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How our Debt Freedom Plan Prepared Us for the Pandemic

Family Balance Sheet

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 small business was going well, so we said so long to renting office space and purchased a commercial property in the summer of 2012. Yep, life was good.

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Meet a Reader | Lina from Germany

The Frugal Girl

And eating out wasn’t the exception for me then. We don’t eat out often, but I like to cook. Use it for some renovation/home improvement projects and give some to a charity. But a lot of things which I would call luxury here in Sweden were very affordable for me when living in China.

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How We Paid off Six Figures of Debt

Family Balance Sheet

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.

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How to Start a Budget (and be successful at it!)

Family Balance Sheet

If you’re spending too much at restaurants, read: 15 Smart Tips to Save Money When Eating Out . I would never tell someone to cancel the gym membership if they use it, and if you do use a gym membership, find out how my husband got a FREE family gym membership. But if you have a membership, but don’t use it, CANCEL.

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Our 2018 Financial Goals

Family Balance Sheet

We will need to cut back on dining out, but it is unrealistic for me to say we won’t eat at restaurants this year. I’ll do my best to follow my own advice, 10 Ways to Save When Eating Out , and we will bring snacks, bag lunches, and drinks on road and errand trips to save money. Increase business emergency savings.