What’s our Dream for Paying off Debt?
As many of you may know, my wife and I have spend a lot of time these last ten weeks working to aggressively paying off debt. It’s been insane. We have gone budget-crazy and implemented an unbelievably strict cash budget to keep us from overspending.
On top of that, we have significantly cut down other expenses, gone to crazy measures to save money, and worked extra hours to earn side incomes. All of this extra funding goes straight to our debt repayment goals – and it’s been working! So far, our measures have led to paying off debt that would have taken us months otherwise – almost $10,000 in 10 weeks!
Anyway, we have been asked many times what we hope our life will look like once we are done paying off debt – so I thought I would share some of our dreams with you guys this weekend. I know it’s a long ways off (at least 2 years, but possibly closer to 5 years), but it’s fun to dream about what our life will be like when we pay off our debt. What does it look like, to us, to be living debt free? What are our future ambitions and goals? Where do we see ourselves at the end of this journey?
Paying off Debt: Living the Dream
- Owning a home: The first goal after paying off our debt will be to save up for a home. We know that this means taking on more debt and that’s why we are waiting until our current debt is paid off. After we reach our goal, we want to save up for a significant down payment on our future home in order to avoid long-term mortgage payments. Afterward, we’ll keep living frugally to pay off our mortgage as soon as we can!
- Starting a family: A large reason of why we want our debt gone is so that we can start a family. Unfortunately, in the conditions we live and work in now, starting a family would be next to impossible. Not to mention the fact that we can’t afford to start a family and still make aggressive payments toward our debts. So, one of our dreams after paying off our debt is to start our family in our new home.
- Being a stay-at-home mom: Along with the previous dream is the dream I have of being a stay-at-home mom for the first couple years of my children’s lives. I hope to have at least a couple of kiddos and have the opportunity to stay at home with them. I know that this means working hard to pay off my debt so that we can afford to live off one income (plus the extra income DIY Jahn brings in because I will, of course, keep blogging).
- Giving more: We have made it a priority to give to organizations that we believe in, regardless of our debt repayment. Giving is an important piece of our lives. However, we were able to be debt free – we would love to give more to organizations we care about.
- Building our savings: We have our $1,000 emergency fund and our new family fund – both of which are very important to us. However, they won’t get us very far if we happen to lose our jobs, become critically ill, or even if we need to buy a new car. Once we pay off our debt, we hope to max out our retirement funds each year, contribute to a college fund for our kids, and build up our emergency fund to six months worth of income.
- Travel: Most people want to travel, but paying off debt definitely gets in the way. After our debt is paid, we hope to spend a little bit of time traveling (either before we have kids, with older kids, or when are kids are grown and have moved away). There are so many places my wife and I want to see, but unfortunately we can’t afford to see them now. When our debt is paid, we’ll be excitedly saving toward these trips!
What are your goals for paying off your debt or saving your money? How do you hope to live in 5 years from now? 10? 20?
I’d love to hear! Leave a comment below. I personally respond to each and every comment left on my blog.
Thanks for reading!