{"id":868,"date":"2023-03-07T03:13:00","date_gmt":"2023-03-07T08:13:00","guid":{"rendered":"https:\/\/marriagekidsandmoney.com\/?p=868"},"modified":"2023-04-06T16:34:12","modified_gmt":"2023-04-06T20:34:12","slug":"how-we-paid-off-48032-of-debt-in-1-year","status":"publish","type":"podcast","link":"https:\/\/marriagekidsandmoney.com\/podcast\/how-we-paid-off-48032-of-debt-in-1-year\/","title":{"rendered":"How We Became Debt Free After Paying Off $50,000 in 1 Year"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">A little over a decade ago, I married my dream girl. She was funny, beautiful, and chock-full of 90's TV trivia. Our first couple of dates consisted of a lot of Saved by the Bell and Seinfeld jokes.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Outside of knowing the Soup Nazi episode verbatim, Nicole and I&nbsp;both came into the marriage knowing the general basics of personal finance.&nbsp;<\/span><span style=\"font-weight: 400;\">You know, advice like:<\/span><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">&#8220;Don't carry a credit card balance&#8221;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">&#8220;Always have some savings for a rainy day&#8221;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">&#8220;Good debt is okay to have&#8221;<\/span><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"wpbf-responsive-embed\"><iframe loading=\"lazy\" title=\"How to Pay Off Debt Fast:  $50k of Debt in 1 Year\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/XZppVzB0Bsk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">In&nbsp;the years before our marriage, we did rack up a hefty amount of &#8220;good&#8221; debt. Car payments and student loans were a few of the good debt offenders we carried into our marriage. Hey, you NEED a car to get around, right?! And how else are you going to pay for college?!&nbsp;<\/span><\/p>\n\n\n\n<p>After some research and personal soul-searching, there really was no good debt or bad debt in our eyes. It was just debt to us. This was all just money we owed someone. It wouldn\u2019t go away until we decided to clean it up.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">We decided that being in debt was not something we wanted for our new family. We vowed to become debt-free (<a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/15-year-mortgage-paid-off-in-5-years\/\">outside of our mortgage<\/a>) before our first child was born.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In September of 2010, we owed <\/span><b>$20,908<\/b><span style=\"font-weight: 400;\"> on my wife\u2019s car and <\/span><b>$27,124<\/b><span style=\"font-weight: 400;\"> on my student loans for a grand total of <\/span><b>$48,032<\/b><span style=\"font-weight: 400;\"> of good\/bad\/indifferent debt. <\/span>During the next 12 months, we took that $48,032 of debt and clobbered it!<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">By September 2011, we owed <\/span><b>$0.<\/b><span style=\"font-weight: 400;\"> Zilch. Nada. Bye-bye debt. <\/span><\/p>\n\n\n\n<p><strong>Here are the 5 steps we took to become debt free for life:<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-develop-a-monthly-budget\"><span style=\"color: #ff6600;\"><b>1. Develop a Monthly Budget<\/b><\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">We developed a <\/span><span style=\"font-weight: 400;\">monthly written budget<\/span><span style=\"font-weight: 400;\"> that defined our way forward. We knew we had to reduce our expenses and increase our debt payments. The written budget guided us to ensure we would stay the course. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For budgeting, we used a simple spreadsheet. It wasn't too fancy. We just listed out our income and our expenses and made sure we allocated each of our dollars to an assignment.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As the years passed, we decided to upgrade to <a href=\"https:\/\/marriagekidsandmoney.com\/create-your-budget-on-mint-in-10-simple-steps\/\">Mint<\/a>. This online budgeting tool gave us more flexibility and made the monthly budgeting process a lot quicker through its ability to link up to your bank and credit card accounts.&nbsp;<\/span><\/p>\n\n\n\n<p>I developed a <strong>simple <a href=\"https:\/\/marriagekidsandmoney.com\/create-your-budget-on-mint-in-10-simple-steps\/\">10-step guide to get started on Mint<\/a><\/strong>.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\"><em>(For couples, consider checking out <a href=\"https:\/\/marriagekidsandmoney.com\/monarchmoney\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Monarch Money<\/a>. This is another free budgeting option that will help you win together.)<\/em><\/span><\/p>\n\n\n\n<p>A<span style=\"font-weight: 400;\"> good old-fashioned pencil and paper will even do! Just make sure you have a budget and stick to it.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-choose-your-debt-elimination-strategy\"><span style=\"color: #ff6600;\"><b>2. Choose Your Debt Elimination Strategy<\/b><\/span><\/h2>\n\n\n\n<p>There are multiple debt elimination strategies to consider. Choose the one that works best for you and your situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debt-snowball\"><b>Debt Snowball<\/b><\/h3>\n\n\n\t<div class=\"wp-block-jetpack-gif aligncenter\">\n\t\t<figure>\n\t\t\t\t\t\t\t<div class=\"wp-block-jetpack-gif-wrapper\" style=\"padding-top:56%\">\n\t\t\t\t\t<iframe src=\"https:\/\/giphy.com\/embed\/xUySTZhLpepqXCl5Dy\" title=\"snowball\"><\/iframe>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/figure>\n\t<\/div>\n\t\n\n\n<p><strong>How does it work?