Have you ever made a goal that seemed almost unreachable? Something so big that it is scary to say out loud because if you say it out loud, you might actually have to do it. Well, I’m about to do that, I’m going to share our big goal…
We are going to pay off our house by November 20th, 2019!!
Yep, this is scary to put this in writing, since there will be so many eyes on our financial goal. Paying off the rest of our house isn’t going to be easy. Our original plan was to pay off our house in the next five years, but we are so on fire to be completely debt free (and my husband picked up a second job) so we can pay it off early.
We have been homeowners for the past eight years. The first home we owned for five years. We have been in our current home for the past three years.
By the time we have our home paid off, I will be 32 and my husband will be 35 and we will have been homeowners for nine years.
Furthermore, four of those years we weren’t making enough to be paying down on our home. My husband and I are working so hard to pay off our home for a lot of reasons.
Below are a few of the main reasons we want to pay off our house ASAP…
3 Reasons to Pay off Your House:
Can you imagine having no mortgage in your thirties? We don’t want our biggest expense to be our home. No mortgage gives us the ability to spend and be more generous with our funds.
Our desire is to go on overseas mission trips with our family annually and be able to help meet the physical, emotional, and spiritual needs of others. By paying off our house, we will have extra funds to be able to do that.
No More Interest Payments
Even with our 3.625% loan, we are paying SOOO much in interest. I don’t want to be throwing away money to a bank if I don’t have to. Many people spend almost double their home price in interest rates throughout the life of a typical 30-year loan.
Let me give you an example. If you have a home that costs $200,000 with a typical interest rate right now of 4.5%, over thirty years, you will have paid $164,814 in interest. So, the total cost of the home would be $364,018. This fires me up!! I don’t want to pay monthly interest that only benefits the bank.
Debt sucks period. Most people think that they have to have
We don’t have credit cards. We pay with cash/debit. Once you get in debt, it is hard to get out of it. If you are in debt, you have to get really intentional about paying it off fast.
My husband and I started the #DebtDumpChallenge to encourage others to pay down their debt while we pay down ours. We wanted to create a community of people who are all-in on paying down debt, so we can experience financial peace and do what we are created to do.
This community has almost sixty families participating and we have a collective group debt dump goal of over 1 million dollars!! We are so excited to be able to encourage and support these families as they transform their financial futures.
Here are the deets on the #DebtDumpChallenge (the challenge is closed, but we will be updating our progress throughout the year!):
Where: #DebtDumpChallenge (Private Facebook Group)
When: Join before December 1, 2018. The challenge will last from Nov. 1, 2018- Dec. 1, 2019. We will not be adding new members to our Facebook group after December 1st, because we want everyone to go all in and be part of the group for the whole year.
Why: This group is created to encourage each other to get out of debt. Share your victories of paying down debt so we can celebrate with you. My husband and I will post videos, tips, and content to encourage each other along the way.
- Group Goal | $1,225,693.55 [$339,391.62 PAID OFF] 27.35% 27.35%
- Jamberlee | $47,091.00 44.82% 44.82%
- Ash | $10,000.00 68.06% 68.06%
- Mankinator | $45,000.00 3.33% 3.33%
- InKahoots | $47,000.00 100% 100%
- Paige Turner | $10,000.00 30% 30%
- Bryca | $18,000.00 21.67% 21.67%
- CaMel2013 | $15,000.00 0% 0%
- D-Zone | $17,006.00 34.77% 34.77%
- Jane Doe | $13,000.00 0% 0%
- Lackadaisia | $19,495.00 10.46% 10.46%
- Segullah | $1,000 0% 0%
- C/K Trump | $20,000 17.50% 17.50%
- M & M’s | $5,000 0% 0%
- Micrah | $3,500 75.00% 75.00%
- Elizabeth | $2,000 73.29% 73.29%
- D-Money | $16,000 18.4% 18.4%
- Toss it | $12,000 0% 0%
- Starrmom | $3,650.00 25.79% 25.79%
- ThirdBird | $12,000.00 17.50% 17.50%
- Purposeful Living | $6,000.00 0% 0%
- The Myers Pack | $10,000.00 58.46% 58.46%
- Hoffman30cass | $50,000.00 0% 0%
- csvg | $16,000.00 0% 0%
- SingleMama | $13,500 100% 100%
- It’s a wonderful life | $35,000.00 34.04% 34.04%
- Lisa | $70,000.00 11.94% 11.94%
- Levater | $20,000.00 24.80% 24.80%
- DogLovingCat | $7,900.00 0% 0%
- DebtBeGone | $6,000.00 57.33% 57.33%
- Down With Student Loans! | $30,000.00 7.74% 7.74%
- JKLJ | $34,000.00 100% 100%
- Lemur | $5,000.00 0% 0%
- Memes2687 | $1,362.00 0% 0%
- jpdump | $30,000.00 18.25% 18.25%
- Bradandjanelle | $9,500.00 25.26% 25.26%
- FreedomFighters | $5,000.00 0% 0%
- DJen | $25,000.00 33.20% 33.20%
- MV | $8,000.00 34.69% 34.69%
- BenO | $20,000.00 0% 0%
- GiffordsGetAfterit | $25,000.00 0% 0%
- LeroyJenkins | $10,000.00 10.71% 10.71%
- SMD | $15,000.00 10% 10%
- Lobo Roxo | $17,478.55 14.59% 14.59%
- A&B Debt Free | $18,000.00 2.78% 2.78%
- Pepito | $40,000.00 45.41% 45.41%
- Cookie Monster | $2,300.00 0% 0%
- GaleForce | $10,000.00 43.67% 43.67%
- MoneyMagic | $65,000.00 0% 0%
- Piddler on the Roof | $13,500.00 1.67% 1.67%
- DRECHEL | $5,000.00 100% 100%
- TheDahlyLlamas | $40,000 30.32% 30.32%
- Hatashley | $35,311.00 67.02% 67.02%
- Texas Cowboys | $90,000.00 4.44% 4.44%
- Nelliott | $30,000.00 21.83% 21.83%
- Family Ties | $5,000.00 0.50% 0.50%
- The Johnson Clan | $20,000.00 32.12% 32.12%
- MotherOfFour | $17,100.00 100% 100%
- BrownFam | $5,000.00 100% 100%
- Terrica | $35,000.00 23.29% 23.29%
I’m going to be really transparent with you and let you know how much we owe on our house.
We owe $47,091 on our home.
Just so you have a better idea on the numbers side of our homeownership journey, we bought our home three years ago for $180,000. The current value of our home is $250,000+ right now. Each month I will give an update on how much we are able to knock off
I just want to let you know why I am sharing this with you. For one, it will put some extra fire under us to get our house paid off. Secondly, I believe we are created to make a difference in the world, and so many of us are held back by finances, including myself.
The ticks have tocked and the challenge is closed...