This couple dropped $185K+ of debt in 20 months – Here’s how!

What do too many student loans, a mortgage, and a few bad money decisions equal? A debt upwards of $185K. This couple destroyed that debt in twenty months through budgeting, scrimping, and a handy book about personal finance.

Like many 20-somethings, Conor and Katie Muirhead were young and new to money. What made them different from the typical debt story is that they didn’t have a bunch of credit cards, a financed car, or the habit of eating out all the time.
Still, they managed to rack up more debt than most can without a law or medical degree.
They bought a house and lived on student loans while finishing school, then brought their debt with them to California to raise a family.
One day, when running low on funds, they decided to experiment and be especially frugal for a month. No shopping, no restaurants, no treating themselves.
They only paid for the bare necessities and put every spare dollar they could find towards their debt, then made the “experiment” permanent.
The amount they found they could save, and put towards their debt, quickly grew into the thousands. Following the popular debt snowball method, paying off the smallest loan, then the next smallest, got them out of debt and back on track fast.
There’s nothing easy about tackling a debt that huge, especially as a young family in a expensive area. But the Muirheads’ story is practical, and proof that getting out of debt is just a matter of changing your attitude and making a commitment to do better.