Our homes will probably be the biggest debt we will have in this world. While the Debt Snowball takes care of lesser debts, if you own a home, Baby Step 6 encourages us to pay off our home early. Just adding an extra principle payment every month, if you are able, will cut the life of this loan in half. The amount of money we can save by doing this can be in the 10’s of thousands! And who doesn’t want to save money?!
Once again it is time to get creative. Sell all you can, get extra jobs or sign up for overtime, then put those funds into the principle of your home loan. Make sure to check in your state if there are any penalties in paying off the loan early…but in most cases, even if there is, it will be well worth it just to stop being a slave to the lender. Please don’t forget this powerful verse.
Can we even imagine what it will feel like when we owe no one anything? When all the income we bring home will be for our own expenses, and not have to go towards interest on loans? When the only debt we have is to love others in the Name of Jesus? (Ro 13:8) No more payments! Wow, I look forward to that day. By paying off our homes, we immediately give ourselves a raise…and then we can move on to Baby Step 7, where the real fun begins! More on that tomorrow…
<>< Peace, Diane
