Tag: Loans

Teacher Home Loans – 4 Top Programs in 2020

Are you a teacher looking to buy a home and need help with financing? Please consider some of the special mortgage programs that cater specifically to educators. In this article we are excited to share 4 of the top providers that currently offer teacher home loans!

Our 4 Top Home Loan Programs for Teachers

Our list of teacher home loan providers in 2020 include:

1) LendingTree for Teachers
2) Educator Mortgage Program
3) Teacher Home Advantage
4) NEA Home Financing Program

Why Should you Explore Teacher Home Loans?

First off, these programs were created with educators in mind. They may offer some perks and/or discounts that you may not get from traditional financing options. One of the perks includes discounted closing costs or lower interest rates. Some programs even can make a donation to your school. All this considered, teacher home loans might very well be what you are looking for when you wish to finance the purchase of a home.

Without further ado, here are the 4 best teacher mortgage programs available for professional educators:

1)LendingTree Teacher Home Loans

Our #1 recommended provider of teacher home loans is LendingTree, where you can easily compare up to five educator-friendly home loan offers!

Whether you are purchasing a home, refinancing, looking for a home equity line of credit or seeking a reverse mortgage, LendingTree has our highest recommendation.

If looking at any of the other options that follow, it is highly recommended you take a look at LendingTree first! This will give you the most options. Furthermore, it can help you make an informed decision on which home loan for teachers is best for you! Highly recommended!

Compare offers from up to 5 educator-friendly Teacher Home Loan Providers on LendingTree HERE

2)Educator Mortgage Program

Teacher Home LoansThis is a really interesting program from Supreme Lending that anyone in the education industry is eligible to apply for. The highlights of the Educator Mortgage Program include:

  • Discounted Closing Costs – Supreme Lending is offering up to $800 in reduced closing costs to educators.  If you qualify, you will receive a credit on your HUD-1 settlement statement for up to $800.
  • Discounted Real Estate Agent Fees – The Educator Mortgage Program looks to work with real estate agents who want to give back. As an educator, you will receive a credit on your HUD-1 settlement statement up to $800 from participating Real Estate Agents. These funds can be used for any fees, prepaids, seller fees, or new escrow account set up for your new loan.
  • Fast Loan Process – Supreme Lending emphasizes that educator clients are given highest priority. Educator loans are handled expeditiously so as to ensure “a smoother and more enjoyable experience.”
  • Donation to Your School– With the Educator Mortgage Program, a donation of to $200 will be made to the school program of your choice. If you work with a participating real estate agent, an additional $200 will be donated, for a total of $400, to the school program of your choice!

Visit the Educator Mortgage Program’s website for more info on their teacher home loans. They offer various home buyer mortgage programs including FHA loans, Fannie Mae, Freddie Mac, VA, USDA, Jumbo and more.

3) Teacher Home Advantage

American Pacific Mortgage Teacher Home Advantage LoansThe Teacher Home Advantage program by Pacific Home Mortgage offers various options for teacher home loans.   These range from:

  • FHA Loans – Federally backed loans with a low fixed rate, great for the educator who is a first time home buyer.
  • Conventional Loans – These are not backed by the government and usually require a larger down payment. However, one advantage of these loans for teachers is that monthly mortgage insurance is not generally required.
  • USDA Loans – 0% down loans that are insured by the government. These loans are only offered in “rural” areas. The fact that these loans require no down payment puts home ownership within the reach of many educators.
  • VA Loans – If you are a veteran, this could be a great option for you. Like the USDA loan, it does not require a down payment.
  • Home Path Program – This program is only available for the purchase of Fannie Mae owned homes. It offers educator borrowers low down payment options, flexible terms, no mortgage insurance and no appraisal fees.
  • “Making Home Affordable” Program – Teacher Home Advantage works directly with this program. Basically, it includes opportunities to help borrowers make their monthly payments more affordable. In other words, it allows homeowners the chance to decrease their current mortgage payments, even if they’re “upside down” in their home.
  • Teacher Next Door – This program (more specifically HUD’s Good Neighbor Next Door Sales Program) offers Pre-K through 12th grade teachers a wonderful opportunity. Make a contribution to community revitalization while receiving a substantial 50% discount on the list price of a home! The limitations of this program are that you must commit to live in the property for 3 years, and qualifying homes must be located in HUD-designated revitalization areas only.

Learn more about these different programs and what the Teacher Home Advantage offers educator clients here.

