In today’s post and in the next few that follow, Luke and I will identify three foundation steps that have kept us grounded and focused on our end goal: paying off $57,000 in 12 months (having our student loans paid off by December 2018).

For Luke and I, the biggest driving force behind our decision to get out of debt were our reasons for not wanting to keep the debt around. This was our most important foundation steps and is one of the biggest getting-out-of-debt motivators given by callers into the Dave Ramsey Show. Our reasons for wanting to be debt free are really the motivation and fuel that we have to move with perseverance and intensity through this journey. Let these drive your intensity. Dave Ramsey, one of America’s most trusted voices on money, often states that: if your reasons for wanting to be debt free are big enough and strong enough, you can absolutely do anything. Here are a few of our reasons for wanting to be debt-free; some of these may be the same for you:

1. We are tired of feeling discouraged and frustrated by debt

Do you feel like you’re spinning your wheels when it comes to paying off debt? We know what that feels like. Before we began this journey, we were intentionally paying more than the minimum on all of our debts at the same time (school loans and our house), investing in retirement and just trying to do everything. Because we were spreading our money over so many different payments, we weren’t seeing any of the balances decrease quickly over time. We were left feeling discouraged at the end of each month as we spent all we earned and weren’t seeing much progress. Some months it even felt like the loans were growing due to the accruing interest.

Not only were we working really hard at work, we were also sending all of our money to debt instead of putting it towards the things that we wanted to do in the future. This is really frustrating and, in our opinion, really changes the way that couples dream about their future. Once we found out how to get out of debt quickly, we saw that we could start saving money a lot earlier and more quickly than we ever thought possible. We started to dream a lot bigger and we found hope in our financial future. Imagine not having any payments in the world. It will change everything.

2. Job loss is scary

In late 2016 I was told that my position at work would be eliminated in order to transfer production portfolios to a different site within the company. With $70,000 in school loan debt left at that time and a $140,000 mortgage, it was a heavy burden to bear. Frankly, we were scared. The company was gracious and gave the majority of us at least 3 months to find another position.

For me, the initial shock was alarming but God is great and within a few months another position opened up at my company. I started in this new position in June of 2017, 6 months before Luke and I made a conscious decision to become debt-free. We needed something to change.

I remember that crushing feeling very vividly. The feeling of that $210,000 debt placing its entire weight on my heart while I sat in that small conference room as human resources handed me a folder with my end date. Never again did I want to feel the way I did in that moment knowing that we would lose part of our income with a mortgage and large student loan looming overhead.

3. We want to be a blessing to others

While getting out of debt, Luke and I decided that we would continue to tithe to our church. We love our church family at Bethel Assembly of God and have been beyond blessed by the work that God is doing through Bethel in our community.

To many, this may be counterintuitive to paying off debt quickly but we have found that paying off debt was more a matter of what was in our heart than a numbers issue. During this time, we intentionally focused our finances on things that were in line with our core values and things that we needed (not wanted). We started by creating a budget. The things that showed up on our budget were all necessary and important to us:  tithing, housing, food, water, electricity, gas etc.

Often times, I think to myself how much easier it would be to spot and to be attentive to others’ financial needs when I am not focused on caring for my own. In the future, we want to have the freedom to give financially to those who may need some help. Every day presents new opportunities for us to love others well and to reveal to them the unconditional love of Christ. A great way to do this is through action and I can’t think of many things that are as exciting as surprising someone with an unexpected gift.

This step is an essential foundation to your journey! What are your WHYs for wanting to break free from debt? Maybe you want to travel the world, maybe you want to be a stay-at-home-parent, maybe you want to leave a lasting legacy for your family or maybe you want to change your family tree… 😀

Feel free to list some of your reasons for wanting to be debt-free. There is so much encouragement in community; we would love to walk beside you through your journey.

It’s time to live like no one else so that later you can live and give like no one else.

-Dave Ramsey