Tuesday, June 03, 2008

We did it!!

We both have blogged about this before, but I think today's events deserve their own post...

We're debt-free!

With the selling of the house and the paying off of Jon's student loan, that's the last of it. We first got serious about getting out of debt last September, and it is such a good feeling to know it's all gone.

I hesitate bringing it back up, because I know a lot of people aren't in our position. I really don't intend on making anyone feel any more burdened by what they may be going through. That said- if you would have told me two years ago that we would EVER be debt-free, I would have smiled politely and thought to myself, "Yeah, right..." (Actually, last summer we were on our way to see Shawn & Tracy in Florida with Mac & Lori, and we had that very conversation. They were sharing with us their story, and I remember thinking, "That's all well and great for you, but that will never be us...")

We don't buy totally into the Dave Ramsey approach... but I would say his common-sensical ideas definitely got us to where we are. Not even including the house, in the past 16 months we have paid off literally tens of thousands of dollars in debt. Very little was credit card- but some of it was. The rest was primarily vehicles (this time last year we were paying on 3) and his school, with a couple smaller things thrown in there.

How did we do it? Well, I had a part time job that paid off the truck. We sold the truck, which paid off the motorcycle. We sold the motorcycle, which paid off the car... and in there somewhere, the extra money we were saving by not having to give it to our lenders paid off the credit cards. The famous "envelope system" definitely helped too...

If you want to read about another incredible story still in the making, visit Joel Maxwell- he is a Soldier, and his wife is too (she's on her way to becoming a Chaplain!) They are working hard to pay off over $550,000- and have gotten rid of almost half! (Let that sink in a bit...) If you click on the "Steps to Freedom" in the left-hand sidebar, you can read their whole story.

So now, we're debt-free.

It's an awesome feeling.

4 comments:

Megan said...

CONGRATULATIONS, YOU GUYS!! That's awesome - that's exactly the goal Jake and I are working toward right now. We've got a few of our credit cards paid off. Isn't it such a great feeling? Kudos to you both! =)

Amy Maxwell said...

Awesome! I'm proud of you both!

Lori McDonald said...

AWESOME!!!

See - ye of little faith.... as you were sitting there thinking it would never be you!!!!

We are so happy and PROUD of both of you!!!!

Lori and Mac

MaryLu said...

That is an awesome feeling.
Nearly 10 years ago we were debt free using Larry Burkett's Money Matters. It is now Crown Financial Ministries.
We lived in military housing and used 55% of our income toward paying off medical bills, student loans and a car.
It was wonderful!!
DH has gone back to school, (seminary) and we are racking up the bills again and we now have a house and had to upgrade a vehicle.
But knowing that we have done it before makes it seem so much easier when we think about doing it again.
Thanks for the encouragement!!