4) NEA Home Financing Program®

NEA Home Financing Teacher Home LoansOffered through Wells Fargo Home Mortgage, the NEA Home Financing Program® is offered as a benefit of the NEA Member Benefits program.

Some of the features of this program include:

  • Competitive interest rates and fees
  • Low down payment options
  • A wide variety of home financing choices
  • Conventional and jumbo loans, with both purchase and refinance programs available
  • As an NEA Member bonus, you’ll receive a $500 award card when you close a purchase or refinance

Learn more about the NEA Home Financing Program® here.

State Teacher Home Loan Options

Many states have teacher home loan programs that are unique to that particular state. For example, we have put together a guide to teacher home loans in California and will be adding info about other states soon!

Explore your Teacher Home Loan Options Today!

When searching for your teacher home loan do not forget to compare rates and other benefits. Again, our highest recommendation is to start your comparison shopping on LendingTree today HERE.

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Texas Teacher Home Loans

4 Top Texas Teacher Home Loan Programs

A Guide to Texas Home Loan Programs for Educators

So, you are a teacher looking for a home in the great state of Texas! Well, don’t worry you have come to the right place to ensure that your home loan rate isn’t big like everything else in Texas!!

Continue reading to learn about our recommended home loan programs for teachers in Texas.

What are the Best Home Loan Programs for Teachers in Texas?

Here are 4 Texas Teacher Home Loan Programs worth considering:

  1. LendingTree Teacher Home Loans
  2. TSAHC
  3. Teacher Next Door
  4. Educator Mortgage

1.LendingTree Teacher Home Loans

Lending Tree Home Loans for Teachers in TexasOur top recommended provider of Texas home mortgages for teachers and other educators is LendingTree, where you can quickly compare up to 5 educator-friendly home loan offers!

One of the first great offers from Lending Tree is that they can get you 5 free mortgage loan offers in a matter of minutes! You don’t have to worry about having strings attached or paying for these quotes, it will just give you peace of mind about what you can afford and around what your rates will be.

When it comes to loan programs for homes, there are FHA, VA, or Conventional loans. The FHA loan is perfect for someone who will have a small down payment and need to finance 80% or more of the homes appraised value. VA Mortgages are available to any veteran who would also need to finance a larger portion (80% or more) of their future home. A conventional loan is just that, a loan that will follow Fannie Mae guidelines, and is not government-insured. Overall, through any of the loan programs, you can have a down payment that is as little as 3.5%.

LendingTree is all about saving their customers money and being transparent. Every week they run a Mortgage Comparison Shopping Report where they compare home-buyers and their interest rates. With this information, you can make an informed decision if the numbers presented are right for you.

If you are interested, qualifying for a loan is easy through Lending Tree. You start the process by getting your Free Quotes by filling out a simple questionnaire so that they can get an accurate depiction of what you are looking for. When filling out this information you will need to have the following handy: current credit score, down payment amount, cash reserves, household income, and your job history. Besides this information, they will ask you about your home buying process so far so that they can offer or recommend help to you in your area.

Overall, LendingTree is a company that cares about you personally and wants to ensure that your home buying process goes as smooth as possible, with a low-interest rate of course!

2. The Homes for Texas Heroes Home Loan Program

TSAHC - Home Loans for Teachers in TexasUp next is The Homes for Texas Heroes Home Loan Program, and who wouldn’t want to take advantage of a program that finally describes teachers for who they really are, Heroes! This program is specific to those in the educational field including teachers, teacher aides, school counselors, school librarians, school nurses, and most other staff that work in a K-12 public school in Texas.

The benefits that come along with this program are amazing. To begin, there are many home loan options available with the 30-year fixed-rate interest mortgage. With these loans, you will have several rate options depending on your personal and financial background. Besides amazing interest rates, you can also take advantage of their Down Payment Assistance grants, which never needs to be repaid! For the Down Payment Assistant grants, you can receive up to 6% of your loan amount to be used as a down payment.

To make things even sweeter, if you are a first-time home-buyer you can get your hands on a Mortgage Credit Certificate! With this MCC you can sleep easy at night knowing that the federal income taxes that you would have paid on your home will be much lower! This is because an MCC is a tax credit for your mortgage interest, which in turn will reduce your yearly payments for your federal income taxes! When using their website you can even calculate your savings by entering your home loan amount, interest rate, and loan term length!

Both of these programs are available throughout the state of Texas with a variety of lenders, so the options are limitless! There are some income limits based on specific counties, but there are found in specific targeted areas, so just be sure to look into this before falling in love with a home.

