A story was recently published on Forbes.com about four Millennial, 20-something sisters that were able to conquer their combined $182, 000 in debt in just a 2-year time-span. Between student loans, car loans, and credit card debt, the four sisters were hardly able to make ends meet after college life.
They decided to work together as a family to tackle their debt and in just two short years, they have managed to demolish $182,000…wow!
Originally, the four sisters were discussing different ideas of how to conquer their debt over some drinks at a local restaurant in Plainview, Texas… but what seemed like just an idea that would disappear by morning, actually became a concrete plan.
They banded together, meet every Sunday and openly discussed each others financial situation and what they would need to get by each week. From there, they collectively saved money and also pushed to make extra money.
The sisters saved money by “basically becoming minimalist” said Rufina, the youngest of the four sisters.
They started renting out a $1000 3-bedroom apartment, stopped shopping for unnecessary items, started using coupons and Groupons to get their grocery bill down and minimize their entertainment bill, they cut out cable, they split meals and only drank water while dining out, and they got a little more creative when it came to Christmas and birthday presents.
They made more money by taking up second and night jobs in addition to their day jobs. During this time all of them received promotions at work because their work ethic became so laser-focused on the goal of bringing home more cash. They negotiated their worth to their second employers and were able to bring home a higher salary.
Within one month, they had increased their combined income by 50% and had paid off all of their credit card debt. Within six months they had paid off all of their cars. And within eighteen months, just under two years, the sisters had paid off all four of their student loan debts.
This is the story of true commitment of four sisters that figured it out. It may have sounded relatively simple, but it wasn’t easy. They made huge sacrifices but in just eighteen months they managed to pay off every single penny of the $182 in debt.
Would you say it was worth the sacrifice to get out of debt?
Read the full story on Forbes.com here: http://www.forbes.com/sites/vanessamcgrady/2015/08/11/millennial-sisters/
This version of this article originally appeared on: http://usstudentloancenter.org/four-20-somethings-conquer-their-182k-in-debt-in-2-years/