101 in 1001 · During Our Marriage

30. pay off debt by 2015

Hey! Happy Monday!  Guess what?

debt free | Atwell AdventuresThat’s right! We’re debt freeeeeeee!

Its been almost two months since we paid off our debt, but it still feels so good – and so unreal – to type that.

I never thought that we would be able to pay off everything as quickly as we did, but looking back, it’s a great reminder of how the Lord provided SO much for us these past few months! From G being offered a job and an early start date allowing him to take leave time he built up in the USMC, to a rental house that was within our price range, there were so many answers to prayers and we are grateful for the opportunity to be living without the burden of debt.

When we began to work on paying off our debt in September {read: paying more than the monthly minimum on what we owed}, we hoped that we would be able to pay it off by our first anniversary but tried to be realistic and give ourselves until the end of 2014 to pay it off, just in case life happened and we had to put money towards other things. After all we didn’t really know what our next few months would like with G finishing up in the military.  

Some of the things that we did that were key to us paying our debt off more quickly:

  1. Pay off smaller debts first. We read about this idea through Dave Ramsey, and it truly did give us momentum.  And who doesn’t put a cross through a line of debt once its paid off?
  2. Create a spending budget off of less than your income.  If you make $100 a month, create your budget based on $60 and put the other $40 towards debt.
  3. Reduce “fun money” spending. This may sound like a no brainer, but we worked over our budget a few times and tried to cut out things we could do without. While it definitely wasn’t fun to cut down on our “fun money” spending {clothes, home stuff, eating out more than once a week}, it was very worth it.  It even gave me time to gain new perspectives on needs vs.wants, buying things I love, and investing in quality items.  I’m definitely still learning though!
  4. Evaluate spending every month. Each month, we would list out how we did on our budget, and make notes if we went over in certain categories.  This helped us stay more accountable and be realistic about our spending.

We still have a long way to go in learning about money {giving, saving, and planning} but we’re grateful to be doing it now without the worry of a payment!

What are some ways you tackle debt? Any tips?

ps – Want to read more about how we got started? Last fall during my 31 days series, I wrote about how we deal with moneycommunicating about moneygoal settingbudgeting 101a helpful tooleasy ways to save, and settling into a home on a budget.  

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12 thoughts on “30. pay off debt by 2015

  1. That’s awesome! We are working on paying down our debt as well, so to hear that you guys have been able to do it certainly gives us hope! Way to go!!!

  2. What a blessing, we are a cash family for the most part because of necessity of bad credits, bad choices early in our marriage, we’ve come accustomed to it now and we embrace things like buying a couch on layaway as opposed to credit. We are doing this right now but when it’s home it’s all ours and not the credit card companies. Dave Ramsey is very inspiring.

    1. It is a blessing for sure and we are so grateful! Neither of us have credit cards – and plan to keep it that way – but our debt was a combination of school and car loans. Going forward, we hope to make any kind of purchases {furniture, cars, etc.} with cash because like you said, it would be ours from the beginning. We’ve learned also, there is negotiating power with cash so hopefully that will help us get things for better deals too! And you are right – Dave Ramsey is inspiring!

  3. do you have a mortgage? this is so awesome and gives me hope! we plan to be credit card debt free in a few months – but have a lotttt of student loan debt (yay grad schools!) and a mortgage. it may be awhile before that is taken care of 🙂

    1. Hi Amanda! We don’t have a mortgage – we’re just renting and saving. We were married in July 2013, lived in NC for a few months before relocated to Georgia in December when my husband finished his time in the military. The itch to buy is definitely there but I’m happy that we’re saving and figuring out the area before we purchase anything!

      I would definitely recommend Dave Ramsey’s baby step approach and writing your budget out helps! Once you start paying things off (smallest debts first) then put the money that you normally used for that monthly payment to your next debt, and continue the cycle! Good luck in your adventure and let me know when you finish!

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