When I saw a note on a forum about a new series featuring young families getting out of debt, I smiled. Our family has definitely achieved the former, but I don’t think we qualify for the latter at this point. After all, I’m almost 40, Mr. ThreeYear is a ripe old 45, and our kids are no longer so young. At 11 and 8, they definitely qualify for the middle-elementary category.
However, I think our story has a lot to teach young families with debt to pay off. After all, we started our debt payoff in a typical fashion, by following Dave Ramsey’s baby steps. But we took more debt on, after we’d paid off our original debt, learned how to pay off debt twice, and have somehow still managed to save a large net worth and reach our goals of location independence.
Financial Pilgrimage is a blog about a young family who is also in the process of paying off their debt, including their mortgage. They focus on advice for young families, those who are just getting started, have young kids, or both.
Here’s our Debt Payoff Story (times two):
1) Start by telling us about yourself. Please include any details you feel comfortable sharing about your family, job situation, income level, and amount of debt paid.
I’m Laurie and I’ll start by saying that my family is probably a few years past the “young” stage. I’m 39, my husband is 45, and our boys are now 11 and 8. When we started our debt repayment journey, though, we only had one son who was about 18 months old.
Don’t worry, it didn’t take us ten years to pay off all our debt! But we had to learn some lessons twice, so I thought our story would be a great case study for young families.
When we started our debt repayment journey, my husband worked for a Fortune 50 company in marketing, I had just become a stay-at-home mom, and we were adjusting to life as new parents.
It was July 4th, 2008, and my husband had been laid off six months before. It was the middle of the housing crisis, and his company had been hit hard. They laid off thousands of employees.
At first, we were frantic—he’d received a 3-month severance, but what would we do after that? After all, I was no longer working, we had a mortgage, and we now had a young son to support.Continue reading “How We Paid Off Our Debt, Twice: Guest Post on Financial Pilgrimage”