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This couple paid off $72,000 of debt in 22 months here's how they did it

This couple paid off $72,000 of debt in 22 months here's h...
Non sequitur
  03/13/18
Just do pay lower interest rate loans first
lawdads8
  03/13/18
(((Odd case)))
Morning In America
  03/13/18
Just do 0% mortgage through family
Hitler Did Nothing Wrong
  03/13/18
Also free child care from family
(*_*)//(^_^)\\(*_*)______('~')
  03/13/18
Boy, I sure hope they're reporting the imputed interest paym...
;:;;;:::....(:::
  03/13/18
just sell your fucking house after appreciation and buy a ne...
Religion of Peace
  03/13/18
(guy who has not learned to be content and grateful for what...
lawdads8
  03/13/18
i am grateful for the return on my decades of striving and d...
Religion of Peace
  03/13/18
Is it seriously yet ANOTHER one of these situations? Or was ...
part and parcel
  03/13/18
last one was more egregious: the husband's mom just gifted t...
baby boomer espousing benefits of home ownership
  03/13/18
They're all fucking retarded.
~~(>' ' )>
  03/14/18
...
Non sequitur
  03/13/18
...
cannon
  03/13/18
To be fair, they are debt free, other than thay one debt the...
N904PD
  03/13/18
...
prince rat fuck spinning
  03/13/18
how fucking stupid are these publishers? this is as infuriat...
Maori woman performing defiant haka
  03/13/18
...
Non sequitur
  03/14/18
I made about 210,000 dollars in payments in 17 months withou...
Henry Aaron
  03/13/18
cr, I paid off $80,000 in debt in one day. No family suppor...
Religion of Peace
  03/13/18
lol no one cares, this isn't virtuous or impressive. it's fu...
gaggle of IvyLeaguers from a Aaron Sorkin script
  03/13/18
...
space force cadet
  03/13/18
absolutely devastating. earl taking Ls tonight
you thought you was whokebe?
  03/14/18
...
niggardly jigger
  03/14/18
This is unrelated but do you think it's easy to pay $72k off...
imanxoxoposter
  03/13/18
2
Morning In America
  03/13/18
How about $100k? Show your math.
imanxoxoposter
  03/13/18
Sleep in ur office - 0 dollars a month 3 dollar menu burger...
Morning In America
  03/13/18
lol i meant paying off $100k in debt instead of $72k
imanxoxoposter
  03/13/18
In 24 months you would have 134,000 dollars saved
Morning In America
  03/14/18
I easily did this on the prior associate scale.
GS-15
  03/13/18
Not everyone got the raise
imanxoxoposter
  03/13/18
$54K per year salary won't even cover rent on a house in LA ...
baby boomer espousing benefits of home ownership
  03/13/18
no big deal
Non sequitur
  03/14/18
We also cut out the daily lattes and began making coffee at ...
wait till biggus dickus hears of this
  03/14/18
fuck these neo-boomers
.,.,.,,,,..,.,.,.,.,,..,,..,,.,,....,,..,.
  03/14/18


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Reply Favorite

Date: March 13th, 2018 5:36 PM
Author: Non sequitur

This couple paid off $72,000 of debt in 22 months here's how they did it

Jackie Zimmermann, NerdWallet

12m 55

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Brown and her husband used a budgeting app and the "debt snowball" method to pay off $72,000 in less than two years. Christine Brown

Christine Brown and her husband, Corbin, were horrified to realize that their student loans, car loan, credit card debt, and home improvement financing added up to them owing a combined $72,000.

Within 22 months, they were debt free.

The couple started tracking every single expense with the budgeting app EveryDollar and used the popular "debt snowball" method to get a handle on their finances.

One night in February 2016, Christine Brown and her husband, Corbin, added up all of their debt. The results were alarming and left Christine in tears.

"I was terrified we would not be able to properly provide for our son, or have more children because of the cost of raising a family," she says.

"It scared me into action."

