Today I have a debt-free interview from Katie P.! She and her husband have been on their own financial journey to pay off debt fast. I love what she has to say about finances impacting marriage and the importance of talking with your spouse about money. This has been so true for us too. Enjoy! – Marissa
1. You shared that you took the Dave Ramsey Financial Peace University class to teach you about personal finance and get out of debt! How has that class been valuable to you?
FPU has been valuable to us because it changed how we spend money by living in our means.
2. It sounds like you have accomplished a lot of other financial goals while paying off debt–like paying for a destination wedding and honeymoon, and buying a new to you car in cash. How were you able to do all these things while also paying off debt?
We would only pay the minimum amount due on our debts while saving up for all of those big purchases! Its such an amazing feeling being able to pay in cash! CASH IS KING! Always remember that.
3. What strategies do you use to pay off your debt?
We use the debt snowball method to pay down our debt. The debt snowball is when you list your debts from smallest amount to the largest. You then pay the minimums on all the rest of the debts except the smallest one you put as much money as possible on it to get rid of it.
Then you take that payment you were making on the smallest and roll it into the next debt and so on and so on. So once you get to your last debt you should be able to throw thousands at it. The debt snowball has really worked out well for us. WE ARE ON OUR LAST DEBT!…we can smell the FREEDOM!
4. Right now you are working on paying off your debt. When will you be debt free?
We don’t have an exact date yet! but we hope to be debt free by the end of the summer 2018!
5. What’s been the hardest part of paying off debt?
Staying motivated and being able to tell ourselves its a want and not a need.
6. What are your financial goals once you’re debt free?
Save up our 3-6 month emergency fund. Save up for a down payment on a house, put more money into retirement and of course vacations! We’d love to be able to be a month ahead on all of our expenses!
7. How much total debt have you paid off so far in your journey?
Our debt free journey started in February 2016. We have paid off $35,085.48 so far!!
We have cash flowed about $20,000 for our destination wedding,honeymoon, reception and a used car!!!
8. Why did you decide to become debt free?
We didn’t want to be in a financial crisis anymore and didn’t like having to stress about how the bills were going to get paid. We want to make a better future for ourselves and our future children.
9. Would you recommend Dave Ramsey’s Financial Peace University class?
YES. a million times yes. It has changed our lives forever and has been such a huge blessing in our life. We were blessed to be able to buy the kits for both of my sisters, their husbands and a couple of our friends! They all LOVE the class and the principles that Dave teaches. We love going to the class for the accountability, hence why we are on our third round of FPU class!!
10. How was your marriage been impacted by your debt free journey?
We started our debt free journey when we were engaged so when we did get married we were already on the same page about our money. I don’t think our marriage would be as strong as it is, if we hadn’t begun this debt free journey before we tied the knot! We rarely ever have money fight.
We always sit down and do the budget together so our communication has gotten a lot better. Marriage isn’t easy, and money is a difficult topic for many, so our one suggestion for your readers, would be to sit down, talk it over with your spouse and make a game plan to get on the same page about money, it will totally change your life! It will be a blessing to your marriage. I can tell you it has been a huge blessing in our marriage.
– Katie P.
Photo provided by Katie P.
Let me know in the comments below!
How do you navigate talking about finances in your marriage?