How much debt do you have including mortgage etc..

Phoenixsunflr

And what’s your monthly spending on bills food and other essentials?

rfitnessmfplulz

Zero debt. No cards, no car payments. Own my house. I'm nowhere near retirement age, probably 20+ years away.

Dave Ramsey might be annoying, but it works.

Monthly spending is pretty much whatever I want. I save large amounts toward retirement and have a bunch left over for discretionary spending. Family of six.

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Motorsheen

craigrm1985

100% debt free here. I own 100% of what I have. But then so do most homeless individuals... so it isn’t saying much

LiftingSpirits

What is the motivation behind this question?

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Phoenixsunflr

LiftingSpirits wrote: »

What is the motivation behind this question?

Im just curious to see what everyone’s situation is. How they did it. Tips they have etc

Phoenixsunflr

rfitnessmfplulz wrote: »

Zero debt. No cards, no car payments. Own my house. I'm nowhere near retirement age, probably 20+ years away.

Dave Ramsey might be annoying, but it works.

Monthly spending is pretty much whatever I want. I save large amounts toward retirement and have a bunch left over for discretionary spending. Family of six.

That is amazing!
Can I ask how much your house was..
How long did it take for you to pay it off? And what’s your household income?
And how old are u? U seem like ur doing really well!! Please share

ythannah

No debt. I've paid off two houses now. Eligible to retire 7 months ago but I plan to keep going for a few more years.

The secret is not to go into debt for anything but the big items like education and house. Buy secondhand cars, pau cash. Don't buy as much house as the bank is willing to lend you money for.

My monthly budget won't help you as I'm a household of one and live in a different country.

your_future_ex_wife

I’ll be surprised if people with debt answer this.

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TheMrWobbly

I have just worked out that at the current rate I can afford to retire, debt free, by the current official retirement age... of my great-great-grandchildren (if anyone makes it that far).

your_future_ex_wife

Y’know what? Part of getting out of debt is looking at it squarely and dealing with the shame so

My house is paid for because I believed, STILL believe, debt is a kind of trap- indentured servitude from which it is difficult to escape.

But I *kitten* up. I didn’t have an adequate emergency fund and when *kitten* happened I resorted to using credit.

The snowball method won’t work for me because it is only a single creditor.

I’m not comfortable sharing the amount, but there is an eradication plan in effect. I should be done, if I don’t die first, in two years.

caco_ethes

Two years ago i had no personal debt other than $30k left on my mortgage. It was going to be paid off July of 2019.

Now we have around $100k in vehicle debt and $484k in a mortgage, so thats neat

Payments are $3k on the house and $2500ish on the vehicles.

Not sure what we spend on other bills, I’d have to look it up. Our family living spending has been astronomical this year so far. Something like $75k, not including payments toward loans.

mermaidsgrave

We have 97k left on our house and 5k left on our camper but that’s it. No credit cards or car payments. We live carefully within our means. Probably spend $900 mortgage, $200 electric, $110 camper payment, $400-$600 a month on groceries. There’s 3 of us.

Deadman_Diggingup

your_future_ex_wife wrote: »

I’ll be surprised if people with debt answer this.

I will.... you can’t see me, but I’m waving my hand just below my chin to indicate that I am up to my neck in debt.

deannalfisher

between mortgage and student loans (the size of a small mortage) - too much debt. i'm working on paying it down, but its slow going

GymGoddessGoals

Student loans and mortgage is all that is left now. 10yrs left on the house and I figure the student loans will be paid off sometime around age 73 or 74. Student loan debt is almost 3 times the amount of the balance on our mortgage. No car payments in 15+ yrs and no credit card debt. Our daughter gets married next June; the wedding is almost completely paid for already. Will we retire at 65? Probably not, but we live well. Our monthly budget? There is plenty leftover after the bills are paid.

your_future_ex_wife

I’m grateful for all of you sharing right now. I was beginning to feel alone out here. I’m going to deal with this *kitten* the same way I dealt with being overweight. Track everything. Be consistent. Be realistic

amorfati601070

Student debt. However Will probably rent to the grave. My own piece of the earth...albeit six feet under.

bojack5

amorfati601070 wrote: »

Student debt. However Will probably rent to the grave. My own piece of the earth...albeit six feet under.