Basically, TSAHC is a program that understands teachers are some of the most positive influences within a community and therefore they deserve the best home buying experience!

3. Teacher Next Door Program

Teacher Next Door TexasThe Teacher Next Door Home Loan Program has specific programs for Teachers in Texas! Depending on where in Texas you find your dream home you can find a personalized home loan program for you!

When becoming a member of the Teacher Next Door family you are gaining an ally for your home buying experience. From the home search to inspections, to the closing paperwork they will provide you with guidance and confidence in your home buying process.

Benefits are endless with this home loan program. You will never see an application, up-front, or broker fee, and you can also get free benefits such as appraisals, home buyer representation, and access to home listings, and nationwide access to foreclosures. Besides personal assistance in the finding and buying process, you also can gain monetary benefits from The Teacher Next Door program. In certain regions of Texas, there are grants that are available for up to $4,170 to apply toward the purchase of your dream home. You can also take advantage of the Down Payment assistance, which again is based on region, but some regions will offer up to $10,681!

Now all of these numbers sound great, but how do real people who have enrolled in this program feel? Well, their 5-star glowing reviews tell it all! These teachers can’t stop raving about how appreciative they are of the help the received every step of the way during the home buying process. They also loved the fact that they could get the home of their dreams on their teacher salary!

4. Educator Mortgage

Educator Mortgage TexasThis program is designed to help just about anyone who is involved in the education process. This includes teachers, coaches, librarians, nurses, custodians, professors, counselors, and other educational faculty.

Monetary benefits are the most appealing characteristic of this program.  You can save up to $800 in Realtor frees! ou can also save up to another $800 on closing costs. So far you can already save $1,600.

As you begin your search for that perfect home you don’t have to worry about waiting for an extended period of time once you found the one. With the Educator Mortgage program, you can have a reduced wait time for the processing of your loan because you are considered a priority!

When you start thinking about a down-payment you don’t have to worry too much about your financial background. As long as your credit score is above 620 and your debit-income ratio isn’t too high, you can qualify for a down payment as small as 3.5% of the purchase price.

Last, but certainly not least, Educator Mortgage is committed to giving back to teachers who join this home loan program. They do this by giving up to a $400 donation to the school of your choice, and a specific program of your choice.

Explore your Texas Teacher Home Loan Options Today!

Hopefully, you have become more informed of all the money-saving opportunities you have as a Texas Teacher looking to buy your dream home! Keep all of these programs in mind as you move forward in the purchase of the perfect home!

Again, when searching for your Texas teacher home loan be sure to compare rates and other benefits. We highly recommend that you start your comparison shopping on LendingTree today HERE. 

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teacher loan forgiveness programs

6 Teaching Loan Forgiveness Programs Reviewed

If you are still struggling with student debt, have you looked into teaching loan forgiveness programs?

Here I outline 6 student loan forgiveness programs for teachers.  Please check them out, you may qualify to get some or all of your student loans forgiven!

1) Federal Public Service Loan Forgiveness (PSLF)

First on our list of teaching loan forgiviness programs is the Federal Public Service Loan Forgiveness program. This program was initialized in 2007 with the aim of encouraging more people to work in public service, including at schools.  PSLF forgives William D. Ford Direct Loans (including direct PLUS loans, direct consolidation loans, direct subsidized loans, and direct unsubsidized loans).

Please see the PSLF eligibility requirements here. To summarize the conditions for qualifying for this program, you must:

  • Make 120 consecutive (10 years!), of on-time, full payments, starting no earlier than 10/1/2007
  • Work full-time in the Peace Corps, Americorps, or a public service organization (schools qualify!) for the entire time the payments were made

This is definitely a difficult program to qualify for, but if you meet the above conditions, than this program is well worth looking into. See the PSLF certification form here.

2) Federal Teacher Loan Forgiveness

The goal of the Federal Teacher Loan Forgiveness program is to encourage people to become (and remain) teachers. It is a generous program that allows for up to $17,500 in teacher loan forgiveness.

