Sunday, February 2, 2014

Look Who's Finally Gone & Done It...

We're a couple days behind schedule, but on January 31st we became DEBT FREE! We said goodbye to our student loans and didn't look back. We can say we're living debt free now, but we truly don't know what living debt free even means at this point. Talk to us at the end of the month and we'll let you know how it feels, if any different at all.

Our story...
the year before we got married, we each were still living at home. While Ty was finishing up his Master's program, our goal was to get my loans paid off. With lots of our own personal budgeting ideas we managed to do so...$35k was wiped out! By the time we got married and moved in together, we set up a new budget. Again, it was a simple budget for expenses: rent, utilities, gas, groceries, & misc. All had a max amount we could spend in each category. Definitely not Dave Ramsey (D.R.) approved. In fact, he'd probably look down on us for it.

We hacked down on some of Ty's loans using our makeshift budgeting technique, but it wasn't until we got the Dave Ramsey fever that those loans really started to inch closer and closer to being debt free. About one year ago, we budgeted like Dave Ramsey told us to (except that we continued to save some for retirement...not what he tells you to do, but my obsession of saving for retirement wouldn't allow no funds to our Roth IRA). Ever since, we've been hooked! Nothing like a great way to not just pay off debt, but prepare ourselves for things like car issues, traveling expenses, gifts throughout the year, etc.
Envelopes, envelopes, envelopes!

A giant $66k piano was just lifted off our backs thanks to all those budgeting techniques we have learned from Mr. Ramsey. But we have to thank some of the most important people who helped us to get to this point...

1) our parents who paid a ton of money for the loans they took out to pay for our college. The gift of 
a wonderful education is something that goes beyond any other gift.
2) grandparents who sent us money through the years to get us by in college
3) our parents (again) and my grandparents who allowed us to stay at home until we got married. 
You saved us a pretty penny in what we would've otherwise used for rent money.
4) all those who provided home cooked meals, time and time again.
5) all our friends who also follow D.R. and supported us through this last year. Go team debt free!

We have learned to live on a tight budget and will continue to do so for various reasons. Some say we may have be missing out by not spending more, but we definitely haven't cut ourselves short of much... Nothing like traveling through SE Asia, visiting various States, having date nights to try out new restaurants, and having a little monthly side cash for anything we wanted to spend on ourselves. 
When there's a will, there's a way. Make a budget, go debt free!