Tuesday, November 13, 2012
Becoming Mortgage Free
I’m not a fan of debt. While I know that sometimes it’s tough to avoid, this doesn’t mean that we can’t try. A mortgage is the one aspect of our debt-related finances that is especially difficult to avoid due to the cost of many homes. However, I never liked the fact that such a payment was there whether we were able to afford it or not; therefore, we downsized our home and bought a space that we could afford outright. This allowed us to avoid mortgage payments and gave us a little breathing room and extra peace of mind in our financial lives.
Debt is one of those things that can not only weigh on our minds but can eat into the strength of our financial resources. Unlike a mortgage, items like credit card debt may have little positive outcome other than enabling users to delay the eventual payment for purchases. The problem is that this delay can come with excessive interest payments and worry over the making of those payments. We’ve been debt free since we paid off my wife’s student loans several years ago. It’s a wonderful feeling and provides peace of mind as well as other options to consider for how to make use of our money in more productive and positive ways.
From extra food and water to a propane fueled cook stove, batteries, flashlights, and similar items, we’ve found that spending a little extra cash to provide us some emergency supplies helps make us feel better about the future. It didn’t take much -- only about $300 in fact -- to get a multi-month supply of food, water, and additional supplies added to items we already had on hand and that set us up comfortably should an emergency of some sort befall our area. It wasn’t a big investment to make to ensure a more comfortable sleep at night through additional peace of mind.