Debt Archives - Page 3 of 47 - Making Sense Of Cents

Pay off our mortgage or not? A glimpse into a couple’s final decision

Last Updated: December 3, 2020 BY Michelle Schroeder-Gardner - 17 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Hello! Here is a guest post from Melissa Brock about her decision on whether or not to pay off her mortgage. Melissa Brock is a 12-year veteran of college admission, founder of College Money Tips and Money editor at Benzinga. She loves helping families navigate their finances and the college search process. Check out her essential timeline and checklist for the college search!

Enjoy!

My husband and I like to make excellent financial decisions. He says I’m obsessed with our finances — which is kind of true. I mean, I listen to the “Afford Anything” podcast and read every personal finance related piece of content I can get my scroll-happy finger on. I’m also the Money editor at Benzinga for my full-time job. (Okay, okay, he’s right.)

Our mortgage is a source of well… pain, for me, if you want to know the truth. All the reading I do probably contributes to that. One day, I’ll read an expert post about how so-and-so plans to invest like crazy, pay the minimum on his mortgage, then run, giggling, toward retirement (early!) and revel in the spoils of compound interest.

This person might say, “Why would you pump money into a non-liquid asset?”

And so my mind goes, “Yeah! That makes sense.” [Read more…]

How Do Student Loans Work? What You Need To Know About Borrowing Money For School

Last Updated: March 18, 2022 BY Michelle Schroeder-Gardner - 2 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Have you ever wondered how do student loans work?

Maybe you’re thinking about going to school and taking out a student loan, perhaps you are a parent trying to help your child find the best options, or perhaps you are about to start paying down your student loan debt.

Whatever your case may be, I am hoping today’s article will help you learn more about how student loans work, so that you can be prepared for your future.

There are just so many different components to student loans, and it can make it very confusing to understand how student loans work.

There are federal vs. private loans, you can pay them back in a variety of ways, and more.

Student loans are a big part of many people’s lives.

The average amount of student loan debt per borrower is $35,359 and 44.7 million people in the U.S. have student loan debt. [Read more…]

Free Debt Thermometer Printable

Last Updated: March 28, 2021 BY Michelle Schroeder-Gardner - 2 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Looking for a free debt thermometer printable?

Making your goal visual is a great way to find motivation for paying off your debt.

Having your financial goal displayed in front of you can make it that much realer, plus it’s nice to have a constant reminder of what you are working towards.

One way to do this is to have a debt thermometer.

With this free printable, you can keep track of your debt payoff progress.

How to use this debt payoff thermometer printable:

At the top, under “Total Debt,” you will write down how much debt you have.
Then, on each line below that, I like to write out how much debt you’ll have to pay off in order to color each section. For example, if your total debt is $10,000, then each 10% amount would be $1,000.
After you reach each level, you then color up to that line so that you can better visualize the amount of debt that you are working with.

You can get the free printable by signing up below.

Buying a House at Age 25 and How I Did It

Last Updated: March 29, 2021 BY Michelle Schroeder-Gardner - 5 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Hello! Today, I have a great guest post from Mama Bear Finance. She bought a house at 25, and just 8 years later, it is now fully paid off. She will share with you a story of why she bought a house at age 25 and what steps she took to get there. Her story recounts the sentiments during the previous financial crisis also known as the Great Recession. As the stock market changes in recent news, hopefully this experience could provide insights during times of financial unrest and inspiration to stay the course with your financial goals despite uncertainty.

Buying a house is by far the largest purchase for most people regardless of age. But when you buy one at the tender age of 25, it really raises some eyebrows.

“You must be rich or came from a rich family,” one might assume.

“Either that or you robbed a bank,” one might even joke.

Nope and nope.

While this became one of my major personal milestones, the beginning of homeownership gave me unspeakable anxiety.

You see, it was back in 2011 when the mortgage crisis was at full speed. [Read more…]

Learn How To Become Debt Free – Stop Living With Debt For Good!

Last Updated: December 27, 2020 BY Michelle Schroeder-Gardner - 2 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Do you want to become debt free?

Would you like to no longer have debt payments hanging over your head?

Do you want to stop living paycheck to paycheck, and instead be able to save for the future?

Paying off debt is hard work. If it weren’t so hard, then it would be no problem for people to do. But, that isn’t the case at all.

Once you decide to pay off your debt, there will be challenges along the way. There will be times when you feel tired and even defeated. Paying off debt takes sacrifices, it takes time, and it can feel lonely. Yes, you may feel like you are the only one working towards being debt free.

If it were easy, then everyone would be debt free.

But, paying off your debt and living debt free is all worth it!

Paying off your debt can have so many positives. [Read more…]

15 Of The Best Money Books For Young Adults – Learn How To Live The Life You Want

Last Updated: June 6, 2022 BY Michelle Schroeder-Gardner - 14 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Are you looking for the best money books for young adults?

Today, I want to talk about the best money and life books for new high school graduates, college graduates, and other young adults. These would be great for graduation gifts, or just for yourself!

I wasn’t always good with money when I was younger. I bought more clothes than I needed, financed a new car, spent a lot going out to eat, and spent a lot of money on things I didn’t need. It took me several years to realize how my spending habits were affecting the rest of my life.

I think this is fairly common when you’re younger, and there are lots of great financial books for young adults that can help you understand how money works and how to prepare for the future.

The best money books for young adults explain personal finance topics like saving, investing, making more money, and more. And, reading them when you’re young can help you get on the right track with your money from a young age. [Read more…]

Are Wedding Loans A Crazy Idea? 10 Things To Think About For Your Big Day

Last Updated: March 28, 2021 BY Michelle Schroeder-Gardner - 13 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Lately, I’ve been seeing a lot of talk about wedding loans. And as a personal finance blogger, this worries me a bit.

Getting married is very exciting, and in the beginning, you’re probably thinking about what your wedding will be like. All of your favorite family and friends, good food, dancing, and whatever else your heart desires.

But then, reality hits – how will you pay for it all?

Shockingly, many couples take out wedding loans to finance their big day.

It seems like more and more people around me are getting wedding loans in order to afford their wedding, and there’s a big industry growing that is trying to normalize marriage loans as well. I’ve even seen advertisements for wedding loans for bad credit!

I’ve also noticed more people putting their weddings on credit cards, which is very dangerous when you consider that the average credit card interest rate is now over 21%. [Read more…]