She Strengthens

Breaking Free from Debt: One Couple’s Journey to Financial Freedom

My husband and I took the leap into marriage quickly, but we soon found ourselves facing a daunting reality: $10,000 in credit card debt and $11,000 in student loans. As newlyweds, we knew we had to take drastic measures to regain control of our finances.

The Wake-Up Call

Before we got married, I had been working on paying down my student loan debt. However, after we tied the knot, our combined debt ballooned to $20,000. It was a harsh realization, but we knew we had to act fast to avoid drowning in debt.

Creating a Budget: The First Step to Freedom

I took charge of creating a budget, tracking our monthly expenses, and identifying areas where we could cut back. We made some tough decisions, like finding a cheaper apartment and slashing our food budget. We also gave up luxuries like $5 Starbucks coffees and limited our dining out to special occasions.

The Power of Tracking Progress

To stay motivated, I used undebt.it to track our debt payoff progress. Celebrating milestones, no matter how small, kept us going. Whether it was treating ourselves to a $5 pizza or posting on social media, we acknowledged every step forward.

Staying Motivated: The Key to Success

For us, staying motivated was crucial. We set payoff dates for each credit card and student loan, and the sense of accomplishment when we hit those milestones propelled us forward. We were not perfect, but we learned to balance our desire for financial freedom with enjoying our lives.

Lifestyle Changes that Helped Us Pay Off Debt Faster

We made some significant lifestyle changes to accelerate our debt payoff journey. We sold my husband’s truck, returned a couch that was too big for our living room, and I got a new job with a higher salary. These changes helped us make larger payments and stay on track.

The Final Push: Paying Off Our Debt in One Year

We started our debt payoff journey in March 2018, paid off our credit cards by October 2018, and made the final student loan payment on March 5th, 2019. It was an incredible feeling to be debt-free, and we learned valuable lessons about managing our money and working together as a team.

The Importance of Emergency Savings

One thing we wish we had done differently was setting aside $1,000 in savings for emergencies. We eventually did this in January, and it brought us peace of mind to know we had a safety net.

Breaking Free from the Debt Cycle

I believe that anyone can escape the debt trap with time, hard work, and motivation. It’s time to challenge the norm and strive for financial freedom. Let’s make conscious choices to live below our means, save for the future, and enjoy life without the weight of debt holding us back.