<\/strong><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">Take your debts and line them up from the smallest amount owed to the largest amount owed <\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Pay the smallest off first by making extra payments each month<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Given that you\u2019ll now have less interest to pay with one of your eliminated debts, take that extra amount of money and start paying down the principal on the next debt<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">The process continues with your payments growing larger like a snowball down a hill<\/span><\/li>\n<\/ul>\n\n\n\n<p><strong>Debt Snowball Example:<\/strong><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">You have $2,000 in credit card debt, $500 in medical debt, $25,000 in a HELOC<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Pay off the medical debt first, then the credit card, then the HELOC<\/span><\/li>\n<\/ul>\n\n\n\n<p><strong>Why the Debt Snowball works:<\/strong><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">By getting some quick wins in paying off your smallest debt first, you\u2019ll feel motivated to keep going! <\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">If you started with the $25,000 HELOC, you could be at it for quite a while and become&nbsp;uninspired to continue paying off your debt<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debt-avalanche\"><b>Debt Avalanche<\/b><\/h3>\n\n\n\t<div class=\"wp-block-jetpack-gif aligncenter\">\n\t\t<figure>\n\t\t\t\t\t\t\t<div class=\"wp-block-jetpack-gif-wrapper\" style=\"padding-top:56%\">\n\t\t\t\t\t<iframe src=\"https:\/\/giphy.com\/embed\/QGOpDvtp6we3e\" title=\"avalanche\"><\/iframe>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/figure>\n\t<\/div>\n\t\n\n\n<p><strong>How does it work?<\/strong><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">Take your debts and line them up from largest interest rate to smallest interest rate<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Pay off the debt with the largest interest rate first by making extra payments each month<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">The process continues similar to the debt snowball<\/span><\/li>\n<\/ul>\n\n\n\n<p><strong>Debt Avalanche Example:<\/strong><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">Credit card debt (20% interest), medical debt (4% interest), HELOC (6%)<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Pay off credit card debt first, then HELOC, then medical debt<\/span><\/li>\n<\/ul>\n\n\n\n<p><strong>Why the Debt Avalanche works:<\/strong><\/p>\n\n\n\n<ul>\n<li><span style=\"font-weight: 400;\">Mathematically, this helps you pay off the most financially draining debts that you have and will (in theory) help you save the most money.<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-other-debt-elimination-options\"><strong>Other Debt Elimination Options<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-hybrid-model\">Hybrid Model<\/h4>\n\n\n\n<p>You can also look at using a <strong>Hybrid Model<\/strong> of these two approaches where you pay off the debt with the largest interest percentage first, and then get some quick wins on the debt with the smallest balance.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-debt-lasso\">Debt lasso<\/h4>\n\n\n\n<p>This method was made famous by John and David Auten-Schneider after they paid off <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/obliterating-51k-in-credit-card-debt-and-empowering-the-lgbt-community\/\">$51,000 in credit card debt<\/a>. The main goal here is to tackle your high-interest-rate credit cards by lumping your debt into one low-interest loan. This can be done through a 0% interest credit card. <\/p>\n\n\n\n<p>You'll need to be careful with this one. Make sure you're committing to paying all of your debt off before the 0% interest term expires. Otherwise, you are going to be back where you started and probably worse off!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-debt-hatred\">Debt Hatred<\/h4>\n\n\n\n<p>Or simply just choose the debt that you HATE the most and smash that one first!<\/p>\n\n\n\n<p>We chose the <strong>Debt Avalanche<\/strong> method because our student loan and car debt amounts were nearly similar. The student loan had an interest rate of 6.8% so we decided to blow that one up as soon as possible and then tackle the car loan. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-increase-your-income\"><b style=\"color: #ff6600; font-size: 23px;\">3. Increase Your Income<\/b><\/h2>\n\n\n\n<p>Outside of spending less money, another great way to eliminate your debt fast is to <strong>make more money<\/strong>!<\/p>\n\n\n\n<p>Before we decided to go crazy on our debt, I received a promotion to a sales position that allowed me to make a commission when I brought in new business. At that time I was making around $70,000 per year without commissions. When Nicole and I decided to rid ourselves of our debt, let\u2019s just say, I became highly motivated to sell \u2026 a lot.<\/p>\n\n\n\n<p>I expanded our portfolio with a major client and doubled our business in 2011. Our business grew, my team grew and so did my commission checks. I ended 2011 with just over $100,000 in total income!<\/p>\n\n\n\n<p>With that additional income, we did not adjust our lifestyle and buy new clothes, fancy dinners, and jewelry. We took the extra money we received each month and slowly but surely paid down our debt using the Debt Avalanche.