How much debt have you paid off?: $200,000.
What was it for?: Mortgage.
From deciding to become debt free to making the last payment, how long did it take you?: Eight years.
What age did you take on your first debt, and how old are you now?: I took out a mortgage at the grand old age of 40 years. I am now 51 years old and have been debt free for two years.
Did you do it alone or as a family?: I did it alone.
Did you pay off debt from your regular income, take on extra work, or change jobs to speed it up?: I paid off the loan from my regular job and worked overtime when I could.
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?: My friend had advice from Enableme… which she shared with me. It was essentially the same as the advice from The Barefoot Investor, which I later read.
Did you keep an emergency fund while you paid off debt? If so, how much?: Yes. I had an emergency bank account which had around $3,000.
Did you have any setbacks along the way, and how did you overcome them?: No setbacks.
What tips/hacks could you share?: Create a budget, and revisit the budget annually. Set up direct debits for bills. Set up automatic fund transfers into emergency fund accounts and into bill accounts. Withdraw cash for weekly expenses, and don't go over it. If there is anything left over at the end of the week, I saved it.
Was there a structure to your debt payoff? i.e. paying smallest to largest, or highest interest rate to lowest?: No. I paid off as much as I could every year.
How did you stay motivated, and what was the most challenging part of paying off your debt?: I found that saving and paying off the debt became more enjoyable than spending the money on 'stuff' that I didn't even want.
I preferred the feeling of being in control of my finances.
How did you celebrate making your final payment?: I went to the bank in person and handed over the final payment...in cash!
Was getting out of debt worth it, and what have you learned about yourself?: 100% worth paying off all debt.
Will you ever go back into debt again?: No!