How can I pay off my house, when I struggle from paycheck to paycheck?

Answer 1

First question is: do you have a budget? Without it, there is no hope. You HAVE to know where your money is leaking out or you can't plug the leaks. You need to track every penny for a month - write it ALL down. It's amazing to see how much you spend on coffee, video rentals, and fast food!

I'm sure you can figure out how to set up a budget (if not, check the resources below). Make sure you include SOMETHING for savings in your budget (before you pay any other bills). You can adjust the amount, but it's better if you find something else to adjust.

Next question: Do you have an emergency fund of $500-1000? If not, you need to start socking money away for that rainy day (you know, when the roof starts leaking and you have to call someone out to fix it). Emergencies WILL happen, but they're a whole lot easier to deal with if you have money ready to take care of them and don't have to reach for the credit card you just paid off.

Now that you know where the leaks are, plug them. We use the good, old envelope system. This requires you to use envelopes for your cash purchases (some of ours are clothing, auto repairs, eating out, gifts, ...) Each paycheck, go to the bank and withdrawal the amount you have budgeted for each envelope and stick it IN the envelope. When you need new clothes, grab the clothing envelope and head for the mall. When the envelope is empty, your shopping trip is over. If you 'rob' from another envelope, you're only robbing yourself. And since you've already budgeted (and stashed away) your savings, there's no extra cash in the account to withdrawal.

Go to the library and look for Dave Ramsey's books (either "Financial Peace" or "Your Total Money Makeover"). Both have excellent tips for getting your spending under control.

Answer 2

Hi Annie,
I'm not going to get on your case like some people would. I know that it can feel overwhelming at times to just be able to make it from week to week.
I assume that you have a fixed rate mortgage and that you're current on your payments. Right? That's good, and that will help you in the long run.
The first thing to do is to examine your mortgage carefully, and see if there is anything there that you can adjust. Are you paying PMI? You may be able to eliminate that and some of the other mortgage charges by requesting in writing that they be dropped.
Also...
Believe it or not the holders of your note may be willing to offer you some temporary relief if you contact them and explain your situation.
If you don't have any savings to fall back on then according to your lender you have no reserves and this is something that they won't like because your ability to stay current on your payments adds value to the mortgage on their books. Try to arraigned a "payment holiday" for one month so that you can skip a monthly payment and build reserves and better insure that you'll be able to remain current in your scheduled payments.
(you've got to a-s-k, if you want to g-e-t )
Finally, I wish you luck and I want to remind you to stay positive always. The longer you own your property the better. You are building equity and have access to tax benefits that can't be found in any other type of investments.
I'll be looking at all of the other answers you get, as I am sure that there will be some other excellent suggestions as well.

By the way...will U pleez pick this as the best answer. U R sweet if u do. thin-Q vry mch!

Answer 3

It only seems impossible because you are looking inside the box of your own understanding. You need to expand your thoughts outside the box.

If paying off your house is your goal, then just decide to do it, and allow it to manifest. Remove the "How's" and "Why's" and don't allow your mind to work against itself. Only determination will do.

It will become apparent that you need to overcome some mental or spiritual roadblock, you will need to learn more to be become worth more, and you will have to put forth the effort.

The goals that are more likely to manifest are those that are for the good of all. Try to think of ways for others to have their own home. Helping others is more rewarding than a zero-balance deed, more commonly known in the investment world as a "dead asset."

My own goal is to be completely debt free, and I am well on my way. With the power of words and the power of the mind, I cannot be stopped, I will not be denied, and my goal will be manifest.

Answer 4

Very slowly. And pray that no emergencies come up, like a new roof, medical bills or starvation.

It sucks. My rent is cheaper than a mortgage.

Answer 5

there is always something we can live without we just dont want to
pick something that cost you money on a regular basis and add it to the principle of your mortgage payment
you find out that the one thing wasn't so necessary after all

Answer 6

You have three choices.

Get a house you can afford instead of the one you currently have.

Learn how to better manage your paycheck.

Find a way to earn more money.

Answer 7

IN 15 - 30 YEARS JUST LIKE EVERYONE ELSE