Family and i are debt free! Wahoo!
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  1. #1
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    Default Family and i are debt free! Wahoo!

    I just made the final payments to our credit cards tonight to announce my family and I are now debt free!

    I'll share my testimony by giving you guys our backgrounds, pre debt spending habits, when we chose to conquer debt and which books/resources we chose to use.

    Both my wife and I are in our mid to post 20's. I'm 28 and she's 25. We live in Kodiak, Alaska whaaaa... Alaska? Yeap, Alaska! For those who don't know the cost of living in Kodiak is extremely high. I would probably rate it as high as living in Hawaii or in New York, New York. Examples: 1 gallon of unleaded gas as of right now is $4.09 and the cost of 1 pound of Roma Tomatoes is at $3.99.

    Okay now back to our backgrounds. We got married in early 2009 and I took the initiative that we both were on the same page on how we managed our finances i.e. no spending money unless we both agreed on it. She had no debt to bring into the marriage pre-wedding but I did. I had a little under $11,000 to bring into our marriage pre-wedding. Our wedding cost us about $800 out of our pocket and the rest was covered by our family. So that brought us to about a little under $12,000. Our spending habits for the first year wasn't healthy at all so we chose to buy a few books on Amazon.com and see what we could get out of them. Out of the few books we bought one book stood out the most and it was 'America's Cheapest Family' written by the Echonomides. We call that book our Bible for finances! Other resources we kept handy was going to crown.org, yahoo finances, msn finances, streetceo.com just to name a few.

    It took a while getting use but once the ball got rolling we were able to pay off all of our debt in one year! Our truck loan's remaining balance of $3,800, my remaining student loan of $3,200, our credit card debt of $5,000ish and that was with a new born baby boy in the picture!

    So here's to us being DEBT FREE! CHEERS!

  2. #2
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    Woohoo, you guys rock!
    Thanks for sharing your story!
    ~Russ

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    Super Moderator Darlene's Avatar
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    Loved reading your story, Congratulations!!!!




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  5. #4
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    Congrats!!! You must have worked extra hard with those prices you are paying.

  6. #5
    Registered User MaryCarney's Avatar
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    Congrats! What a great financial legacy you are giving that baby boy. Keep up the good work!

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    Registered User kittykatstrong's Avatar
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    Congrats it is the best feeling. Great job!

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    Registered User khaski's Avatar
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    What a true gift to your family- only in your 20's, and not owing anybody anything! WAY TO GO!

  9. #8
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    Congratulations! Way to change your family tree!

  10. #9
    Registered User HappyMama's Avatar
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    Loved your story! Congratulations.

  11. #10
    Registered User piney's Avatar
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    Congratulations keep up the good work

  12. #11
    Registered User Lindsey's Avatar
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    Woot!! Way to go!!!

  13. #12
    Registered User frugal is fun's Avatar
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    Fantastic! Way to go! Congratulations...all of your hard work paid off!

  14. #13
    Registered User pinetree's Avatar
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    Congratulations!!
    Pine trees, with their needles pointing up to heaven, represent everlasting light and life.

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    Quote Originally Posted by MaryCarney View Post
    Congrats! What a great financial legacy you are giving that baby boy. Keep up the good work!
    The idea of my wife and I being parents was ultimately our deciding factor! It was time for me to grow up.

  16. #15
    Registered User frugalfranny's Avatar
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    Congrats on your debt free status!

    You should be very proud.

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