I remember when I decided to go to Dean Junior College in Franklin, MA. It was the only college that accepted me. In the midst of being ecstatic that someone actually wanted me at their college, I didn't care how much it cost because everyone had student loans.
One year at this junior college cost me $19,500. With the incentive to do well, I transferred to LSU, which cost around $18,000 over the next three years. Once Kayla and I got married and the grace period of student loans concluded, we owed around $70,000 to cover our four degrees (graduate and undergrad) along with one vehicle loan.
But, everyone had student loans. For the most part, this is accurate but it doesn't mean we necessarily liked it.
Newly married with multiple degrees we were staring at $70,000 of debt while making under $38,000 on two incomes. In fact, over the last five years we've never made over $60,000 in yearly income. This is important to note because we paid off debt while making under $30,000 per person.
Before we talk about the lovely "B" word, I want us to talk about our perspectives when it comes to being financially free. The budget is the least significant part of debt payoff. It's a system. But, the system can't be executed without willing individuals operating it.
Let me also give a disclaimer: We never went through an organized financial process -- like Financial Peace University with Dave Ramsey. In fact, I never heard of Dave Ramsey until years into our system. There's many things I agree (and disagree) with him and his philosophy.
The important thing is to find a system and strategy that works for you. That's the best one!
Here's four strategic things we did to pay off our debt: