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Portsmouth New Hampshire Buyers and Sellers - Tips To Being Debt-Free

By Ann Cummings

Real Estate Agent with RE/MAX Shoreline - NH and Maine NH and Maine Broker

February 20, 2008 01:53 PM

DEBT-Free!! Who doesn't want that??

We all know how hard it can be to manage our own finances. Been there, done that! I just didn't know how, until someone showed me the way, and I've never looked back since that turning point.

I've been doing a lot of reading lately about ways to achieve a debt-free status, or pretty close to debt-free. From that reading, I put together these tips to help all of us. For those looking to to buy Portsmouth NH real estate, or homes and condos in any of the surrounding Seacoast areas of NH or Maine, getting rid of debt will certainly help, especially with all the changes in the mortgage guidelines lately.

Here are 7 tips that may just help you find your way to being debt-free, if that's your goal:

Pay your bills when they're due every month - this is so hard to do at times, but it's so very important to not pay your bills late & rack up late fees and credit blemishes.
Learn to live on less than you make - you must learn to put some money aside in order to have money in the bank.
Think twice before whipping out that credit card - if you use credit, have a plan for paying off your balance(s). It took me a LONG time to pay off my balances that I had built up, but I did, and I now pay my balance off every single month.
Have a plan for where and what you'll spend your money - you need to know how much you make and how much you need to live on. You may need to make a change in your spending habits if you want to be debt-free.
Set up a savings account for emergencies - 3 to 6 months' of basic living expenses is what is recommended. You never know when you'll need to replace an appliance or when you might be out of work. Start small and build this account up.
Have financial goals - if you don't have goals, you'll never get where you want to be. You should consider setting both short-term and long-term goals to help you achieve not only debt-free status, but those goals will also help you go forward toward building that nest-egg for your retirement.
Learn how to make your money grow and work for you - take classes, read books and investing magazines, find a great financial planner - make your money earn more money!

I've walked in the same shoes as those looking to be debt-free - and I can very proudly say I am DEBT-FREE, except for my mortgage! I pay my credit card balance off every month, I learned to live under my means, and I can tell you it's a very satisfying feeling to know I have money in the bank.

Here's to your success in achieving the same satisfying feelings!!

If you're interested in pursuing homes, condos, real estate in Portsmouth NH and/or the surrounding areas, make sure you speak to an experienced professional REALTOR who'll work hard to help you achieve your real estate goals. Give me a call or send me an email - I'd love to talk with you!

RE/MAX New Hampshire


Ann Cummings, New Hampshire REALTOR
Broker - NH and Maine
RE/MAX Coast to Coast
Portsmouth NH
  ann@anncummings.com
888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine

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Ginger S

Wilkinson & Associates, Wilmington NC - Wilmington, NC

Wilmington NC Real Estate & Relocation~

Ann, Learn to live on less than you make? that is so Un-American! LOL!

Feb 20, 2008 03:57 PM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Hi Ann: If only each of us had the power and personal inititive to follow your list... the resultant change in our country's "Consumer Confidence" would be miraculous. Unfortunately, so very many people are currently living paycheck to paycheck, and living their lives about as close to the edge as ever. Thanks for sharing.

Feb 20, 2008 05:11 PM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Gary - you and probably a lot of other people have been hoping that same thing, and if only it could happen!

janeAnne - land, huh? We'll be there at some point this summer, and we are so looking forward to it!

Ginger - that's a hard one for sure, isn't it??

Karen Anne - can you just imagine how high consumer confidence could soar, if only..... wow!

Many thanks for the comments!!
Ann

Feb 20, 2008 08:25 PM

Linda Scanlan

A Fan of AR - Burleson, TX

Ann - I wonder why it takes so long to learn this??? If there's one skill I wish they would teach in school it's life skills. So many parents aren't role models for their kids and they have to learn somewhere. This is an excellent post!

Feb 20, 2008 10:32 PM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Ann, great recommendations. I usually am debt free, until we hit the cold months up here. I like your buttons, how did you do them?

Feb 20, 2008 11:19 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Ann- Like yourself one of my strengths has always been money management and finances. These are excellent recommendations. There are a lot of folks that have a hard time staying on top of thinfs, especially when it comes to money.

