How much debt have you paid off?: $390,000
What was it for?: Our home
From deciding to become debt free to making the last payment, how long did it take you?: 14 years
What age did you take on your first debt, and how old are you now?: Approx 32 years old
Did you do it alone or as a family?: With my wife and two kids.
Did you pay off debt from your regular income, take on extra work, or change jobs to speed it up?: Regular income with mainly myself working.
Did you sell anything or receive cash gifts to contribute towards your debt payoff?: No, but we did receive an inheritance of $5,000 from my grandparents.
What people, books, websites, podcasts, budgeting tools, debt trackers and resources helped you?: Nothing in the first 10 years then a few podcasts at the end of our last home loan.
Did you keep an emergency fund while you paid off debt? If so, how much?: We never called it an emergency fund but we always kept some savings for emergency travel (my wife is Japanese).
Did you have any setbacks along the way, and how did you overcome them?: I switched careers twice after failing my national registration exam and now would never ever work in that line of work again (valuation).
What tips/hacks could you share?: Share goals with your family and they'll then hold you accountable, do regular improvements on your property (even little things)... it all adds up!
Was there a structure to your debt payoff? i.e. paying smallest to largest, or highest interest rate to lowest?: We used an off-set home loan but that felt just as slow as a normal fixed-term loan.
How did you stay motivated, and what was the most challenging part of paying off your debt?: We focused on the kids, with bi-yearly overseas trips being a big motivator.
How did you celebrate making your final payment?: Buying a home debt-free!
Was getting out of debt worth it, and what have you learned about yourself?: Absolutely, I've learnt the amount of info and access available to young people these days means a secure future is way more attainable than the way I was (financially) brought up!
Will you ever go back into debt again?: No! At 50 we owe no-one nothing and would never speak to debt dealers again!