A combination of student loans, a car loan, credit card debts and home improvement financing left the couple $72,000 in debt. Relying mostly on Corbin's teaching salary of $40,000 a year which increased to $54,000 after Corbin took a new teaching position eight months into their debt-free journey the Browns recalibrated their needs and wants and created a budget they followed religiously.

"I became a real stickler with the budget," Christine says. "I am somewhat obsessed with being under budget in each category, and I've found many ways to save money."

Now free of high-interest debt and a mom to two boys, Christine blogs about her journey at Home Sweet Hectic. She recently connected with NerdWallet to share her story, which may inspire your own debt-free journey.

A post shared by Christine Brown (@homesweethectic)Jan 21, 2018 at 10:34am PST

What was your total debt when you started your repayment journey?

We began our debt payoff in February 2016 with $72,000 in debt. We had student loans totaling $49,000 that we used for graduate school, a $12,000 car loan, an $8,000 loan we took out from Wells Fargo to have our windows replaced, and $3,000 in credit card debt.

How did you end up in debt?

Our first debt came from leasing my husband's car during his second year of teaching. We also decided I should go to graduate school for a counseling degree. We took out loans for that instead of paying cash.

What triggered your decision to start getting out of debt?

One evening, we realized we were hemorrhaging money. I had been laid off from my job providing academic support services to students with disabilities at a local community college six months prior and was staying home with our son. We were living paycheck to paycheck and spending money on wants as well as needs. That was the night we added up all of our debts.

What steps did you take to reduce your debt? What resources or services did you use?

We sold our house and used part of the proceeds to pay off about half of our debt. The other half went toward buying our current home, which we bought with help from family members who gave us a 0 percent loan for the house.

My husband had also been trying to get me on board with [financial advisor and author] Dave Ramsey's debt snowball plan for a while, and I finally hopped on. We listed all of our debts from smallest to largest and attacked the little one while making minimum payments on the rest.

And we began budgeting. We focused on our needs instead of our wants and learned to say "no" to treating ourselves. It was a work in progress, and we still slip up. Using the EveryDollar budgeting app has been huge for us because we now pay close attention to where our money goes. It keeps us accountable.

We also canceled cable, which freed $1,500 a year to put toward debt. We don't miss it at all!

Im really trying to do everything I can to get our emergency fund fully funded by the end of the summer. Rolling coins is one of those easy ways to add to it! Another $50 to deposit tomorrow! . . . #debtfreecommunity #babystep3 #sixtypercentdone #finishedbyaugust #sahm #homesweethectic

A post shared by Christine Brown (@homesweethectic) on Feb 28, 2018 at 7:29am PSTFeb 28, 2018 at 7:29am PST

What resource do you wish you'd had when you were paying off debt?

I wish we had started using EveryDollar sooner. We were tracking our budget with pen and paper, and it was easy to ignore transactions. EveryDollar made it easy to record every single transaction immediately after purchase.

I also wish we had more support from friends. Many knew what we wanted to accomplish, but they told us it wasn't possible to live without debt. I think having more support and motivation would have allowed us to reach our goal faster than 22 months.

How did your debt journey affect your personal relationships?

Working toward our goal strengthened my relationship with my husband. It improved our communication, and we held each other accountable for our spending.

My parents were supportive. They'd never lived with debt, so they thought it was great for us to pursue this. Two of my three siblings were supportive, but one of my sisters didn't think we were actually putting in the legwork. That was hard to take. We live in an area with a low cost of living and had my in-laws nearby for child care, but we accomplished it on just my husband's teaching salary.

A post shared by Christine Brown (@homesweethectic)Feb 9, 2018 at 6:28pm PST

What was your biggest hurdle you had to overcome?

Our biggest chunk of debt was my student loans from grad school, and not seeing that balance move a lot because of accumulating interest was the hardest part for me.

As a couple, it was sticking to a budget and saying "no" to things. We enjoyed going out to eat and hanging out with friends. It was challenging to tell our friends we couldn't do that as often.

We tried hard to save gift cards and go out every once in awhile. We also have friends over to our house. It's still possible to be social without spending a lot of money.

Any thoughts for those who may be struggling with splitting needs versus wants?

