Happy New Year!


What better way to start the new year?

Hi, I’m M – welcome to our Debt-Reduction Journey!

My husband (hereafter referred to as H) and daughter (known as L) and I are displaced Northerners living in the Southeast. H and I are teachers, and L is in preschool. Before having a child, H and I lived what we thought was a reasonable lifestyle: eating out a few times a month at tapas restaurants and wine bars, buying new clothes from expensive stores when we wanted them, buying books every time we went into a bookstore, and paying only the minimum on our student loans. There probably were a few good habits we had – paying off credit card balances in full each month and opening an Edward Jones investment account and contributing monthly, for example.

We moved (which, as you probably know, is expensive to do) when H got a job, had a baby, moved again, and moved again (all within the same town – bad luck with rentals).

In preparing ourselves for our desired teaching positions and desired salaries, we earned multiple advanced degrees. Between the two of us, we have two Bachelors, three Masters, and one Doctorate. In the course of achieving those, we have accumulated $71,187 in student loan debt.

Somewhere in there, between degrees, we also bought a house.

Add to that a new car (in 2007), a used car (in June 2012), and some important purchases that we should have saved for instead of buying outright on a credit card, and you get some serious debt.

Of course, life is more complicated than all of that. We can get into more detail some other time.

Meanwhile, here’s the breakdown of our current debt:

Mortgage: $195,553
Student loans: $71,187
Car loan: $5,439
Citibank Credit card: $4,197

Welcome to the ride, and thanks for reading!

– M

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