A Year of Paying Off $160k+ Debt
My wife (23) and I (26) have piled up an unbelievable amount of debt in the last 5 years and decided that 2025 would be the year we officially start to get serious. We just had our first son and dream of owning a house one day, so we're diving into the new year with pay-offs in mind.
I'm hoping that posting my progress each month will help continue to motivate me to drive this debt down faster, even if only one or two people see how it goes.
I currently have three jobs, my primary income, a second part-time job, and I'm in the National Guard. I also do some coding on the side for extra money. My wife is a stay at home mom and is currently working on getting a work-from-home job.
Each month I will try to include any developments that have affected our debt in a negative or positive way, but I will not be making excuses for bad behavior.
We are not homeless, food-less, or in as bad of a situation as we could otherwise be; we just suck with money and want to be in a better situation.
Some context for the chart:
- The credit card debt is spread between 7 different cards with 2k-5k balances.
- The short term loan debt is two personal loans
- The long term loan debt is student loans, car loans, and one debt consolidation loan
- The "other" debt is medical bills
- The 401a and 457b are both automatically pulled from my primary income.
- The "Liquid accounts" under the investment chart is spread between Coinbase, Robinhood, and Acorns; they are all long term holdings.
- The "Other" chart is basic savings between the two of us.
Anyway, that's all I got for this month! I look forward to seeing it progress over the next year.