Sometimes debt can be overwhelming, and it’s not uncommon for those with student loans, consumer debt, or whatever it may be to be unaware of their options when it comes down to paying it all off. So you have to ask yourself: do I want this debt hanging over my head?
Am I okay with potentially missing out on opportunities? Or do I want to eliminate the problem and live my life the way I want to, not the way my finances are controlling me? And once you take that first step, it’s all about getting down to business!
On this episode of the His & Her Money Show, we’re bringing you another incredible debt payoff story! Jen Smith dropped by to tell us all about how she and her husband paid off their $78,000 debt in just two years! After her own debt elimination experience, Jen made it a mission through her platform to help educate and motivate others to become debt-free as well!
When Jen’s then-fiancé first mentioned that he wanted to pay off his student loans, Jen was less than enthusiastic. Putting that kind of time, effort, and money into paying off debt seemed like a massive undertaking for a fresh-out-of-college couple, but once she started seeing it as a stepping stone towards their goals, like becoming foster parents, it didn’t take too long for her to get on board!
At the starting line, they were getting by on a single income and looking at $78,000 of debt, most of their combined student loans, and a tentative 5-year payoff goal. So, they got cracking with the side hustles!
Even when they hit snags along the way, like unemployment and health issues, Jen and her husband persevered, keeping their end goal in sight as a united front against debt. And all their hard work paid off — literally! — when they made that final payment less than two years later!
There’s a lot to learn from Jen’s story and we hope you pick up some nuggets that you can apply to your own debt-free journey. And for more tips, tricks, and solid financial advice, check out ModernFrugality.com and the Frugal Friends Podcast!
What You Will Learn
- How Jen and her husband paid off their $78,000 in less than two years
- Breaking down your spending habits
- Ways you can get creative while generating income towards your debt payoff
- The importance of couples working together to pay off their debt
- Setting realistic goals to keep on the right track
- How Jen and her husband successfully purchased their home in the middle of their debt payoff
Resources Mentioned
- Modern Frugality
- Frugal Friends Podcast
- The No-Spend Challenge Guide: How to Stop Spending Money Impulsively, Pay Off Debt Fast, and Make Your Finances Fit Your Dreams by Jen Smith
- Debt Freedom Blueprint
- M1 Finance
