Debt Free Kiwi #5

How much debt have you paid off?: $280,000.

What was it for?: House renovation.

From deciding to become debt free to making the last payment, how long did it take you?: 4.5 years.

What age did you take on your first debt, and how old are you now?: 25 years old. I’m 51 now.

Did you do it alone or as a family?: With my husband.

Did you pay off debt from your regular income, take on extra work, or change jobs to speed it up?: Regular income.

Did you sell anything or receive cash gifts to contribute towards your debt payoff?: No.

What people, books, websites, podcasts, budgeting tools, debt trackers and resources helped you?: Mortgage calculator, podcasts and books.

Did you keep an emergency fund while you paid off debt? If so, how much?: No, not until afterwards.

Did you have any setbacks along the way, and how did you overcome them?: Not that I can remember.

What tips/hacks could you share?: Set your mind to it and think about every dollar that you spend.

Was there a structure to your debt payoff? i.e. paying smallest to largest, or highest interest rate to lowest?: No just paid as much as we could.

How did you stay motivated, and what was the most challenging part of paying off your debt?: By seeing the balance come down quickly.

How did you celebrate making your final payment?: Took my kids and parents out for a nice dinner and paid for it.

Was getting out of debt worth it, and what have you learned about yourself?: The best thing I ever did. It’s a great feeling not owing anything, having money in the bank, and investing.

Will you ever go back into debt again?: Never!

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