My husband and I have managed to pay off debt (except for the house) over the course of our short marriage, and I’d like to share with you how we did it.

Our non-residential debt included two car loans ($9k and $26K) and student loans ($42k). We still have a mortgage and are working to pay that down as well.

I’ve briefly written about our debt pay off journey before, and I know I’ve mentioned Dave Ramsey on this blog before.

We followed Dave’s Debt Snow Ball method for the most part, but did make a slight change. We are blessed to be able to live on one of our incomes, while banking the other. Not everyone has this luxury, and we understand that. However, if you think you can make living on one income and banking the other work, try it!

The way we paid off debt was to make the minimum payments to stay current AND save up our second paycheck for the balance or $5000, which ever was lower. Now for those who are familiar with the Dave Ramsey Debt Snow Ball method, y’all maybe wondering why I’m advocating minimums instead of doing the actual method.

There is a method to my madness I promise. For us, being able to save up $5000 and be able to throw that at one of the debts all at once was more motivating to us than the “quick wins” mindset that Dave talks about. I understand the premise of “quick wins,” but it’s not working for us.

This method also has gotten us into the habit of saving for home improvement projects and traveling, as well as paying down our mortgage.

If you’ve been paying off debt, what method are you using? Debt Snow Ball? Double payments? I’d love to hear about it in the comments.

 

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1 Comment (+add yours?)

  1. candy
    Mar 17, 2017 @ 08:30:46

    All comes down to what works for you and your husband. Sounds like your way is working. As each debt is paid there will be more money for the other debts. Nice you can still take vacations and reward yourselves.

    Reply

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