Here is a summary of the eligibility requirements for this program:

  • Eligible loan types include unsubsidized student loans and direct subsidized loans
  • The loans must have been established after 10/1/98, and at least one of the teaching years must be after the 1997-1998 school year.
  • You cannot be in default
  • You must work for five consecutive, full years as a teacher, at least one of the years at a qualifying school:
  • The qualifying school must be in a Title I qualified district
  • The qualifying school must have more than 30% of students qualified for Title I services
  • The qualifying school must be listed in the government’s directory of qualifying schools.
  • Teachers at a qualifying educational service agency are also eligible

In most cases, teachers are eligible to get $5,000 of their loans forgiven. “Highly qualified” math, science, and special education teachers may be eligible to receive up to the full $17,500 in teacher loan forgiveness.

Download the application for this program here.

3) Federal Perkins Loan Cancellation

With the Federal Perkins Loan Cancellation program you can get up to 100% of your Perkins loans forgiven, including any interest you have accrued! Teachers only have to teach full time for a year to receive benefits:

  • You will get 15% of your loan cancelled after years one and two.
  • For years three and four, you will get 20% more of the loan cancelled each year
  • In the fifth year, you will get the final 30% of your Federal Perkins loan cancelled.

Here’s what qualifies for the Perkins loan cancellation program. You can:

  • Teach in a school that serves students from low-income families (see if your school qualifies as “low-income” here) or;
  • Be a special education teacher (including for infants and toddlers) or;
  • Teach in a field that your state has defined as having a teacher shortage in, such as science, bilingual education, math, foreign language, etc. or;
  • Teach at a private school that is a nonprofit or;
  • Teach part-time at multiple schools, as long as you meet the other requirements or;
  • Teach preschool or pre-K, only if your state classifies them as part of elementary education

To get the application form for this program, contact the office where you went to college that administers the Federal Perkins Loan program.

4) Stafford Loan Forgiveness

The popular Stafford Loan Forgiveness program provides qualified individuals up to $17,500 in teacher loan forgiveness.

However, it is a very difficult program to qualify for. You must:

  • Work full-time for 5 consecutive years at a Title I qualified elementary or secondary school, with 30% of students who qualify for Title I services or at a school listed in the Annual Directory of Designated Low-Income Schools
  • Not be in loan default
  • Not have taken out any direct loans or FEEL Program Loans before 10/1/98.

One big plus of this program is that teachers can take advantage one of the Federal Student Loan Forbearance programs during those five years. If you are having difficulties making payments, this is a great option and could really help your short-term finances.

See the Stafford Loan Forgiveness Application form here.

5) Federal TEACH Grants

The Teacher Education Assistance for College and Higher Education (TEACH) Grant program provides up to $4,000 per year to qualifying college students who will become teachers.

TEACH Grants are unique in that they are the only type of teacher loan forgiveness provided before debt is accumulated. Other loan forgiveness programs, of course, provide forgiveness after you have taken on student debt.

These grants will provide as much as $4,000 per year to college students who:

  • Intend to teach at a school that serves primarily students from low-income families
  • Are enrolled in a teaching credential providing program
  • Plan to teach full-time for at least 4 years
  • Plan to teach in a “high-need” field

6)  State and City Sponsored Teacher Loan Forgiveness Programs

Fortunately, there are also many state and city teacher loan forgiveness programs. Rather than list them here, I will share with you an excellent resource.

The American Federation of Teachers (AFT) has put together a searchable database of state and city loan forgiveness programs, classroom donation programs, as well as various awards and grants.

In addition, your district school board should be able to point you in the direction of any city or county funded loan forgiveness programs.

Save Money on Your Student Loans and Get $100!

If you cannot get all of your loans forgiven with teaching loan forgiveness programs, please also consider student loan refinancing. We recommend checking out Sofi. Fixed rates start at 3.50% and variable rates start as low as 2.13% APR (with AutoPay). Sofi members save an average of $14,000! Apply here and you will receive a $100 bonus when you refinance.

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Teacher Home Loans in California

A Guide To California Teacher Home Loans

If you are a teacher in California looking to buy a home, you are in luck!  California educators have access to some of the best teacher home loan programs in the country.  Teacher home loans in California are available from a variety of sources.

For your convenience, we have compiled a list of your options for teacher home loans in California. Read on for our guide of the best teacher mortgage options in California!

Here are 4 California Teacher Home Mortgage Options Worth Considering:

  1. LendingTree
  2. CalHFA School Teacher and Employee Assistance Program
  3. CalHero Teacher Home Loans
  4. MyCommunity California Teacher Mortgages

1)LendingTree California Teacher Home Loans

Our #1 recommended provider of teacher home loans in California is LendingTree. With LendingTree, you can easily compare up to five educator-friendly teacher home loan in California offers!

