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How We Paid off $6500 in One Day

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June 10, 2016 by Victoria 5 Comments

A few years ago we were struggling to maintain the minimum payments on all of our debt obligations. We knew we wanted to pay it off, but we didn't have any extra money to make it happen.

Finally, we came up with an idea so simple that it allowed up to pay off $6500 in ONE DAY! If you want to pay off debt fast, you need this tip.

How to pay off debt quickly! This tip helped this couple pay off $6500 in ONE DAY! They were drowning in debt and needed a BIG WIN to help keep this motivated. This simple idea helped them pay off a large chunk quickly so that they would see some real progress!

We were drowning in debt. 2 college degrees bought with student loans, 2 cars bought on credit, 1 failed business that we were still paying for... all totaled it added up to over $73,000!

Something had to give, but we weren't making enough to pay anything off. We were making extra payments when we could but it was disheartening to not see a big win.

So we made a drastic {but so simple} decision.

How We Paid Off $6500 in One Day

With low incomes and a ton of debt, we only had one choice if we wanted to see real change: We sold a car.

With that one decision we paid off $6500 worth of debt in one day!

Of course, there are repercussions to choosing to only having one car, but the benefits of seeing that huge leap forward really motivated us to bear down and really get our debt paid off.

It also had the added benefit of freeing up quite a bit of money in order to start snowballing our debt payments!

Bottom line, tough choices have to be made and I am so thankful we made them! I know you will be too :-)

Related: Why I DITCHED The Dave Ramsey Envelope SystemNo-Sew Alternative to the Dave Ramsey Envelope System - FB Promo

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These worksheets saved us $15,000 last year and we didn't have to give up anything! Seriously, this is the best budgeting system I've ever seen. Easy to use worksheets for everything in your house, not just food!

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Filed Under: All Posts, Money Saving Tips Tagged With: Budgeting, Frugal Living, Saving Money, Thrifty Tricks

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Reader Interactions

Comments

  1. Lady Lilith says

    June 27, 2016 at 10:09 pm

    Nice idea. I am putting every extra penny into paying off my debt as fast as I can. For me, it is the slow wins that will one day show huge results.

    Reply
    • Victoria says

      June 27, 2016 at 10:12 pm

      Amen Lilith! It’s hard to not see the big wins sometimes, but every little bit counts and one day it will all be paid off! Good luck and thanks for stopping by!!

      Reply
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Trackbacks

  1. Crazy Ways to Save Money - A Modern Homestead says:
    January 6, 2017 at 5:01 pm

    […] As a result we also knew that we needed to drastically change our spending habits. So we dug into our budget and cut out everything that wasn’t essential. […]

    Reply
  2. How We Make $3000 A Month Online from our Homestead | A Modern Homestead says:
    February 15, 2017 at 11:49 pm

    […] 3. Slash your food budget to the bone (ours is only $188 a month for an all organic diet!) 4. Sell a car if it has a balance still. 5. Cut cable and subscribe to Netflix or Hulu. 6. Reduce the data on your cell phone plan (be sure […]

    Reply
  3. How to Make Extra Money | A Modern Homestead says:
    April 13, 2017 at 6:31 am

    […] We took a big chunk out of our debt mountain by selling our car. We owed some on it, but were fortunately right-side up on the debt. That meant we were able to sell it for a profit and reduce our debt by almost $7,000 in one day! […]

    Reply

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