My biggest piece of advice is make sure you're working toward a bigger goal. Everything you're doing is for that greater good, both for yourself and your relationships. Think of it as delayed gratification your "wants" can come back into play once the debt is gone.

How has your life changed for the better since you got out of debt?

I now have confidence that our children's futures are secure. Not only are we able to provide the necessities of life, but we can also provide further education for them without having to put ourselves or them into debt.

We no longer stress out about whether there will be money left at the end of the month because we know there will be. We can also save for "wants" and enjoy them more when we pay cash.

A post shared by Christine Brown (@homesweethectic)Feb 28, 2018 at 5:26pm PST

How do you manage your debt today?

We have a monthly house payment, but it's the last loan we will ever take out. It will be paid off within seven years.

The biggest tool for remaining debt free, in my opinion, is learning how to be content and grateful for what you have. We have decided that we'll never take out another loan and only live within our means. We save for home renovations and a car. We hold each other accountable and set financial goals so we have something to strive for.

What are your financial goals now?

Right now, we are building an emergency fund, and we hope to reach that goal by the end of the summer. And we're saving for a new car mine is 12 years old. Oddly, I'm excited to get a minivan. I swore I would never drive a minivan, but SUVs are far more expensive and have less space.

We're also saving for preschool for my oldest son and a family vacation to Florida. We haven't been on a real vacation since our honeymoon, 5 1/2 years ago.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597559)



Reply Favorite

Date: March 13th, 2018 5:37 PM
Author: lawdads8

Just do pay lower interest rate loans first

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597569)



Reply Favorite

Date: March 13th, 2018 5:42 PM
Author: Morning In America

(((Odd case)))

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597604)



Reply Favorite

Date: March 13th, 2018 5:40 PM
Author: Hitler Did Nothing Wrong

Just do 0% mortgage through family

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597589)



Reply Favorite

Date: March 13th, 2018 8:29 PM
Author: (*_*)//(^_^)\\(*_*)______('~')


Also free child care from family

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35598959)



Reply Favorite

Date: March 13th, 2018 9:23 PM
Author: ;:;;;:::....(:::

Boy, I sure hope they're reporting the imputed interest payments on their income tax returns!

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599392)



Reply Favorite

Date: March 13th, 2018 5:40 PM
Author: Religion of Peace (earl)

just sell your fucking house after appreciation and buy a new one with a 0% loan from your rich family.

ONE | WEIRD | TRICK

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597590)



Reply Favorite

Date: March 13th, 2018 5:41 PM
Author: lawdads8

(guy who has not learned to be content and grateful for what he has)

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597594)



Reply Favorite

Date: March 13th, 2018 5:42 PM
Author: Religion of Peace (earl)

i am grateful for the return on my decades of striving and delay in gratification.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597605)



Reply Favorite

Date: March 13th, 2018 5:43 PM
Author: part and parcel (Elite 8 poaster)

Is it seriously yet ANOTHER one of these situations? Or was this posted before. I feel like last one of these posted it was a similar situation

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597614)



Reply Favorite

Date: March 13th, 2018 11:16 PM
Author: baby boomer espousing benefits of home ownership

last one was more egregious: the husband's mom just gifted them a house, no mortgage, which they moved out of and rented out.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35600429)



Reply Favorite

Date: March 14th, 2018 12:35 AM
Author: ~~(>' ' )>

They're all fucking retarded.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35601092)



Reply Favorite

Date: March 13th, 2018 5:43 PM
Author: Non sequitur



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597616)



Reply Favorite

Date: March 13th, 2018 5:47 PM
Author: cannon



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597647)



Reply Favorite

Date: March 13th, 2018 8:24 PM
Author: N904PD

To be fair, they are debt free, other than thay one debt they have.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35598924)



Reply Favorite

Date: March 13th, 2018 9:02 PM
Author: prince rat fuck spinning (life-affirming warrior)



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599205)



Reply Favorite

Date: March 13th, 2018 9:21 PM
Author: Maori woman performing defiant haka

how fucking stupid are these publishers? this is as infuriating as romney's "c'mon take a risk, borrow some money from your parents" comment