Whether you are purchasing a home, refinancing, looking for a home equity line of credit or seeking a reverse mortgage, we highly recommend LendingTree.

If looking at any of the other California teacher home loan options that follow, we recommended you take a look at LendingTree first! This will give you the most options. Furthermore, it can help you make an informed decision on which California home loan for teachers is best for you. Highly recommended!

Compare offers from up to 5 educator-friendly California Teacher Home Loan Providers on LendingTree HERE

2)CalHFA School Teacher and Employee Assistance Program

CALHfa Teacher Loans

Second on our list is CalHFA’s School Teacher and Employee Assistance Program (STEAP). This program provides down payment assistance to first time homebuyers who qualify.

To sum up, this program is available to all teachers, school district employees, support staff and administrators. To be eligible you must be working at a K-12 California public or charter school. If you are an employee of a county or continuation schools or district offices you should be eligible as well.

3)CalHERO Teacher Home Loans

CalHERO Teacher home loans

Next on our list is the CalHERO teacher home loan program. Benefits of this program include no income limits, reduced fees from lenders and discounted interest rates. In addition, down payments can be as low as 3.5%. To qualify, your credit score can be as little as 600.

Don’t worry if you have purchased before. This California home loan program is not only for first time home buyers! Moreover, it can also be combined or layered with other assistance programs.

Learn more about the CalHERO Program HERE

4)MyCommunity California Teacher Mortgages

We conclude our list of California home loan options with the MyCommunity Teacher Mortgage (MCTM) program. The MCTM offers California educators access to a low down payment mortgage option.  Additionally, borrowers with this program can benefit from discounted Private Mortgage Insurance (PMI) and more flexible down payment options.

This program is also not limited to first time home buyers. but does have a household income limit.  The current limit for borrowers is 140% of the county Area Median Income.

National Teacher Home Mortgage Programs

Of course, there are some national programs that you should consider as well.  Be sure to check out our list of the top 4 top teacher home mortgage programs for more home loan options for educators.

Explore Your California Teacher Home Loan Options Today!

In conclusion, when searching for teacher home loans in California do not forget to compare rates and other benefits. Again, our highest recommendation is to start your comparison shopping on LendingTree today HERE.

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Teachers Down Payment

How to Save for Your First Down Payment on a Teacher’s Salary

With rising real estate prices across the board, not to mention in locations with a high cost of living already, buying your first home can seem daunting. You may be planning on buying your first home in a few years, but using these tips today will help you slowly start to save for that first down payment.

Originally, most mortgage companies requested a 20% down payment, which in today’s world can seem a little out of reach. However, with a few years of planning, you may be able to grasp this goal with a teacher’s salary.

Anything under 20% for your down payment may require you to pay PMI – or private mortgage insurance – on top of your mortgage payment, home insurance, and property taxes. Also, with this down payment, you can build up enough equity so that when you do go to sell your home, the closing costs and fees don’t eat up all of your investment.

However, there are a few ways to get a lower down payment as well if the 20% isn’t feasible when you’re ready to buy.

How to Save for your First Down Payment on a Teacher's SalaryCheck out Teacher home loan programs

There are many different teacher home loan programs out there, that allow you to buy a house without a 20% down payment.  Nationally there are a handful of programs, but many states have programs too.  For example there are at least 4 great teacher home loan options in California.

Most of them do require some sort of initial investment. FHA, for example, only requires 3%. Even if you plan on investing 20% at the start, you can get some neat perks like discounted closing costs and even donations to your school.

If you do decide on a lower down payment, you may want to continue using some of these tips to ensure you hit 20% equity before you go to sell your home. Be sure to check your mortgage loan for prepayment penalties if you do plan on making any extra principal payments.

Figure out your monthly goal

First, you’ll want to decide the price range of homes you’ll plan on looking at. Next, you’ll want to get prequalified with a lender to see what interest rates and programs you qualify for. Also, this is a good time to see if you need to do any work on your credit as well.

You can also use sites like Karl’s Mortgage Calculator to help you figure out future monthly payments depending on what you pay for your home and the down payment.

Set up an emergency fund

Even while you’re saving for a down payment, emergencies still happen. If you start out with savings that will cover three to six months of expenses, it’ll help you stay on track for your down payment when you need a sudden car repair or have a medical expense.

Planning for emergencies in advance helps you stay focused on your other goals.

Get a savings account

Open up a savings account with your bank or find one online. Make sure it’s an account that you can easily pull the money out of when needed.

