want to buy a new camera (as mentioned in another post).
What are your plans bees?
Post # 3
We are trying, but our student loans are around 60k plus, so I don’t see it happening this year. We don’t maintain cc debt & wont take on a mortgage until our loans are paid. We are living in free housing right now (doing work on an old house in Exchange for rent) & are very budget conscious so we can put all our extra towards loans. Congrats on your soon to be non existent debt!
Post # 4
My wedding is in 9 days and after that, I plan on paying off my debt. I’m going to pull my credit report and start paying. Paying on this wedding made we think about my debt and how I can pay it down. So, starting 1 Feb I’m going to be paying bills….LOL.
Post # 5
I am somewhere in the middle.
I have debt and I have no plan to pay it off early because it doesnt make sense based on our plans.
IE student loans are so low that I can invest the money and make more money. I would lose money by paying them off considering time value of money etc
We have a small amount on a car, but again its low interest and I rather pay that money towards a down payment or vacation etc.
Post # 6
Congratulations – what an awesome plan! That will be a great way to start out married life.
Fiance and I are both debt free, with lots of hard work. I started following Dave Ramsey’s teachings 8 years ago and haven’t had debt besides my mortgage since early 2008. Fiance took his class with me this summer and got motivated as well.
I actually just sold my condo, so no mortgage any more. We are renting for a couple of years until we figure out what area of the country we are going to put down roots in. Fiance paid off his car loan out of savings in early summer, and he has been re-building his emergency fund.
So, while I’m not paying down debt, I am DEFINITELY all about financial goals and wanted to encourage you! It is such an awesome, peaceful way to live. And you’re right, when there are no debt payments, you have a lot of money free to make choices with.
Our next big goal is saving towards a house. We will be living off of his income and banking mine. Depending on how long it takes for us to figure out where we want to live, if it’s 3 or 4 years, it’s very likely we will pay cash for a house. THAT is cool stuff to me! Imagine not having debt OR a mortgage/rent. Then the snowball on building wealth/giving really gets going. So I kind of look at it as paying off a mortgage in advance as the goal we’re working on now.
Or, we might just have a big down payment. I’ll be happy either way!
Post # 7
@ThreeMeers: Regarding student loans, I feel the same way to some extent. I actually have about $15k in savings/investments, plus some in my 401k, so I could pay my loans off tomorrow. But by paying it off over the next 8 months, I only pay an extra $160 on them. By keeping it in savings/investments, I not only have a safety net, but I am also making about $50-70 a month right now.
So I see where you are coming from 🙂
Post # 8
I’m going to be in debt with student loans until my mid-thirties.
As for personal debt… we hope to have it paid off by the end of next year! 🙂
Post # 9
Good luck, you’re so close!
No chance of the mortgage or our student loans being paid off, but we’re ok with that. Our goal is to have the $7K of credit debt paid off by the end of the year. It used to be 15K, so we’ve paid down half of it, which is super exciting. Pro tip: never financially support a deadbeat family member for 6 months who refuses to get a job and spends all the money they can get on pot (welcome to my father in law!).
Post # 10
FH and I are working on paying off all CC debt and medical debts. I’m not including my car loan as part of our debt since that will take years, just the little unnecessary things.
Post # 11
@NAvery: Wow, that’s impressive, kudos to you two! Buy a house with cash is quite impressive.
I have read and heard a lot about the Dave Ramsey method. I tried to convince my Fiance to take classes with me, but he was a little turned off by the religous influence 🙁 I can still appreciate the financial aspects of it, so I have been reading up and incorporating into our spending/saving habits…little does he know 😉
Post # 12
@Ashley1281: Hey its never too late to start working on it. I agree, wedding planning and starting to “plan a life together” really got me thinking about debt and future financial goals. At least with the wedding out of the way soon, you will have time and ideally more funds to focus on it!
Post # 13
I don’t have any personal (CC and the like) debt outstanding, but my student loans will tie me up for some years still. Though I AM aiming to pay one off in full this year!
Post # 14
@bmo88: Oh yeah, the religious stuff can definitely be strong. I’m not religious at all (and neither is FI), so we just have to let that stuff roll off our backs.
I listen to his shows daily on iHeartRadio! Perfect for when I’m working on wedding stuff in the evenings, haha.
Post # 15
Fiance has law school loans, so nope, there’s no way we’ll pay all that off in 2013.
Post # 16
Definitely planning on being 100% debt free by the end of 2013. I am down to the last several k in my student loans, and it’s very do-able to have it all paid off by the end of this year. I have absolutely no credit card debt and my car was paid off years ago. My husband has no student loans, nor has he ever had credit card debt, either.
I am VERY excited about the prospect of paying off the last of my student loans, because that is when we’ll start TTC. =]