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non-profit<br />
community<br />
family<br />
small business<br />
people<br />
snowball keeps rolling to reduce bigger and bigger<br />
balances until all are paid off. Shelby mentioned they<br />
followed this method for the most part, except for one<br />
balance had a higher interest rate than the others. She<br />
laughed as she said that really bothered her, so she<br />
jumped ahead and paid off that balance, then went<br />
back to the system to pay off the remaining debts.<br />
Austin chuckled, too, when he said they could picture<br />
the creditors becoming angry as the couple reduced<br />
the company’s earnings by paying their balances off<br />
early.<br />
Another piece of advice from the program caused the<br />
couple to share a laugh. During one of their sessions,<br />
the question was raised about an emergency fund,<br />
or how much cash they had on hand to use toward<br />
unexpected expenses. They looked at their bank<br />
accounts, quickly performed the math, and came up<br />
with only $151.90 (out of the Ramsey recommended<br />
$1,500). Yet, they knew they were ready to take on this<br />
seemingly impossible task of paying off their six-figure<br />
debt.<br />
Their journey wasn’t easy and, like everyone else in<br />
life, they had setbacks along the way impacting their<br />
plan. An unexpected car repair left them without<br />
transportation for a while and cut into their budget.<br />
They also had a relative move in with them for a period<br />
of time, which both said they would never change.<br />
There were also times when they felt like giving up and<br />
hoped for a magical fairy to eliminate all of their debt<br />
with the wave of a wand.<br />
In spite of all the obstacles they faced, the couple<br />
remained focused and committed to paying it all off.<br />
They relied on a few things to keep them going when<br />
they were ready to give up. They reminded themselves<br />
they knew it wouldn’t be easy and they were in it for<br />
the long haul. They stuck to their monthly budget and<br />
followed the envelope system relentlessly. Shelby<br />
kept her numerous spreadsheets so they could look<br />
back and see how far they had already come, which in<br />
turn, gave them the strength to keep going. They put<br />
together a support system to cheer them on and found<br />
accountability partners to push them when needed.<br />
They established a timeline with milestones along the<br />
way to celebrate as each was reached. They also set<br />
up small things to look forward to, such as going out<br />
for ice cream once an account was paid in full. They<br />
would intentionally put larger denomination bills into<br />
their envelopes, which would encourage them to hold<br />
onto them rather than spend them on small items they<br />
decided they could live without. Along the way, they<br />
Austin and Shelby Pierce<br />
have purchased two homes and have built their $151.90<br />
emergency fund into one that now contains more than<br />
$2,000.<br />
Shelby said they eventually found themselves looking at<br />
money as a tool to use and reduced the power that money<br />
had over them. Austin added that “debt is expected in<br />
our society; however, it is possible to live without it.” They<br />
said there are things they could have done differently<br />
to lower their amount of debt. For instance, consider<br />
attending a state university rather than a private college,<br />
pursue more scholarship opportunities, and take more<br />
high school classes that earned college credit, any of<br />
which could have saved them a lot of money.<br />
The final word of advice comes from Austin. He said<br />
that he looks back now and makes the assessment that,<br />
“we took something that seemed impossible and made<br />
it to be only extremely difficult.” The extremely difficult<br />
process helped strengthen their marriage, their peace of<br />
mind, and their tenacity to take on anything. The couple<br />
encourages anyone wanting to pay off their debts to be<br />
intentional, make a plan, and then follow it through. With<br />
some luck and a well-executed plan, they may become<br />
debt-free, too.<br />
Michelle Lessmann, a fully licensed Office Professional<br />
in Keith Bales office of Thrivent. She can be contacted at<br />
mrlessmann@hotmail.com.<br />
Photo Credit Jetske Wauren