A few weeks ago a my wife and I paid off our last non-mortgage debt. Baby step 2 is finished! We paid off $28,000 in 10 months. We worked hard and we sacrificed, but it was so worth it. We didn’t only eat beans and rice, (I don’t really like beans so it was just rice ;-). Kidding aside, we still had a life. We just found ways to have fun without spending lots of money. Board games with friends is a lot of fun. It is also much cheaper than going out to dinner and a movie.
Next up on the list is baby step 3, a bigger emergency fund. We have been sending so much money to Sallie Mae, it is going to be really great to get to pay ourselves for a change. For those that have made it to this step, this is a pretty awesome feeling. I’m glad to join you. For those that are still on the way, keep working. It’s worth it.
Did He Say Giveaway?
Yep. Just a book, but it’s a pretty good one. Enjoy Your Money!: How to Make It, Save It, Invest It and Give It
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Wow great job. That is a lot of money you paid off. Short amount of time also. Congrats.
Thanks a bunch. Lots of college debt that is finally gone.
Congrats! That’s a huge accomplishment! I already have the book so don’t enter me into the giveaway, I just wanted to congratulate you on progress.
Way to go and congratulations!! We’re just a few months away from completing baby step 2 ourselves. Can’t wait! Way to go!
Great job!!!
Last summer my husband and I got engaged, and added up our debt–together it totaled about $25,000. In August, we will have it all paid off! Hurrah!!!! We also purchased a home (with downpayment), and got married (paying cash for the wedding) during this time period, so not too shabby:). After that, we will just have our mortgage.
It’s gonna be so great for us to be debt-free!!!
Thanks again everyone. Be sure to let me know when you guys hit that debt free mark! It’s pretty amazing. Keep up the good work.
Congratulations! I’ll be sure to let you know when I can say the same. which should be December 2011.
Wow, paying off $28,000 in 10 months is huge! Congrats mate!
Congratulations to you and your wife for a fabulous job. That’s quite a significant amount in 10 months!
Big big congrats, awesome news :).
I am trying to build a decent base of savings, life keeps getting in the way but I am getting there…..
$28 K in 10 months! Way to go! Did you sell stuff or was did all of the $28 K come from your positive income cash flow? Either way, I am impressed and very happy for you.
It was all from positive cash flow. She eventually wants to stay home when we have kids, so we’ve decided to budget only my income. All of her income went straight to debt, as well as the leftover from mine. We are still on that budget, and now we get to divert that money to savings and investments.
Derek,
That is great. You two are doing it right, while proving to yourselves that you can live on that one income when the time comes. So many people just bump their standard of living to match their incomes. Again, I am impressed and very happy for you two!
Hey, it looks like i’m going to sneak in here just before the buzzer!
I just subscribed via RSS, but more importantly, congrats on being DEBT FREE!
congratulations on getting rid of your debt.
Good job Derek! My wife and I are also debt free except for our home and are currently working baby step 5 (and 6). We also decided for her to come home when our kids were born and it was a great decision. Keep up the good work.
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