As you may know by now, we’re really big on freedom around here. If you want, you can check out THIS POST to learn more about what that means to us. When we first got married, PJ and I decided we wanted to be debt free. We believed, and still do, that living our life without debts would be completely freeing and give us the opportunity to do the most with our money. At the time neither of us were making much money and luckily neither of us brought over much debt going into our marriage, but we quickly learned that if you are not intensely focused on WHY you want to pay off your debts, or WHY you don’t want to accumulate any debt, life can come at you hard, and we accumulated debt pretty quickly.
We are both pretty good at managing money so we never felt like we got in over our heads or couldn’t afford our monthly payments. We didn’t feel like we had unnecessary debt either, it was mostly student loans and big purchases like our wedding rings and cars, so we were never really intense about paying all of it off. A little over a year ago we both were blessed with promotions at the same time, and the combination of that and my growing business left us making more money that either of us had before. We knew we wanted to pay off debts so we made sure we didn’t change our lifestyle and spending habits so we could throw all that extra money towards our goal. We paid off a good chunk of it! We were also able to completely fund our trip to China where we spent one week serving and teaching an art class in an orphanage. Then life happened and we added a few more things here and there and had a baby while never really tackling the big debts.
Now here we are, sitting in almost as much debt as we started with originally because of our lack on intentionality, conviction, or planning. We are committed to our goal of living our life debt free and we are going to be super intense about completely paying off ALL of our debts and NEVER borrowing money again. We are following Dave Ramsey’s baby steps to pay everything off and begin our journey of building wealth. We built our small emergency fund and currently have about $13,000 to pay off, and we want to do it as quickly as possible. We will be sharing tips and tricks to making as much money as we can on the side while living below our means to get this knocked out. Then we will start building up 3-6 months of expenses to have a full emergency fund to completely eliminate the need to borrow money again.
I highly recommend reading Dave’s book The Total Money Makeover, which you can find HERE, or if you want more information and guidance, attend a Financial Peace University class near you. We want to share our journey with you! If you are working on paying off debt or if you’re committed to paying cash for all your purchases let us know, we want to hear from you.