Pages

Monday, February 7, 2011

Trading Cool for Debt-free

Yes, we did it- we are finally debt free! We recently kissed our last loans (car, school and mortgage) goodbye and it feels good. We’ve managed to become very uncool in the process but we like to think it’s worth it.

First,  back in May of last year, when my husband got his D.C. assignment, we decided to live in a non-fancy place. It’s smaller and not nearly as nice as our house in Florida but it’s pretty much the only thing we could afford in Falls Church, so we figured we could stomach it for a year or two (at the time we didn’t know how long it would be before we went overseas). 

Second, we had to get rid of the two cars we had in Florida. It wasn’t an easy decision to make but with the baby due in about a month and my Mom with us for most of the year, we couldn’t all fit in either of the cars we had and it really didn’t make sense to drive two cars everywhere. Plus, we knew we couldn’t take a normal US car to India  because they don’t allow you to import left-hand-drive cars there. We didn’t want to buy a new car that we’d have to turn around and sell in about a year. So, we finally settled on a (gasp) 13-year-old minivan.

Cool? Not exactly. Practical? Under the circumstances – hell yeah! Especially if it survives the year or so until we ship to New Delhi without major issues. Best part - no car loans and a few bucks in the bank!

We also managed to settle a legal dispute with a couple of insurance companies related to our house in Florida, which is making it very difficult to sell the house but as a result we were able to pay down the remainder of our mortgage and the last of my student loans. Which means No More Debt!!!

If we could only sell the house now… Thinking about how much work we put into that house and how many times we’ve lowered the price in an effort to sell it since we moved last March just breaks my heart. But we recently recruited St. Joseph to help us, as in bought and buried a small St. Joseph statue in the front yard, which is supposed to help you sell your house.

We are hoping he delivers – keep your fingers crossed!

7 comments:

  1. Very exciting -- congrats! I'm looking forward to the day when I can write a similar post, although it's going to be a long, long time from now. Darn student loans...

    It's interesting how many sacrifices most of us make for this lifestyle, especially while still stateside. Here's hoping it proves worth it in the end. (I think it will.)

    ReplyDelete
  2. How awesome! Congrats. Paying off all your debts makes you eternally cool. Also hoping to follow in your footsteps soon. Good luck with the house sale!

    I definitely think the sacrifices are worth it. This life has some pretty amazing benefits. Hard as our first tour has been, I wouldn't trade it for anything. It has been a unique experience and a great opportunity to learn so much.

    ReplyDelete
  3. Congrats on being debt-free, that's great! You should feel proud.

    ReplyDelete
  4. Debt-free is a huge accomplishment. I envy you, especially in a year when we've added another mortgage, 2 car payments and more grad school loans. Wow, seeing it in print is depressing.

    Yea you! I hope your house sells soon.

    ReplyDelete
  5. :) I also drive a 13 year old minivan. I hate drive it but also love it for the mere fact that it is paid for. It is worth being debt free. Congrats!

    ReplyDelete
  6. http://thebfilesblog.blogspot.com/2011/02/fs-bloggers-in-dc-area-join-us-for.html

    hope you are coming! Really want to meet you!

    ReplyDelete
  7. Congrats on your little one!!!

    ReplyDelete

 
Locations of visitors to this page