“When we started our debt-free journey we initially thought it would take us over 3 years to pay off,” Anjie wrote on her blog. “We never imagined it would take us a year to pay off our student loans. It proved that when you are aligned and working towards the same goal you can achieve anything with discipline, communication, and intention.”
Married Couple Tackles Debt
When Anjie and RJ said “I Do” in 2017, they made the decision to pay off student loan debt. The couple engaged in frequent money conversations before marriage, making the transition to debt freedom a bit easier.
The couple started identifying ways to use the money earned from their jobs to achieve their financial goals. Anjie works in healthcare and RJ holds a position in finance. When they put their money together, they were able to create a master money plan.
“We were so laser focused on paying off our debt that any extra money or income that came in we threw it at our loans,” Anjie and RJ shared in an email.
Rich by Intention’s Roadmap to Debt Freedom
The couple started their debt payoff plan in February 2017. By April 2018, the couple paid off a combined today of $123,000 in student loan debt.
The first step Anjie and RJ took was to get educated about finances before marriage. They read books and listened to podcast to enhance their knowledge. They also set aside time to discuss all the concepts that were taking in.
Next, the couple combined their income and developed a budget. During budget date night sessions, Anjie and RJ discussed their progress and action plan. They were focused on allocating as much money as possible towards their student loan debt.
Third, Anjie and RJ developed a strategy for managing income. They lived off one income and used the other income to conquer debt. Any extra money left over would go towards paying off debt.
To expedite their progress, the couple increased their income. Angie pursued a promotion and negotiated her salary. She also used her skills to land a position as an adjunct professor. RJ decided to seek out opportunities at other firms and negotiated his salary, too.
Finally, the couple cut unnecessary expenses and lived frugally. This allowed them to keep more of the money they made. Some smart expense reduction moves included negotiating their rent price, cooking meals, and reducing shopping expenses.
For more information about Anjie and RJ’s journey, visit their podcast.