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599367)



Reply Favorite

Date: March 14th, 2018 12:23 AM
Author: Non sequitur



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35601021)



Reply Favorite

Date: March 13th, 2018 5:43 PM
Author: Henry Aaron

I made about 210,000 dollars in payments in 17 months without family support

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597617)



Reply Favorite

Date: March 13th, 2018 5:48 PM
Author: Religion of Peace (earl)

cr, I paid off $80,000 in debt in one day. No family support.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35597658)



Reply Favorite

Date: March 13th, 2018 8:29 PM
Author: gaggle of IvyLeaguers from a Aaron Sorkin script

lol no one cares, this isn't virtuous or impressive. it's fucking pathetic that your life is so devoid of purpose or meaning that you have to prop up your identity by making fucking debt management into a moral code, literally taking pride in being a subservient fuckpig for whatever elite financial interests you're slaving to enrich. like a fucking field slave bragging about how much cotton he can pick.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35598971)



Reply Favorite

Date: March 13th, 2018 8:31 PM
Author: space force cadet (http://xoxohth.com/thread.php?thread_id=3869664&mc=75&forum_id=2)



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35598989)



Reply Favorite

Date: March 14th, 2018 12:39 AM
Author: you thought you was whokebe? (they don't love you like that)

absolutely devastating. earl taking Ls tonight

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35601114)



Reply Favorite

Date: March 14th, 2018 12:32 PM
Author: niggardly jigger



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35603342)



Reply Favorite

Date: March 13th, 2018 8:59 PM
Author: imanxoxoposter

This is unrelated but do you think it's easy to pay $72k off in exactly 24 months starting off in biglaw (1st year associate and then 2nd year associate)?

Assume NYC or SF.

1-10 how easy-difficult?

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599173)



Reply Favorite

Date: March 13th, 2018 9:02 PM
Author: Morning In America

2

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599206)



Reply Favorite

Date: March 13th, 2018 9:03 PM
Author: imanxoxoposter

How about $100k?

Show your math.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599211)



Reply Favorite

Date: March 13th, 2018 9:08 PM
Author: Morning In America

Sleep in ur office - 0 dollars a month

3 dollar menu burgers a day - 90 dollars a month

Gym membership - 100 dollars a month

2,280 dollars a year

30,000 taxes

67,000 saved a year

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599245)



Reply Favorite

Date: March 13th, 2018 9:26 PM
Author: imanxoxoposter

lol i meant paying off $100k in debt instead of $72k

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599423)



Reply Favorite

Date: March 14th, 2018 11:06 AM
Author: Morning In America

In 24 months you would have 134,000 dollars saved



(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35602766)



Reply Favorite

Date: March 13th, 2018 9:20 PM
Author: GS-15

I easily did this on the prior associate scale.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599359)



Reply Favorite

Date: March 13th, 2018 9:26 PM
Author: imanxoxoposter

Not everyone got the raise

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35599427)



Reply Favorite

Date: March 13th, 2018 11:15 PM
Author: baby boomer espousing benefits of home ownership

$54K per year salary won't even cover rent on a house in LA let alone any other expenses.

"We sold our house and used part of the proceeds to pay off about half of our debt. The other half went toward buying our current home, which we bought with help from family members who gave us a 0 percent loan for the house. "

OH, oh i got it. let me just cop dat $800K zero percent family bank loan.

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35600424)



Reply Favorite

Date: March 14th, 2018 12:23 AM
Author: Non sequitur

no big deal

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35601020)



Reply Favorite

Date: March 14th, 2018 11:10 AM
Author: wait till biggus dickus hears of this

We also cut out the daily lattes and began making coffee at home! Thanks to the Every Dollar app!

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35602788)



Reply Favorite

Date: March 14th, 2018 12:34 PM
Author: .,.,.,,,,..,.,.,.,.,,..,,..,,.,,....,,..,.


fuck these neo-boomers

(http://www.autoadmit.com/thread.php?thread_id=3917666&forum_id=2#35603370)