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On the surface, newlyweds Nick and Rebecca appeared to have the perfect fairytale life. They were living the American dream with a beautiful house, nice furniture, and brand-new vehicles in the driveway. But things weren’t so picture perfect behind the scenes.
“Everything was going on a credit card,” Nick said. “We were making giant payments to credit cards but they were still growing.”
After they decided they needed a financial makeover, Nick stumbled upon The Dave Ramsey Show during his 45-minute commute.
“That first debt-free scream pretty much got me hooked,” Nick said. “I wanted to be that person.”
Nick and Rebecca decided to go through Financial Peace University and take steps to get their finances in order. That was when everything changed for them.
They learned about zero-based budgeting and how to plan for expenses instead of simply tracking them after they happened. “EveryDollar made us come to the table every month and talk about our finances,” Nick said.
“It forced us to communicate,” Rebecca said.
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They started their debt snowball and quickly paid off the smaller debts. And when they weren’t making progress as quickly as they wanted, they didn’t let that stop them. They got rid of almost everything that wasn’t nailed down, including the car with the most payments left on it and Nick’s three motorcycles!
In 30 months, Nick and Rebecca paid off $136,000 of debt! They attribute their debt-free success to the power of budgeting.
“The budget is not restrictive, it’s freeing,” Nick said.
The simple budgeting tips they learned can continue to help them as they follow the Baby Steps. Nick and Rebecca are able to save for retirement, invest, and even start a college savings fund for their toddler.
“Being debt-free is a weight off our lives,” Nick said.