My next story is how Holly at MrsSavvySaver and her husband paid off $33,000 in student loans. Student loans are the next bubble that is about to burst and many people don’t see a way out.
There is a way and just requires a plan and changing our mindset as a society and as individuals. We were able to pay off $25,000 in student loans in 10 months and a total of $45,000 in debt in 17 months. It is possible!
CLICK TO GRAB YOUR FREE DEBT SNOWBALL STARTER KIT HERE->
Quick intro, age, family demographics, career, income if comfortable sharing, anything unique about yourself.
Thank you so much for giving me the opportunity to share here! I’m just a simple girl who grew up on a dairy farm. I married my high school sweetheart and have rainbow baby boy and a new little girl. I worked outside the home for 9 years before being able to proudly wear the title SAHW but 4 years later I was finally able to be a SAHM.
This required me to be extremely frugal with our money and still live a comfortable life. I have extravagant taste but I’m always looking for the best deal possible all while living on one income. It has turned into more of a game to see what good prices I can get on everything in my life.
How much debt did you have when you started your debt-free journey? How much have you paid off?
We have paid off $33,000 worth of student loans and are completely free from school loans! This began when we were married. My husband was in college when we tied the knot and we began paying off his school bill each semester after we were married. Loans were deferred of course but we didn’t incur any more loans after we were married.
Did you do anything extreme to pay off debt?
I think the only extreme thing we did was to house sit for a family. Not everyone has this opportunity but it was great for us. We house sat a 4 bedroom, former Bed and Breakfast in the gorgeous Finger Lakes area of NY. It also made me realize after I had to call my husband on his cell phone to FIND him in the huge house that I never wanted a home that large for myself!!
What kind of comments did you get from others while paying off debt?
We really didn’t talk about it much, it was just something we were working on.
Do you still have a mortgage?
We do. We just bought our first house 3 years ago so we do want to take down that monster now.
Do you follow Dave Ramsey and if so, why and how long?
I have read his book but I actually grew up listening to Larry Burkett on the radio and so as a teenager I knew about debt, credit cards and budgets. I have been on my own budget since I was 15 so I’m a little crazy about where every penny goes.
Have you ever bought a brand new car? If so, would you again?
No, I just can not see the reason to pay $30,000 to $50000 for a vehicle and drive off the lot only to have it lose 20% of its value in the first year. That is a lot of money! “ A penny saved…” It just doesn’t make sense to me so we have always bought good used cars.
Related Posts
How One Couple Paid Off $130,000 in 2 years!
How One Couple Paid Off $70,000 in 12 Months!
What can you do now that you couldn’t when you had debt?
I love the freedom we have to make big decisions that are right for our family without being held back by large school payments or other debts.
What are your current financial goals?
Our goal is to knock out our mortgage next and be completely debt free. Only 12% of American’s are completely debt free but I want to be in the 12%!!!
What piece of advice would you give someone who is currently in debt and/or working to pay it off?
1} Don’t be afraid to go crazy on your debt! Eliminate it like a bag of York Peppermint Patty’s! {Yes, my guilty pleasure it is!}
2} Start a budget today! Figure out a way to know your budget figures every.single.day! I personally use the modern app/program You Need A Budget. I just look at my app, see what I have to spend or not spend in a category and make intelligent decisions regarding my finances. This is HUGE if you want to pay off debt of any kind.
3} See if you can double your debt repayments. Use some calculators online to see how long that will take and then mark your calendar. If you set a goal it will be easier to apply extra money to that goal.
I just would encourage every lady reading this to take charge of your finance picture. Right now you are giving away hard-earned dollars to someone else! Pay your debt off as quickly as possible so that money can be yours!!
Then dream big! What would life look like with $1000 or $2000 extra money a month. Begin creating your reality by steps you make today.
Why did you want to become debt-free? What start the journey for you? Any books you recommend? How did you stay motivated? Anything else you think is important for your journey that you want to share?
I’ve seen over and over in others lives the strain and pain that debt can bring. It effects relationships first and foremost which motivates me to live within our means and out of debt.
My advice would be to read Suze Orman’s book Women and Money. There are also great Podcast’s and of course this blog right here! Just keep learning more and more about money and budgeting. Knowledge is power!
You can follow Holly on Facebook, Twitter and Pinterest!
FAQ:
Should I pay off student loans or invest?
You should pay off your student loans. There is a lot of debate on this subject but in the grand scheme of things, reducing your risk and your monthly payments allows you to invest more in the long run. You want to reduce your debt so that if you lose your job, want to change jobs, have a major life changing event, you don’t have to worry about bills.
Should I pay off my student loans or mortgage first?
You should pay off your student loans first. There are a couple of reasons why but it really boils down to risk again. If something happens like a job loss, sickness, or emergency, you don’t want to worry about a loan that doesn’t have any collateral. A house is an investment and should gain value if you have to sell later on.
How to pay off student loans in one year?
There are several tips for paying off you loans in one year but it all boils down to your motivation. How motivated you are to get rid of them quickly will determine how quickly you pay them off. I have shared stories of people that have paid off their student loans in less than a year and on a low income. Get mad about the debt and do everything you possibly can to get them out of your life. It’s a short-term sacrifice for a long-term goal.
GRAB YOUR FREE DEBT SNOWBALL STARTER KIT HERE->
Very informative, keep posting thnaks for sharing..
I’ve been checking out posts like this left and right since I just graduated. I’ve got about 5 months left to figure out a plan for tackling my loans and I am NOT looking forward to it. However, reading success stories like this helps a lot.
I love reading debt free stories, they are so inspirational as we try to tackle our huge 147,000.00 debt monster. Sometimes it can feel impossible, but reading others success stories keeps me going!
Thank you so much for sharing! There is a light at the end of the tunnel and it is possible! Sometimes it’s hard to remember that.
Loved Larry Burkett. I am so proud of you guys for digging out of that debt. It is so freeing to not have all of that hanging over your head.
Isn’t her story the greatest? I love these type of blog posts!
Such good info! My student loans are out of control and the largest bill I pay for sure.
Great info for all. Student loans can become a major thorn in one’s side is not managed properly! Thanks for sharing.
Debt of students loans are horrifying for anybody. Inspiration for anybody who went through this process!
I’m on my financial freedom journey now. I’m paying bi-weekly into my student loans and paying well over the minimum. It can be hard to stay motivated because it feels like it will never end. I make extra monthly payments when we can as well. I’m optimistic for sure, but it will be quite the journey!