You can set up an automatic deposit from your paycheck each month if your employer uses direct deposit. This is the best way because your money never touches your main spending account and eventually you’ll get used to seeing the net amount in your checking each month.

Adjust your budget

You’ll want to set your budget up so that you can reach your goal each month. You may have to change some of your spending habits or even give up some extravagances for the luxury of buying your home. Some ways to cut spending is checking with credit card companies on lowering interest rates. If you pay on time each month with the required amount, you can call in and tell them you want a lower rate.

Also, you may look at renting a moderately nice apartment instead of the three-bedroom house with a huge backyard, or you may want to trade in your car for a lower car payment if that saves you money. Anything that you can cut, even barely, will add up over time.

Use extra income wisely

Anytime you receive any large income outside of your regular salary, consider putting all or most towards your down payment savings. Tax returns are great opportunities to build up your nest egg. If you do any side jobs or summer jobs, try budgeting some of that income into the mix as well.

Your main goal is to funnel any kind of extra income into reaching your goal faster. Saving for a down payment can take a couple of years, but the equity you create will be worth it.

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5 Years to Debt Free

5 Years to Debt Free: Two Married Teachers Make the Journey

One second. That’s all it takes for the student debt in the United States to increase by $3000.

After graduation, that monthly payment makes the list, plus any credit card debt, an auto loan, and potentially a mortgage.

As students leave school and enter the never ending cycle of debt, a newly married couple, both with teaching degrees, decided to break out and make their own way.

Over the course of 5 years, Bobby and Susan got rid of $40,000 in student loans while starting at a $37,000 household salary. This doesn’t include the master’s degree, a few cars, and home improvement repairs on their home paid for with cash.

Talk Goals

There’s a fine line between dreams and goals.

Many people will talk about getting out of debt, but they never talk about how.

Bobby and Susan decided that they needed to actually sit down and map out what they wanted to do. They even created a list of things they couldn’t do in order to hit some of their financial goals and posted it on their fridge for the daily reminder.

Without talking through and even writing down goals, they become arbitrary. When working as a team especially, it is important to be on the same page as your partner.

The first easy step is dividing your loan up by the years you want to pay it off in.

Double Check That Budget

Make sure your budget is helping you win.

By adjusting their expenses, they were able to funnel that money into savings, paying off debt, or paying cash for their more expensive purchases.

Start thinking about what you can live without. Try writing a needs and wants list. And then rewrite it.

You will be surprised with what gets marked off the second time.

It is critical to financial success to have a working budget. Remember that tip on writing down your goals? This is the ultimate solution. Having a specific category for that loan payment is vital to hitting that monthly goal.

Be Willing to Make Sacrifices

There is an overwhelming amount of people who are house poor or have extremely expensive cars while balancing student loans.

Hitting that debt free goal may include making some big sacrifices.

How many times do we hear the thought “I am so tired of working hard and feeling like I have nothing to show for it?”

As Bobby and Susan kept feeling that exact same way even while they both had jobs, two cars, and a house, they decided to make a change. This included covering big purchases with cash, but more importantly it included their mortgage.

They had bought a foreclosure, flipped it while living there, and sold it at a profit. From there, they used the extra cash to pay off all of their student debt and start an emergency savings fund while moving into an affordable apartment.

Whether it’s downsizing or getting rid of that $500 car payment each month, some temporary changes will need to be made. As debt-free becomes more realistic, those sacrifices are going to become the cornerstone of the journey there.

Find what makes sense for your financials goals to let go of temporarily.

Use the Momentum to Start an Emergency Fund

One of the best things to do after being debt-free is to keep the same budget.

Starting to save now to decrease the chances of future debt is a sure way to keep that peace-of-mind that was just created.

It’ll be easier to keep stockpiling the loan payments into savings after the loan is paid off than starting anew all over again a year later to cover a new car payment or emergency repair on the house.

Bobby and Susan decided to create a fund that would cover 6 months of unemployment if one of them were to leave their job. If any unexpected car repairs or medical bills popped up, they were set. They had paid off all of their debt, moved in to the new apartment, and stuck to the plan.

Not only does this ensure some financial peace, but now, they get to enjoy that extra income guilt-free.

Creating wealth and eliminating debt is going to look different for everyone, but creating a budget, cutting some big expenses, and planning for the future is going to help make the journey less stressful.

With careful planning and a determined mindset, debt free may just be down the road.

Debt Free Inspirational Quote

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