Nothing wrong with renting.....its a cheaper more fluid existence.

caco_ethes

your_future_ex_wife wrote: »

I’m grateful for all of you sharing right now. I was beginning to feel alone out here. I’m going to deal with this *kitten* the same way I dealt with being overweight. Track everything. Be consistent. Be realistic

Don’t indulge in too much shame and guilt. Everyone’s circumstances are unique. Some would likely look at my situation and get a chest pain. Or worse, judgmental. That’s okay, I don’t owe everyone an explanation. I know the whys and hows and have tos, even if others are just shaking their heads 😄

steveko89

30 y/o, married, one child. Total debt ~$130k, $125k left on our house and the rest on one vehicle, another is paid off. I've thought about trying to pay down our house faster but we got a nice interest rate when we bought it '13, it's already valued at 140% of what we paid for it, and the extra flexibility in cash flow is nice. Student loans were gone a few years ago but they weren't that high to begin with.

I've also never felt the need to set a monthly budget; subsequently we examine each buying decision rather than having a allocation we could spend each month. Overall, we make sure we live within our means, and stash a decent bit away for savings/retirement. It helps that we live in the midwest where cost of living is advantageous ($1.13/$1 compared to national average per 2016 research).

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dm01234_1

Housing costs vary across the country greatly. Our property tax bill is potentially as much as or more than some people's mortgage.

Jobs have always been volatile so we've never exceeded our personal debt / risk tolerance (which is very low) knowing at any moment we could be living on one income at any time. This, along with property taxes, has helped to ensure we never stretched too far for housing. No upscale neighborhood / home for us.... ever. House has been paid off for a while so it helps to know unless we don't pay the taxes, we have a roof over our heads.

We have tracked every penny in/out for decades so it's merely second nature at this point and couldn't do it any other way.

Have never paid a single penny in interest to a credit card company... ever.. Use one all the time however for the benefits.

At the moment = zero debt.

amorfati601070

JustReadTheInstructions wrote: »

Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K

You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.

bronnyd

rfitnessmfplulz wrote: »

Zero debt. No cards, no car payments. Own my house. I'm nowhere near retirement age, probably 20+ years away.

Dave Ramsey might be annoying, but it works.

Monthly spending is pretty much whatever I want. I save large amounts toward retirement and have a bunch left over for discretionary spending. Family of six.

I'm obsessed with Dave Ramsey right now. I'm listening to the Total Money Makeover audiobook for the second time and listen to his show on YouTube pretty much every day. It is motivating and it works and I can't wait to be debt free. I just wrote out my monthly budget down to the penny and am about to get gazelle intense, lol.

My husband and I in total have about $33K in credit card debt and $216K on the house and that's it.

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seltzermint555

I have been debt free since 2008. For years post-college I had a ton of consumer debt, credit card bills at one point around $80,000 and when you earn $24k as I did at the time, that's pretty daunting. I basically lived as frugally as I possibly could for many years and then managed to pay it all off. I got in the habit of paying more to Discover card than I paid for rent, and said never again!

My husband paid off all of his student loans in 2012 (shortly before we were married) but has never been in any serious debt aside from that. We're fine with going into debt for an inexpensive new vehicle when our older ones finally die, but will likely buy a late model used car outright instead.

Mortgage doesn't count, to me. We live in an area with low COL and our remaining balance is under $100k, very easily doable, especially with a little over 20 years until retirement. I have paid off two houses already because of circumstances outside my control like a natural disaster and a divorce...which makes my credit better than it might be otherwise. I know a woman whose net worth is easily ten times my own, but I have a better credit score...to me that proves how bizarre the whole system of scoring is!

This may all sound great, and we live happily & beneath our means...but to be honest, we're constantly terrified of unforeseen medical bills thanks to the horrible healthcare situation in our country. And we squirrel way as much as possible for the future/retirement. Ugh, I hate thinking too much about finances even though we're "in good shape"!