Savings Corner
APRIL 4, 2024
Cash-out refinances are generally best for big-ticket costs: Think home renovations or major debt consolidation. Many borrowers use the proceeds for the following reasons: Home improvement projects: You could use a cash-out refinance to renovate your home or add an addition, for example. There are no limitations.
Family Balance Sheet
MARCH 19, 2014
We didn’t have credit card debt, we paid off our car notes early, and the interest rate on the student loan was at a low 2.75%, so we thought we were doing okay. A student loan? We also have some renovations that we need to cash flow. | But Dave Ramsey’s view of debt is very different. That’s a necessity.
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Family Balance Sheet
OCTOBER 18, 2019
I turned 50 …I know, I know, I don’t look a day over 30, because 50 is the new 30… …anyway, on the last Friday of September, we sent in the very last payment to my husband’s student loan and our goal of paying off our non-mortgage debt by the end of this year is complete! DONE – 6/1/2014. DONE 2015.
Family Balance Sheet
MAY 6, 2020
But in August 2013 , our business softened, renovations to our new building were more costly than planned, and we were now the owners of two mortgages: our home and our business. Our non-mortgage debt was in the six figures when we started this plan and included 4 business loans and a student loan. Yep, life was good.
Savings Corner
APRIL 4, 2024
Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. Look at taking out federal student loans in your child’s name instead: Their interest rates are lower, and they come with benefits like income-based repayment options.
Family Balance Sheet
JUNE 22, 2020
Aside from the mortgage, we also added equipment and renovation loans with the purchase, and we had a student loan. This side hustle income was mainly used for the fun stuff, such as camping, home renovations & repairs, and needs for our kids. Also, the monthly mortgage payment was less than our rent payment.
Family Balance Sheet
JANUARY 17, 2018
Move up the Student Loan Payoff Date. Cash flow necessary business expenses and renovations. We’ve paid off 4 loans, and we’re making an extra monthly payment to the final loan, a student loan. Why We Chose Medi-Share, an affordable solution to traditional health insurance. Increase business emergency savings.
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