$23k Debt-Free

WE ARE OFFICIALLY DEBT-FREE!!!!!

As of today, February 25 2017, Joel and I are officially DEBT-FREE! No student loans! No credit card debt! No personal loans! In ten years, we paid off roughly $60,000 of debt. In two years, we paid off $38,000. In two months, we paid off $22,000. 

During the first 5 years since we started paying back, we were paying towards the interest and barely made any dent. We were not financially stable nor responsible, and not on the same page or had goals/plans. Two years ago, we began to communicate more regarding our plans and working together on being on the same page for our future. In the last four months, we finally found common ground to sacrifice and made a game plan to execute and here we are, DEBT FREE!

screen-shot-2017-02-25-at-12-27-34-am
This was the biggest weight lifted off our financial shoulder.

Submitting that amount of money towards his student loan means more than just paying off another debt, it’s a symbol of all the sacrifices and growth we have made together in the last 10 years.

  1. I placed the payment in the comfort of OUR apartment
  2. We paid ahead of the due date
  3. We could comfortably pay this amount without taking out loans, borrowing from family, or relying on credit cards.

Ten years ago, we were struggling to pay the minimum that was less than 1% of the amount we paid to pay it off. We had to constantly decide which bill we could sacrifice making a late payment on until the following month, do we have to borrow gas money from our parents, or should we use credit card to purchase groceries.

We made a lot of sacrifices that many family and friends do not understand. Thank goodness, we did not listen or let their criticism or opinions alter our plan or judgements. We part ways with irrelevant situations that has nothing to do with our future or anything that concerns us, and worked on our relationship. The result? Debt-free and on the road to financial stability. Now we can start to move forward onto bigger things in our relationship rather than being held back by student loans. We can start investing in our future and enjoying our life.

We are still in awe because this is something we thought we would never experience for another 10 years. There were many nights when we stressed about it and we blamed our debt for all the bad things in our life.

To be more precise, I have been blogging about paying off our debt for about 4 years now (I used to blog on a different platform and completely forgot my log in and password where it had a post when we paid off the first student loan – Sallie Mae $10k). I have been blogging and documenting month-to-month financial struggle since January 2016 to February 2017, and here we are – writing our “DEBT FREE STORY”!

This will not be the first debt-free story this blog will have because there is still our dream of owning our first home, one day we might need a new car, wedding, becoming parents, etc. But they are inevitable and investments for our future 🙂 The challenge now is to make wiser financial decisions to stay out of debt as much as possible and to be reasonable.

Time for a new category tab 🙂

Where are you with your debt-free journey?

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