Matthew and Tanya join us on today’s show to share how they paid off $130,000 in debt in just 36 months. All of their debt was on the mortgage. Matthew got the idea to pay off the mortgage when he saw an amortization schedule in one of his engineer classes. He saw how much interest he would be paying over the 30 year term and realized he could pay off his debt a whole lot sooner.
Tanya was on board right away and together they developed a plan to pay off their mortgage. One of the toughest things they had to do was change their spending habits. Another key was to keep their lifestyle the same throughout and put any money they got through raises onto the mortgage.
Remembering how much they valued having a paid off mortgage kept them on track throughout the whole three years. With a baby on the way this fall, they are stockpiling cash and enjoying the security that not having a mortgage brings.
“What any budget does for you is help drive the correct behavior.” ~ Matthew
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