Here’s a fun story about a couple who got serious about paying their student loans off quickly. It’s a great example of being intentional about getting out of debt.
Here is the essence of how this couple decided to tackle their student loans.
“Rather than starting off our adult lives buying new vehicles, taking vacations, purchasing new electronics and appliances, or buying a home, we denied ourselves these enticements. Rather, we rented a small 600 square foot apartment, worked overtime, made most of our meals at home, didn’t take vacations, and drove used cars.
In turn, we were able to keep costs to about a 30 percent of our combined income. This allowed much more money to go toward student loans.
And by paying as much as we could toward loans rather than just the standard monthly payment, we had my wife’s loans paid off in less than three years…and so, the wedding planning began.”
It took sacrifice and a commitment to make it happen. That’s the important takeaway.
I doubt it was necessary to hold off the wedding until they got rid of the student loans! But maybe that helped.
If nothing else, it made the story a little more controversial… and probably increased the number of people who read it.
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