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Now you may not be in a sales job like I was, but increasing your income is completely in your hands. It just takes extra effort. <\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-ideas-to-increase-your-income\">10 ideas to increase your income<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are 10 ideas for increasing your income immediately. I\u2019ve done 5 of these personally:<\/span><\/p>\n\n\n\n<ol>\n<li><span style=\"font-weight: 400;\">Detail the value you bring to your company and <a href=\"https:\/\/marriagekidsandmoney.com\/take-your-salary-from-5-figures-to-6-figures-in-7-steps\/\">ask for a salary increase<\/a><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Sell household items you don\u2019t use anymore on Facebook Marketplace<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Become an Uber or Lyft driver in your downtime<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Airbnb a room at your house<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Get a roommate and charge a monthly rent<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Use your skills to create something and sell it online (Etsy, etc).<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Help people with everyday tasks through services like&nbsp;Task Rabbit<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Become a <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/marriagekidsandmoney.com\/earnmorewriting\" target=\"_blank\">freelance writer<\/a> or <a href=\"https:\/\/marriagekidsandmoney.com\/how-to-start-a-wordpress-blog-in-10-easy-steps\/\">start a blog<\/a><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Sell unused gift cards<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Start a weekend dog-sitting service<\/span> through <a href=\"https:\/\/marriagekidsandmoney.com\/rover\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Rover<\/a><\/li>\n<\/ol>\n\n\n\n<p><strong>Related Article<\/strong>: <a href=\"https:\/\/marriagekidsandmoney.com\/smart-ways-moms-and-dads-make-more-money\/\"><em>26 Smart Ways for Moms and Dads to Make More Money<\/em><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-stick-to-the-plan\"><span style=\"color: #ff6600;\"><b style=\"font-size: 23px;\">4. Stick to the Plan<\/b><\/span><\/h2>\n\n\n\n<p>It is incredibly easy to stray away from your&nbsp;budget and your debt-elimination strategy. There are always shiny objects that will distract you and take you off course.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Although I consider myself a frugal and disciplined guy, I had a tough time not spending the extra commission dollars I was receiving at my job. I\u2019m human, right? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">To help me stay on track, my wife and I would remind ourselves that being debt-free before our first child came into the world would set our family on a course for financial success that would last our entire lives. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">That reason for pushing hard (my \u201cWhy\u201d) gave me the motivation to stick to the plan. I kept thinking about how SATISFYING&nbsp;it would feel to rid ourselves completely of this debt.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-celebrate-the-wins\"><span style=\"color: #ff6600;\"><b style=\"font-size: 23px;\">5. Celebrate the Wins<\/b><\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">We\u2019re not robots. Live a little! When you pay off one of your debts, celebrate!! Go out to dinner. Pop some champagne. Share the news with family and friends. This is a BIG deal. You are NOT normal (in a good way)! <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This encouragement will motivate you to keep charging down the path toward complete financial freedom. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Nicole and I celebrated each debt-crushing milestone together and it made our new marriage that much stronger. We were partnering together on something so important for our future and we were winning.<\/span><\/p>\n\n\n\n<p>That year of debt destruction allowed us&nbsp;to have Nicole leave her job and stay home to raise our kids. You can't put a price tag on the bond she developed with Zoey and Calvin during the first years of their lives.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Fast forward to today, we've kept up our debt elimination plans and have <a href=\"https:\/\/marriagekidsandmoney.com\/how-to-pay-off-your-mortgage-early-in-10-not-so-easy-steps\/\">paid off the mortgage on our $500,000 home<\/a> in less than 5 years.<\/span> That major reduction in our expenses has allowed me and Nicole to choose the work we want to do instead of the work we have to do.&nbsp;<\/p>\n\n\n\n<p>At this rate, we\u2019re creating a financial future for our two children that we would never have imagined possible. And to think, it all started with taking that first step in making the conscious decision to eliminate our debt once and for all. Now we have the freedom to live the lives we\u2019ve always wanted.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><strong>WHAT DOES A DEBT-FREE LIFE LOOK LIKE FOR YOU?<\/strong><\/p>\n\n\n\n<p><strong>PLEASE LET US KNOW IN THE COMMENTS BELOW.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/www.marriagekidsandmoney.com\/wp-content\/uploads\/2020\/02\/Copy-of-Copy-of-end-hunger.png?fit=683%2C1024&ssl=1\" alt=\"\" class=\"wp-image-8820\"\/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"author":3,"featured_media":10921,"comment_status":"open","ping_status":"open","template":"","epcats":[675],"eptags":[829,735,801,830],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How We Became Debt Free After Paying Off $50,000 in 1 Year<\/title>\n<meta name=\"description\" content=\"$50,000 of vehicle and student loan debt followed us into our marriage. 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