Feb 20, 2008 11:25 PM

Monika McGillicuddy

Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH

Southern NH & the Seacoast Area

Great tips Ann...now if only people will follow your advice.

Stay warm!!

Feb 21, 2008 12:11 AM

Jeff Rogers

retired - Manchester, TN

Love the fact that your blogs provide such good information for more than just real estate. I have been recently trying to get out of debt. I like to read as much information I can. Thanks for the blog.

www.therogersrealtor.com

Feb 21, 2008 04:22 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hi Linda - so glad to see you here! I know it took me awhile, long while, to learn it. We weren't really taught all that much about money growing up, my parents didn't have much as I was growing up. My dad was moving up the ladder as I was growing up, but they never really had much until later on. So I guess that's why it took me/my sisters some time to learn whatever we've learned. I wish this had been taught when I was in school....I could have saved myself so much worry and heartache, and money.

Ann

Feb 21, 2008 10:55 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Missy - other than my mortgages and normal montly bills, I am debt-free. I just paid my car off today, too. Did it 2 years early at that! This market has no doubt put many agents in a little debt who weren't there before. Keeping my nose above water here as best I can!

Bill - as much as I would love to call those strengths of mine, I must admit they really aren't. I had dug myself into a financial hole years ago, and it took ALOT of hard work and commitment to get myself out of that. My honey is the one who helped me do that a number of years ago. Fear is what keeps me from going back that way - I don't ever want to find myself in debt like that ever again. Fear is a strong motivator.

Ann

Feb 21, 2008 10:59 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Ann, excellent advice. You are able to say what everyone one would like to say. That has to be a tremendous feel.

Feb 21, 2008 11:07 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Monika - I walked a few miles in those other shoes, and I refuse to go back to that. That fear motivates me to not ever go back that way again.

Jeff - keep working on it and you'll get there. I know from firsthand experience that it's not easy but it is so worth it! I'll be pulling for you!!

Ann

Feb 21, 2008 11:09 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hi George - you have no idea how great it feels! I worked very hard getting myself out of the hole I had put myself in, and I'll ever tell someone it won't be hard and frustrating, but when you do it, what a terrific feeling to see where you've been and where you are. I am so proud of my credit scores and what I did years ago to be where I am today. And I really do have my honey, Bear, to thank for helping me see my way through where I was back then.

Thanks!
Ann

Feb 21, 2008 11:13 AM

Jon Mitchell

Classic Property Management - Santa Clarita, CA

I would add one more item to your list... Read "Rich Dad, Poor Dad" by Robert Kiyosaki (spell check?). If you have not yet read this book, it is a must. Great advice!

Feb 21, 2008 12:36 PM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Ann. This is great advice and I am glad to say I am heading in that direction.

Feb 21, 2008 02:09 PM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hi Jonathan - thanks for that suggestion. I have not yet read that book but I now have it on my 'must-read' list. I've heard about it for awhile now, but you've prompted me to move it up on my list. Thanks for that suggestion.

Hi Judy - good for you!!!! It really is not an easy thing to do, but you can do it! I'm proof of that. Good luck to you.

Ann

Feb 22, 2008 06:21 AM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

Ann - I think you just wrote what I believe should be required reading in high school, college, and heck....life in general! There's a beauty in what you speak of here, making finances one less worry in this here life:-) Nice work!!

Feb 22, 2008 06:45 PM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hey Jason - well that's quite a comment, and thank you! I wish I had been taught that kind of stuff growing up, so I wouldn't have had to go through what I did. But then again, if I hadn't gone through that myself years ago, I wouldn't know what's it like to dig oneself out and know that feeling of reaching the light at the end of that particular tunnel. And it's terrific to be debt-free, and if I could do it, I know others can as well.

Thanks for that comment - it means a lot!
MWA!!
Ann

Feb 22, 2008 10:49 PM

Gena Riede

Riede Real Estate, Lic. 01310792 - Sacramento, CA

Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Ann, good sound advice from the best Portsmouth, NH Realtor. Let's hope that more people read and apply this standard of living.

Feb 27, 2008 11:07 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hi Gena - it is good advice, and I've lived it myself so I know it can be done!!

Ann