mortgage pay off article.<\/a> I've read a few books on that process by Dave Ramsey. <\/span><\/i><\/p>\n\n\n\nWhat advice would you give to someone who lives in a very high cost area? <\/i><\/strong><\/p>\n\n\n\n Both my husband and I make decent salaries that would be considered upper middle class in most areas but where we are they are just average middle class. Housing costs are very high in my area and property taxes\/insurances are around 15K\/year. I've read so many articles on the subject but they always quote mortgages for homes around 200K. Where I live you couldn't even get a 1 bedroom apartment for that cost. <\/span><\/i><\/p>\n\n\n\nI want to sell my current starter house (that I paid 378K for over 10 years ago) and upgrade for my growing family but a 15-year mortgage (with 20% down) with taxes will put us around $4600+ in payments, with nothing extra to principal, and limiting our potential to save. <\/span><\/i><\/p>\n\n\n\nIt seems impossible to get ahead and keep my children in a nice neighborhood near family. Please don't misunderstand “nice” does not mean luxury, this price is about average. <\/span><\/i><\/p>\n\n\n\n\nWe don't live lavishly, have any car payments, or take big vacations, I have about $500\/month in student loans. <\/span><\/i><\/li>\n\n\n\nWe have a 30-year mortgage now that I pay bi-weekly and pay about $500 month extra toward principle, my total payment is about $3700\/month for a basic 3 BR ranch house that we've put a lot of work into ourselves. <\/span><\/i><\/li>\n\n\n\nI'm also currently paying about $1100 for school tuition for my children (5 and 3) because the schools where I live now are not so great. <\/i><\/li>\n<\/ul>\n\n\n\n I would really like to live debt free but feel like it's impossible.<\/span><\/i><\/p>\n\n\n\nI appreciate any advice you have. <\/span><\/i><\/p>\n\n\n\nThanks,<\/span><\/i><\/p>\n\n\n\nMichelle<\/span><\/i><\/p>\n\n\n\nAndy:<\/strong><\/h4>\n\n\n\nMy kids are 5 and 3 too. I\u2019m right there with you, Michelle!<\/span><\/p>\n\n\n\nIf your major motivator is to live debt free, have more options in your life (vacations, family fun) and be less stressed about money, I have a 5 thoughts …<\/span><\/p>\n\n\n\n1. Consider Moving to a Lower Cost of Living Area of the US<\/b><\/h2>\n\n\n\n When the family size grows and the desires for the future do as well, a lot of families move to a place where the taxes are lower and you can \u201cget more house for your money\u201d. <\/span><\/p>\n\n\n\nIt sounds like the part of the country you live in will make that difficult for you right now and in the future. There are lower cost of living areas in the US that have excellent schools (no more school tuition when they hit Kindergarten), beautiful \u201creasonably\u201d priced homes and your taxes could be 1\/3 or less of your current cost.<\/span><\/p>\n\n\n\n2. Make More Money<\/b><\/h2>\n\n\n\n If moving is completely out of the question (family, specific job skill set, etc), you need to find a way to bring in more money to keep pace with your lifestyle. <\/span><\/p>\n\n\n\nAsk yourself some questions:<\/strong><\/h4>\n\n\n\n\nAm I due for a raise at work?<\/strong> If so, ask for it. Make sure you lead with your accomplishments and your contributions to the company instead of your personal need.<\/span><\/li>\n\n\n\nDo I have upward mobility in my career?<\/strong> Do you see a path for you to continue making more money in your current career path? If not, I\u2019d consider seeking out another position to increase your income.<\/span><\/li>\n\n\n\nWhat can I do on the side to make money?<\/strong> Do you have a hobby that you love that you could pursue during nights and weekends that would help you pay down your student loans? A side hustle is a great way to pay down debt, have some fun and create some freedom in your life.<\/span><\/li>\n<\/ul>\n\n\n\n\n
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