Last week we celebrated our second anniversary of becoming consumer debt free. It was an intentional plan that started back in the summer of 2010 and fifty months later we had accomplished paying off $109,000 worth of debt.
The journey started years earlier when my wife and I got married and started a family. We never really had a plan for our money, overspending over the years to get to that point. We didn’t communicate often about money, other than to say what credit card to use to pay for something we didn’t have the money for. We had five credit cards at one point, juggling minimum payments until they became too much to handle even with a six figure income.
It was at that point we knew we had to make a change. We began to educate ourselves about all things personal finance, built a plan and dug in. We involved our three children and kept our eye on the end goal of being debt free.
With two years under our belts, being debt free is even sweeter than I ever imagined. Stress has been reduced in our lives, the money fights don’t occur often, and we are better prepared to handle what life throws at us. I say “we” because it has truly been a family effort. I think the thing I’m most excited about is the head start our three teenage children will have with personal finance knowledge. I can’t wait to see what they will do with it.