Building a Strong Financial Foundation: The McNulty’s Path Toward Homeownership

Buying a home is an exciting goal for many newlyweds. Before starting the search, paying down debt and building savings may help create long‑term financial stability. In this episode of VyStar’s Debt Payoff Challenge, Dominic and Shay McNulty worked with a VyStar financial educator to take clear, realistic steps toward becoming homeowners.

Their experience shows how planning and teamwork can support financial confidence.

What It Means to Be Mortgage Ready

Mortgage readiness goes beyond the desire to buy a home. Shayna, their Realtor, said lenders often look for a lower debt‑to‑income ratio, strong credit scores and savings set aside for a down payment.

When those pieces are in place, the process may feel less stressful. It also allows couples to focus on finding a home that fits their needs.

Paying Down Debt While Saving

Dominic and Shay entered marriage with several types of debt, including credit cards, a shared car loan and student loans. VyStar Financial Educator Roz Bridges encouraged them to focus first on high‑interest debt while continuing to build savings.

“The first thing that you want to do is pay yourself,” Bridges said. “You want to make sure you’re continuing to build your emergency savings as you go, while also keeping up with minimum payments to support your credit score.”

The couple considered using funds from a high‑yield savings account to pay off a credit card. Bridges supported the strategy, as long as their emergency fund remained strong.

A Shared Strategy for Multiple Debts

After paying off the credit card, the McNultys turned their attention to student loans and their car payment. Instead of splitting expenses evenly, they contributed based on income, with one partner covering about 60% and the other 40%.

This approach helped them focus on a shared goal. “Getting the debt paid down as quickly as possible and bringing that overall obligation down sounded like a good starting point,” Dominic McNulty said.

They also redirected money from the paid‑off credit card toward other debts, helping accelerate progress.

Choosing How to Manage Money Together

Bridges outlined three common ways couples manage finances:

• Keep finances separate but aligned

• Combine all income and expenses

• Use a hybrid approach with shared and individual accounts

The hybrid option appealed most. It allows couples to track shared progress on debt and savings while maintaining personal flexibility.

Staying Flexible and Communicating

Financial plans may need to change over time. Bridges encouraged regular check‑ins and open conversations.

“If things change along the way, it’s okay,” she said. “We can adjust the plan to what continues to work well for you.”

By focusing on communication, emergency savings and reducing high‑interest debt, Dominic and Shay feel closer to their goal of homeownership. “It feels attainable,” Shay McNulty said.

For couples navigating a similar journey, the McNultys’ experience offers a practical example. Aligning goals, creating a flexible plan and taking consistent steps may help make homeownership feel more achievable. With financial education and teamwork, long‑term stability can feel within reach.