This millennial couple decided to get married, then pay off $ 123,000 student loan debt in less than 15 months
The founders of Rich by Intention, Anjie and RJ, repaid $ 123,000 in student loans after their marriage. The couple are committed to a lifestyle change and achieved their goal in less than 15 months.
âWhen we started our debt-free journey, we initially thought it would take us over 3 years to pay off,â Anjie wrote on her blog. âWe never imagined that it would take us a year to pay off our student loans. It has proven that when you are aligned and working towards the same goal, you can achieve anything with discipline, communication, and intention. “
Married couple tackle debt
When Anjie and RJ said âyesâ in 2017, they made the decision to pay off student loan debt. The couple had frequent financial conversations before the wedding, making the transition to debt relief a bit easier.
The couple began to identify ways to use the money earned from their work to achieve their financial goals. Anjie works in the healthcare industry and RJ holds a position in finance. When they got their money together, they were able to create a master fundraising plan.
âWe were so focused on paying off our debt that any extra money or income we put in we threw it on our loans,â Anjie and RJ said in an email.
Rich by Intention’s roadmap to debt freedom
The couple began their debt repayment plan in February 2017. In April 2018, the couple today repaid a total of $ 123,000 in student debt.
The first step taken by Anjie and RJ was to learn about finances before the wedding. They read books and listened to podcasts to further their knowledge. They also set aside time to discuss all of the concepts that were integrated.
Then the couple combined their income and worked out a budget. During the nightly Budget Date sessions, Anjie and RJ discussed their progress and their action plan. They tried to allocate as much money as possible to their student debt.
Third, Anjie and RJ have developed an income management strategy. They lived on one income and used the other income to defeat the debt. Any additional money left over will be used to pay off the debt.
To speed up their progress, the couple increased their income. Angie pursued a promotion and negotiated her salary. She also used her skills to land an adjunct teaching position. RJ decided to look for opportunities in other companies and also negotiated his salary.
Finally, the couple cut unnecessary expenses and lived modestly. This allowed them to keep more of the money they earned. Some smart expense reduction measures included negotiating the price of rent, preparing meals, and reducing shopping expenses.
For more information on Anjie and RJ’s journey, visit their podcast.