One of our dreams that became a huge priority for us was getting out of debt when we realized that money was such a big factor that was preventing us from making our dreams a reality. In this week’s episode on the podcast, we shared the things that we are doing that is help gin us move towards getting out of debt. 

  1. Sit down and total up how much debt you have. Give it an actual number! Ours was around $90,000 in total not including our mortgage. 
  2. Research the best way to pay off debt. We focused on our school loans first, followed by car loans. Do what works best for you. Dave Ramsey is a popular finance figure with his Financial Peace University program that we hear a lot of people have success with but we have no experience ourselves.
  3. Make a budget and stick with it. Making one isn’t hard, it’s the sticking to it part because who doesn’t struggle with self-control. We share our tips on how we made our budget. 
  4. Identify things that could be cut or decreased. Everyone has things, your food bill is a good place to start. 
  5. We committed to no-spend challenges frequently. We used the money that we saved towards principal payments. 
  6. Monthly budget parities that kept us as a couple on the same page with each other, but making it clear how we were doing. 
  7. Diving deep into the tips and tricks that applied to us that the financial independence (FI) community have shared specifically in the multiple facebook groups that they have.
  8. Changing up our lifestyle by incorporating more simple, intentional, minimal and frugal practices. 
  9. Making principal payments. We used these on our mortgage, school loans, and car loans. This made a huge difference that we were so surprised about. 
  10. Using our tax refunds to make principle payments instead of spending it all on stuff. 

We started only 4 years ago taking our debt seriously. In that time, we’ve been on a single income not making huge amounts of money. We are excited that by 2020, we will be completely debt-free! We hope to inspire you that if we can do it, then so can you. 

Leave us a comment to tell us what tactics you are using to get your debt under control!