Paying Off Debt: Living the Dream

What’s our Dream for Paying off Debt?

As many of you may know, my wife and I have spend a lot of time these last ten weeks working to aggressively paying off debt. It’s been insane. We have gone budget-crazy and implemented an unbelievably strict cash budget to keep us from overspending.

On top of that, we have significantly cut down other expenses, gone to crazy measures to save money, and worked extra hours to earn side incomes. All of this extra funding goes straight to our debt repayment goals – and it’s been working! So far, our measures have led to paying off debt that would have taken us months otherwise – almost $10,000 in 10 weeks!

Related: Paying off debt & saving money

Anyway, we have been asked many times what we hope our life will look like once we are done paying off debt – so I thought I would share some of our dreams with you guys this weekend. I know it’s a long ways off (at least 2 years, but possibly closer to 5 years), but it’s fun to dream about what our life will be like when we pay off our debt. What does it look like, to us, to be living debt free? What are our future ambitions and goals? Where do we see ourselves at the end of this journey?

Paying Off Debt

Paying off Debt: Living the Dream

  • Owning a home: The first goal after paying off our debt will be to save up for a home. We know that this means taking on more debt and that’s why we are waiting until our current debt is paid off. After we reach our goal, we want to save up for a significant down payment on our future home in order to avoid long-term mortgage payments. Afterward, we’ll keep living frugally to pay off our mortgage as soon as we can!
  • Starting a family: A large reason of why we want our debt gone is so that we can start a family. Unfortunately, in the conditions we live and work in now, starting a family would be next to impossible. Not to mention the fact that we can’t afford to start a family and still make aggressive payments toward our debts. So, one of our dreams after paying off our debt is to start our family in our new home.
  • Being a stay-at-home mom: Along with the previous dream is the dream I have of being a stay-at-home mom for the first couple years of my children’s lives. I hope to have at least a couple of kiddos and have the opportunity to stay at home with them. I know that this means working hard to pay off my debt so that we can afford to live off one income (plus the extra income DIY Jahn brings in because I will, of course, keep blogging).
  • Giving more: We have made it a priority to give to organizations that we believe in, regardless of our debt repayment. Giving is an important piece of our lives. However, we were able to be debt free – we would love to give more to organizations we care about.
  • Building our savings: We have our $1,000 emergency fund and our new family fund – both of which are very important to us. However, they won’t get us very far if we happen to lose our jobs, become critically ill, or even if we need to buy a new car. Once we pay off our debt, we hope to max out our retirement funds each year, contribute to a college fund for our kids, and build up our emergency fund to six months worth of income.
  • Travel: Most people want to travel, but paying off debt definitely gets in the way. After our debt is paid, we hope to spend a little bit of time traveling (either before we have kids, with older kids, or when are kids are grown and have moved away). There are so many places my wife and I want to see, but unfortunately we can’t afford to see them now. When our debt is paid, we’ll be excitedly saving toward these trips!

paying off debt 2

What are your goals for paying off your debt or saving your money? How do you hope to live in 5 years from now? 10? 20?

I’d love to hear! Leave a comment below. I personally respond to each and every comment left on my blog.

Thanks for reading!

33 Replies to “Paying Off Debt: Living the Dream”

  1. well, you know already:
    no.1: my child is my life.
    In plus:
    no.2: we are buying an apartment. We will receive the keys and will pay the registration tax ( a local type of vat, around 12% from the value of the house) in March, so temporary priority is to collect all these money + a part of value of the house.
    no.3: health, for this we are doing sports (jogging, for free, shoes are gift from Santa) and food (daily salads and smoothies, many thanks to the last sign on the gardening in containers and thanks for local farmers) . In plus I take care of my soul, and here I thanks daily to Jesus, and doing things for charity.
    no.4: holidays and friends. I cannot choose between these. Now we are going to a low cost holiday: I rented an aprt. with kitchen and washing machine; no restaurants and just a sackbag for everyone, low cost plane, using local bus from/to airport, and carpooling.

    For these I have no car, no tv, I am using library, clothes handmade/secondhand, no restaurants, electrical devices in house just for minimum and absolutely necessary etc. It is winter we can see our friends at our/their home; in the summer we are in the parks.

    Don’t forget, everyone has his own rules and priorities. I am looking to my needs and respect it. Because yes, I have a friend she abandoned the house because a too big mortgage but not the car and the smoking habit…

    1. That’s so great – it’s like you said, everyone has differing priorities and we all need to work for our own. Some people want to live in an apartment and some a house, some want a big family and some a car, but we can all support each other on our journeys. It sounds like you’re doing an amazing job caring for your child and the environment (and your budget). You’re clearly working hard to support them and building them up to live wonderful lives. 🙂 I love that we are able to talk about this on here and that you feel comfortable sharing your story while you follow along with mine. Thank you for your comment!

  2. Awesome work guys! $10,000 in ten weeks of impressive! I appreciate your candid appraisal and hard work. So many people are overwhelmed with debt right now and your words are both an inspiration and a resource!

    1. Aww thank you, Lori! I really appreciate this. We’re trying our hardest – it’s certainly not always easy, but it’s worth it. Thank you for commenting and supporting us! 🙂

  3. These are great tips, I can’t wait to be debt free. Although I’ve taken a few steps back I’ve come a really long way this year. Congratulations on the debt cut in the few months, that’s awesome!

    1. Thank you, Leslie! It’s definitely a struggle and takes a lot of time, but it’s certainly worth it. 🙂 I appreciate your comment! If you want, we are running a No Spend Challenge that you can take part in to help put some extra toward your debt. Let me know, I’d be happy to share it with you.

  4. WOW! I love all of your priorities. I have been thinking a lot about paying off my student loans sooner rather than later, so this is right up my alley. This is a great post 🙂

    1. That’s great, Ann! I’d love to hear your story – how much debt you’re in, how you got there, etc. if you would like to share. We are all in this together working to pay off our debt and live life to the fullest! 🙂 Thank you so much for your comment.

      If you’re interested, we have an awesome No Spend Challenge coming up here pretty quick that you should check out that can help you put some extra money toward that student debt. You can find it here: http://diyjahn.com/frugal-living-at-its-finest-the-no-spend-challenge/

  5. I love this! Congrats on 10k in 10 weeks! That is HUGE! We are trying to pay off our credit card debt within a year. Car loan within two years. We want to pay them off so we can use that extra money to travel, add a 3rd bedroom to our home and build up our savings. Right now, we have zero savings and that is not good!

    I will be following your blog.

    1. It’s definitely hard to pay off debt, but it sounds like you have some great goals to accomplish and fun dreams for when you get there! 🙂 Having zero savings sucks – I know, we are definitely in that place right now, but if you keep working at it you’re sure to get there. Thank you for the congrats!! I’m glad you’ll be following – I’ve got a lot of money saving posts coming up with the No Spend Challenge so stay tuned! 🙂

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