How We Eliminated Over $32,000 In 14 Months
How would you like to say that you too are, DEBT FREE??!?!? I feel relieved and free from debt. You can read about how our journey began at Our Total Money Makeover Has Begun post.
Some quick and simple tips to eliminating your debt:
- BOTH spouses have to be on board (this is so critical)
- Make a list of your debt (seeing it on paper makes it that much more real)
- Make a list of what you can do without or go for a lower plan (Cable, phone, entertainment, etc)
- Read The Total Money Makeover book by Dave Ramsey
- Have at least $1,000 for emergency (this helped when I had to get the van fixed)
We didn’t think that we can eliminate over $32,000 in debt in just 14 months. We thought more like two years, but I made a goal date and just pushed for it. I put a goal date of 18 months and we beat it by 6 months.
I’m noticing that with ANYTHING I do that if I don’t put a GOAL DATE then it won’t get done!
I’m so thrilled to say that we are DEBT FREE!!!!
This is how we did it….FIRST…we made a list of all our credit cards (we had 7) and all of them were 0% interest rate!! One was even 0% for the LIFE of the debt! So, of course, that one was paid off last. We paid the smallest one off then snowball that payment into the next one and thats how we started the ball rolling.
I’m thrilled to say that y’all had a part of us becoming DEBT FREE!! This site helped pay off 3 of the 7 credit cards!! Yes, YOU, helped us out! By clicking on my links and purchasing or getting items for FREE. Thank you so much for supporting us.
Second, we made a list of items that we can either do without or get a lower plan for. So I did away with my blackberry and got the FREE phone from Verizon, my hubby is an employee for a hospital so he gets 20% discount. We then looked at eating out and boy were we SHOCKED, over $200 per month was being spent on this one thing!!!
We looked into Redbox and dropped our cable. Yes this was a hard one for hubby to give up. We even started to rent movies from the library for FREE!
Third, by using coupons, we dropped our grocery bill to $300 per month for a family of 5 (2 adults and 3 kids ages 6 and under)! Which included pull-ups, paper plates, paper towels, and personal items too.
Fourth, I started going back to school. I am a Veteran of the United States Air Force and started to use my GI Bill. I hate school but I treated this as a part time job as I’m a stay at home mom.
So we eliminated our debt with one income and me becoming more frugal. If you don’t think you can do it, like we thought once upon a time, YOU CAN!!! It will take work and will power! But once you start seeing the credit cards becoming ZEROS, you will too get excited to get them paid off!
What have we done since we have become debt free?
- Hubby will be getting his first book published!! You can follow him at Fireside Nook on Facebook or his site Fireside Nook.
- Hubby got me a Gammill Premier Plus Longarm Quilting Machine so I’m opening up Joey’s Quilting Co. and you can also follow me on Facebook at Joey’s Quilting Co. If you have some T-Shirts that you would like to be made into a quilt then check me out! I also do quilts from your baby clothes. They make great keepsakes.
- We refinanced our mortgage from a 30 year fixed to a 15 year fixed and drop about 2 points on the interest! Yay! We are hoping to get the house paid off in 10 years!! That would be amazing!
I hope this will inspire you to get out of debt!The post contains links to sponsors/affiliates. Here is a link to our disclosure policy