How much debt have you paid off?: Mortgage of about $500,000 + interest, plus renovations. $20,000 student loan.
What was it for?: Mostly the house. $20,000 student loan. It was my master's, so not free like my first (they would have studied at a time when tertiary education was free - Ruth). No credit card debt. Never had any hire purchase.
From deciding to become debt free to making the last payment, how long did it take you?: A few years on one income.
What age did you take on your first debt, and how old are you now?: 23 and 55 for being debt free.
Did you do it alone or as a family?: Married at 36 however, I transitioned to foster mum plus being a student in the later years. I'm working full-time now. Hubby consults plus receives NZ superannuation.
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?: A small inheritance from grandmother plus a small one from hubby's parents.
What people, books, websites, podcasts, budgeting tools, debt trackers and resources helped you?: Kingdom Resources for a budgeting plan, then Xcel spreadsheet. The Barefoot Investor, Dave Ramsey, Mary Holm, Ruth Henderson (The Happy Saver), MoneyHub, Money King NZ, Passive Income NZ, Kernel and Simplicity road shows that come to town.
Did you keep an emergency fund while you paid off debt? If so, how much?: Floating mortgage overdraft for unexpected emergencies.
Did you have any setbacks along the way, and how did you overcome them?: Renovations, water tanks, fireplace, cars etc. All dealt with by using the variable mortgage with a low limit.
What tips/hacks could you share?: Get on to these things early!
Was there a structure to your debt payoff? i.e. paying smallest to largest, or highest interest rate to lowest?: Split the mortgage up and budget every cent.
How did you stay motivated, and what was the most challenging part of paying off your debt?: Learning to find out what was enough and be happy at not keeping up with The Joneses.
How did you celebrate making your final payment?: No celebration.
Was getting out of debt worth it, and what have you learned about yourself?: So much less stress. More time to be generous with others. The fun of investing.
Will you ever go back into debt again?: Nope. Save, save, save!