I did it! 25 and DEBT FREE!

It’s like that Elle moment at the end of Legally Blonde… “I did it!” (Yes, I expect you to read that in her squeaky, high-pitch voice in order to get the full effect.) I’m that excited. You see I’ve been working seriously away at my debt for a solid 2 1/2 years. Woo. It’s been a lonnng 2 1/2 years! At times I never thought I’d see the day when everything was 100% paid off… but it’s here. That day has finally arrived. My car is officially mine, my school loans are paid, my business loan paid, those credit cards are completely clean… Everything is paid off! So many zeros (and in a good way!).

Two and a half years ago I realized I had a lot of school debt, credit card debt, and half my car still left to pay off with not a lot of income… nervous with how I’d manage it all, I enrolled in this program through church, Financial Peace with Dave Ramsey. Now this program may not work for everyone, but it was my saving grace. It made my $25k (plus or minus) on my (at the time) $10/hr income manageable. Shortly after I started the program I moved home to be able to dedicate more of my money to my debt with hopes of speeding up the process. My goal was to be debt-free before moving back out on my own. That would have been December 2011, however I made a few decisions to prolong my debt payoff that were worth the wait.

In December I could have paid the last chunk I owed on my car and been done, but I was presented with the opportunity to start my own business (a dream I’ve had since I was a child), but it would take funds that I didn’t have to my name. My choices: take a small business loan and wait until July, 2012 to be completely debt free or pay off the car and save up for the business and wait until much later to start my business with money of my own. After doing a little math I realized if I started the business and prolonged the debt payoff, I’d be able to bring in a bit more income to pay off the loans quicker than if I chose the second option. So I went with it. Absolutely the best decision I ever made! So now, I’m debt-free at 25, I have my own business on top of my full-time job, and all the extra money will be put in my savings for the day that I can say “I work for myself full-time.”

Unbelievable how much everything is falling into place. I’m so blessed and thankful all the hard work is paying off. Oh hey life, you’re not too shabby after all!

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