Debt Payoff Story Archives - Making Sense Of Cents

How (And Why) We Paid Off $34,000 Of Debt In Our First Six Months Of Marriage

Last Updated: March 28, 2021 BY Michelle Schroeder-Gardner - 5 Comments

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Hello! Today, I have a great debt payoff story from Zach Buchenau. He is a reader of Making Sense of Cents and shares how he and his wife paid off $34,000 in debt in the first six months of their marriage.

A little less than two years ago, my wife Katie and I were enjoying a warm, relaxing honeymoon in Arizona. Like most couples, we spent that time decompressing from all the hectic wedding festivities, enjoying each other’s company, and planning our debt payoff strategy.

Wait, what?

Ok, I understand that paying off debt might not be the most romantic topic of conversation for newlyweds.

But here’s the thing, the moment we got married, our individual debts combined to equal a whopping $34,000.

And as you might suspect, we were both pretty overwhelmed by that number. (Truthfully, I still get a little queasy thinking about it.) [Read more…]

How We Paid Off $100,000 of Debt on a Single Income

Last Updated: April 7, 2021 BY Michelle Schroeder-Gardner - 3 Comments

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Hello! Today, I have a great debt payoff story from Sarah. Sarah is a Southern California mom of 3. She blogs over at Let’s Talk Mom Business about the budgeting and frugal living strategies she and her husband used to crush $100,000 in debt while living on one income.

Shortly after having our second child 6 years ago, my husband and I decided that we wanted to get serious about paying off our debt.

We had been making our monthly payments, but we weren’t really making any progress. Some months we were even adding to our total debt by paying for unanticipated expenses on our credit card.

I am a stay-at-home mom so we were living on one income, and we knew that carrying such a large amount of debt was dangerous, especially without much of a savings.

We outlined a strategy to budget by paycheck using a zero-based budget, and I created a budget binder to help us track our finances.

This strategy helped us pay off $100,000 in 4 years on a single income while growing our family (and we’re NOT rich!). [Read more…]

How I Paid Off $30,000 of Student Loans in 2 Years by Paying the Minimum Balance

Last Updated: February 1, 2021 BY Michelle Schroeder-Gardner - 6 Comments

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Hello! Today, I have a debt payoff story from Alyssa Hunt. Alyssa is the creator of TheLifeHunt.com a blog that helps busy hustlers work towards business success and financial freedom all while managing full-time jobs. She is currently working towards a Master’s degree in English Literature and she teaches writing composition to university freshmen.

When I graduated college in 2014 with my undergraduate degree, I had racked up $30,000 in student loan debt. During my four years of college, I didn’t think much of taking out a loan here and there.

After all, I needed a way to pay for tuition.

Once the excitement and celebrations of graduation ended, I felt a mound of debt on my shoulders.

It was then that I decided to focus all my attention on paying off my debt as fast as I could. And by fast, I meant that I wanted to have all $30,000 paid off in exactly 2 years after receiving my first bill.

Setting my goal of 2 years felt entirely achievable to me, but to everyone else, it was crazy and impossible. I don’t believe a single person thought it could be done. So many people tried to convince me that student loan debt is “good debt” and that it’s “normal” to have debt. [Read more…]

2 Strategies and 3 Habits That Helped Me Pay Off $93,000 of Debt in 3.5 Years

Last Updated: May 4, 2022 BY Michelle Schroeder-Gardner - 13 Comments

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Hello! Today, I have a great debt payoff story from Heather O’Donnell of HappyHumbleHome.com. Enjoy!

These days, I’m a frugal living blogger at Happy Humble Home and I provide money saving advice and encouragement to others.

But there was a point in my life, not that long ago, when I thought I would be in debt forever.

When my husband and I got married in August of 2015, we had $105,000 of debt. Since then, we have worked very hard towards our goal becoming debt free and we have crushed $95,000 of our debt.

Along the way, we’ve used 2 different debt payoff strategies and we’ve learned 3 essential habits that have helped us be successful along the way. In this post, I’m going to give you an inside look at how I overcame my giant mountain of debt because I know without a doubt that if I can do this, you absolutely can too. [Read more…]

How We Paid off $266,329.01 in 33 Months

Last Updated: March 12, 2023 BY Michelle Schroeder-Gardner - 19 Comments

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Today, I have a great debt payoff story. I’ve known Lauren for years – pretty much ever since I started Making Sense of Cents years ago! She was one of the first blogs I read actually.

Lauren Mochizuki is an ER nurse, wife, and mother. She and her husband paid off $266,329.01 in 33 months. They also purchased their fixer-upper dream home, and renovated it without going into debt. Enjoy her story below!

The Background

Female, age 25, nurse, recently married, living her life with no regard to finances. Frequently dines out, goes to concerts, travels to foreign countries, never volunteers to work any extra shifts, lives beyond her means. Purchased a brand new Subaru Forester, husband also purchased a brand new car, lives in an 1,100 square foot condo.

Total debt owed: $266,329.01. [Read more…]

How I Paid Off Over $42,000 in Student Loans in 34 Months (Earning $36,000 Per Year)

Last Updated: February 1, 2021 BY Michelle Schroeder-Gardner - 28 Comments

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Today, I have a great debt payoff story from Val Breit. She paid off $42,000 in student loans in 34 months, while earning $36,000 per year. Below is her story. Enjoy!

I burst into tears.

For the first time, I was selecting my own student loan lender to help pay for my graduate school tuition.

After seeing the chart that explained the $50,000 I projected to borrow for college would actually cost me nearly $100,000 to repay, I cried. Hard.

I knew I was not going to earn very much as a school counselor, so I felt like this was a death sentence. I was going to be paying off this student debt forever.

After this harsh reality slapped me across the face, I got my act together and decided I was going to do whatever I could to avoid paying that horrifying $100,000 amount.

After 6.5 years, I graduated with a 4.0, a master’s degree in school counseling, and over $42,000 in debt. After consolidating, my loan servicer put me on the standard 20-year repayment plan, but I knew there was no way I was going to be paying for my college education that long. [Read more…]

How This Family of 6 Lives On $53,000 a Year (with $22,000 of that going towards their student loan debt)

Last Updated: September 14, 2020 BY Michelle Schroeder-Gardner - 128 Comments

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Today, I have an article from Penny. Her family of six spends just $53,000 a year, with $22,000 of that going towards their student loan debt. Here is her story.

Dear Readers of Making Sense of Cents,

I’m Penny. I write a blog with my cousin, Rich. It’s called Penny and Rich. He’s rich. I’m poor. Get it? I’m a stay-at-home-mom with four kids. We have a household income of $43,000 a year and my husband and I have over $153,000 in student loan debt. Rich is a busy professional with a household income of $250,000 and he is well on his way to becoming a millionaire. This blog is our way of writing to and trying to understand each other, financially and otherwise.

We accumulated this massive student loan debt when my husband went back to school to become a chiropractor. He has been in practice almost six years now.

It’s doing better every year, but it’s taken a lot longer to grow a business than either of us thought it would.

We don’t regret taking out the loans, because we value having me staying home with the kids and family time over money and debt and everything. And, honestly, having the debt is not that big of a deal. [Read more…]