2015 – Paying Down Debt

Whoa.  Happy New Year!

I’m going to be honest.  I’m a little nervous about it being 2016 because Randy and I set a goal that by December 31st of this year, we would be completely out of debt {except for our home}.  We still have a long way to go, but I don’t want to focus on that for this post.  I want to focus on how far we’ve come.

If you haven’t read about how we got on this kick to pay off debt, read this.

My husband and I started this journey in September of 2013.  In 2014, we mainly just cut parts of our lives {like cable and dining out} and reallocated our money so that we could dump more into our debt.  By simply doing that, we paid off $14,200 in just one year.

Not bad, eh?

But by the end of 2014, I was so beyond sick of our debt.  If we just paid off $14,200/year, it was going to take us over four more years.  I wanted to be done in like . . . well . . . way less time than that. A fire was lit under me, and I had this desire to go crazy gazelle intense on our student loans.  I wanted to rid of it as soon as possible. I told Randy that we had to do whatever it took to be complete out of debt by the end of 2016.

Any chance I could get, I was listening to the Debt-Free Screams on the Dave Ramsey Show.   You can click on the link below to watch a continuous stream of over 500 videos of people who go on the show to describe their journey and celebrate their victory—their new found freedom. It’s crazy inspiring to hear the stories of people who have walked in our shoes.

I am proud to say that since we really kicked it into gear in 2015, Randy and I paid off $24,923.

$24,923!!!  

That’s over $10,000 more than the year before.  

Just over two years ago we were $82,000 in debt.  That number was so scary.  It was paralyzing.  It caused us to just crawl into a hole and live in denial.  After taking control, our balance has gone from $82,000 to $36,000 in just 28 months.   See details by clicking here.

This didn’t just happen.   We didn’t inherit money.  No one else has helped us.  We are two teachers with kids—surely you know we’re not raking in the big bucks.   This has required many sacrifices and hours of extra work each week.  We’ve been intentional with every single minute of the day and every single dime that has come our way.

So what exactly did we do?

  • We got on a very tight budget and decided where every dollar needed to go.  If you need help setting up a budget, I recommend http://www.everydollar.com.
  • We started paying with cash way more.  Even though we paid off our credit card bill each month, research shows you’re likely to spend 18% more with plastic-–that was definitely true for us.
  • We changed things around with our home security system, cell phones, etc. and put the money we saved toward debt.
  • We also worked our tails off.

Randy:

  • worked construction and painting jobs full time during the summer and nights/weekends during the school year
  • worked on cars for people {he used to be a mechanic}
  • got his local minister’s license and performed a wedding in the fall
  • helped organize our family garage sale where we sold tons of stuff
  • even won $20 playing a friendly poker game . . . not how I would recommend making money, but, HEY—it went straight to the debt. Every dollar counts, right?

In addition, I: 

  • sold lots and lots of bondbons, and thanks to a local bakery who started referring us, I had marketrecord-breaking profits from September – December
  • taught about eight different cake pop classes
  • started selling cake pops at vendor events
  • supervised detentions on Saturday mornings at my school
  • started tutoring a girl with Cystic Fibrosis who is home bound from school
  • line-judged for volleyball meets
  • taught summer school
  • served on a curriculum committee for my school district
  • supervised several ACT tests on Saturday mornings

I always hesitate to post this for fear of sounding like we’re bragging. Dear readers, please know that is not the case at all.  I list all of those things to show you that it’s possible!  If we can do it as two teachers with kids, you can do it, too.   Sometimes people just don’t know where to start.  And I’ve talked to so many people who just feel hopefully and that they’ll always be in debt.  If you are intentional, you have the power to change your future.

2015 has been exhausting, but when I look back and see that we paid off almost $25,000 in debt this year alone . . . it is all worth it.

Here’s to 2016 and the high hopes that it will be our last exhausting year like this because we really really want that balance to be $0.00 in the next 366 days {good thing it’s a Leap Year to give us extra time . . . wink}.

Next update will be in February.  Stay tuned.

Love,

Screenshot 2015-07-26 at 11.57.14 PM

 

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5 thoughts on “2015 – Paying Down Debt

  1. Bobbie Ward-Hinds says:

    You and Randy are R*O*C*K*S*T*A*R*S! We too had a huge amount of debt due to some really bad decisions and my using spending as a way of medicating my depression. After selling our home out of state and moving back we were debt free for a few months and it was amazing! We had to build a new horse barn that required a loan thanks to all of those previous bad decisions, but we have a focused game plan that will have it gone in 15 months or less. Keep your eye on the prize, it is truly an A*M*A*Z*I*N*G place to be (and I can’t wait to hear your debt free scream!!)

    Liked by 2 people

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