For many of us, our home is not just a structure; it is a sanctuary, a symbol of stability and a dream that finally came true. I would say our house was no different. It is the start of our journey as a family, it was a dream to own a home, and it is our safe place where we lay our heads every single night.
The Mortgage on the other hand. I always hated it. The monthly payment was a burden in my eyes and an obstacle to get where I really want to be. It held me hostage to a job, to freedom and felt like it kept me from doing the things I truly thought I wanted to do. I couldn’t fathom living with with this thing for 15 years. The mortgage had to be paid off.
So How Did We Pay It Off?
The snap shot above is the day we finally received the keys to our old, but new home to us. 10.5 years later, we have lived debt free for over three years.
But how did we do it? This is a bit of a story, so LETS GO!….. We had children. What? Yup! We had Children.
Children usually only add expenses and take money away. They did for us as well. My wife had the option to stay home with our kids and keep her job (without pay) for about the first four years we owned our home. The opportunity for my wife to stay home with our kids for the first years of their lives and keep her job (without pay) was an opportunity we couldn’t pass up, so we took it.
Time Pull Up My Man Pants
Because we made the decision for my better half to stay home with the kids, it was my turn to pull up my big boy pants and support this family. We now had to live on one income. Mine.
And we did. It was not easy. I did not make a crazy amount of money. We did not get an inheritance. We did not win the lottery or even play it. Nothing changed other than the fact we had to live off my income. The pressure was on.
This is where budgeting came into effect. Where money management had to be top notch and we had to learn a few things about ourselves as a newly married parents who were about to live on one income.
During this time, we did not save a ton. We had an emergency fund of 3 months of expenses in place for a bit of security, but money was tight. I would take advantage of the option to work OT which only took time away from my family, but I knew what I had to do to make ends meet.
Fast Forward 4-5 years
We made it through on one income and my wife went back to work. We now had a second income. However, the mortgage payment continued to burn my a$$ every time we sent the check. I still hated it. So I did some quick math.
I figured out, that if we continue to live like we had for the past four to five years that we could put my wife’s entire paycheck toward our mortgage payment. Seems reasonable. Our life wouldn’t change.
A quick turn of some numbers on the calculator told me that if we continued to live the life we were living and put her whole paycheck on the house we could pay it off in about three and a half years.
Did Kelly Agree to this Plan???
To my surprise, Kelly didn’t even flinch when I told her about the math I just did. She instantly said yes to paying off the house. I was floored and on a completely new mission the moment “yes” came out of her mouth. Time to knock out the mortgage. I could see the light at the end of the tunnel.
Time to Tighten the Belt.
I believe this is where we made a decision most people would never make. This is where we decided to be different. We could easily use our second income to buy a new car, take a lavish trip, buy extra lottery tickets, or slowly let our spending increase along with our income. We didn’t.
We stuck to the plan, continued to live off one income and got busy throwing as much money toward our mortgage loan as we could. We continued to live like we did for the initial years of our lives in this house and it paid off, literally.
Three years Later
Boom! The house is paid off. Not only that, we can continue to save my wife’s entire paycheck and do not have a mortgage to pay. We got a raise! We no longer have to give our money to the lenders. We are no longer their puppets. We get to save every dollar we no longer spend on a mortgage and we can do absolutely anything we want with the money.
The Journey Ahead and The Lesson
Mission complete! There is so much to this story that has yet to be put into words. The sacrifices, the grind, the decision to be different, and all the extra mini life stories can’t be put into one blog. It is almost impossible, but the message is clear.
If we can pay off our mortgage and become completely debt free, anyone can. We are not special, we do not have rich parents, and we love to live life to the fullest just like everyone else. We are no different.
On the other hand, we made decisions others will feel are too hard to make. We made sacrifices others will never make because fear holds them back. We kept our spending behaviors in check. We took control over our finances and did so consistently for over 7 years of living off one paycheck. I will never tell you it was easy, but the payoff is massive. Our mortgage is paid off and we gained new skills and habits along the way that will forever change our lives.
If you want to pay off your mortgage and don’t know how…
Hit me up and I will get you on the right track. Helping people is where my heart lights up every single time.
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