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I am so excited to launch the Debt-Free Success Series!
In this series, I will ask everyday people questions about how they’ve become debt-free.
As a newbie on this debt-free journey, I get inspired by debt-free stories. I am always looking for individuals who are candid and very transparent about their debt-free journey. Any tips and advice that they provide is extremely beneficial for those of us who are either at the beginning, in the middle or almost at the end of their journey.
I hope this series will encourage and inspire those of us in debt that we too can become debt-free!
Today I’ll be sharing Melissa & Murphy’s story!
Melissa & Murphy are the masterminds behind FitNFunds. They’re going to share with you how they have paid off $229,000 in 5 years and are now debt-free! I learned about them one day as I was scrolling through Instagram (follow them right now on Instagram at @fitnfunds). When I found their account, I literally read EVERY post, their story is very inspiring and it’s one that makes you want to instantly begin your debt free journey (if you have not already started).
If you’re like me and you’re at the beginning of your debt-free journey, their story will inspire you! You can completely pay off any amount of debt REGARDLESS of how much you owe.
I hope you enjoy their story!
Tell us a little about yourself?
We are Melissa & Murphy and we’ve been married for nine years. No kids yet. We live in the San Francisco Bay Area, California. Melissa is the oldest of five and Murphy is the oldest of two kids. The first four years of our marriage not only did we each bring in a lot of debt into the marriage initially, but we accrued even more debt the first four years of our marriage.
About five years ago Murphy had a rock bottom moment in a counseling office and God gave him the name Dave Ramsey. At that point in our lives we were taking lavish trips with money we did not have which was supported by our line of credit, using our car payment to go on a vacation, and buying groceries on a credit card. Unbeknownst to us we were drowning in debt and came to our rock bottom moment that enough was ENOUGH! The bleeding had to STOP.
In January 2014 we began Dave Ramsey’s baby’s steps with a total of $229,000.00 in debt. Ok, this is where you go they had how much???? Yeah, you read it right, this daunting amount consisted of you name it student loans, lines of credit, credit cards, medical bills, IRS bills, cars, you name it we had it. It took Mel the first year to get on board, but once we started to gain momentum in our debt snowball we saw a huge shift in not only our finances but many other areas of our lives!
As far as the fitness/nutrition aspect of our lives we enjoy exercise and LOVE to eat. We try to eat healthy the majority of the time but do enjoy our cheat meals/treats.
What did your debt consist of and how much did you (or do you) owe?
Total debt was $229,000. This was car notes, IRS bills, medical bills, lines of credit, credit cards, and student loans. We started our debt free journey in January of 2014 and made our last payment on March 31, 2019!
When did you realize that you wanted to be debt free?
When our WHY or WHYs became the driving force. The thought of never owing money to a lender and being able to do what we want with our hard earned paycheck was exhilarating. Took Melissa the first year to fully get on board with the debt free journey, but once we both understood the purpose and our why the debt payoff momentum began to pick up.
How did you make additional money to clear your debt?
Melissa worked a lot of overtime. Murphy earned commissions/bonuses. Also, Murphy did Uber and Lyft on evenings and weekends to earn extra cash.
Complete the sentence “I knew I was debt free when….”
we made our final student loan payment in March of 2019!!
What was the most difficult challenge you faced in eliminating your debt?
Many challenges, but the most difficult was facing the monstrous amount of consumer and student loan debt that we had. Our largest debt was the student loan debt (about 125K), which came last in our debt free journey. Melissa had the idea that once we were consumer debt free, that we’d be debt free, but not until the acceptance that student loan debt was considered part of our total debt did we realize we had to pay all our debt back in full. The shame and guilt Melissa felt about the student loan debt was difficult to accept and get passed. In addition, there were many exhausting/long days, several summers of no vacations, and limited extracurricular actives. In the end, all of that was temporary and we don’t regret any of our sacrifices.
Now that you’ve reached this goal, what’s next for you?
The list goes on. Well, we’ve been able to pay cash for items we needed to upgrade around the house (computer, cell phones, couch etc). We are finally taking a debt-free vacation this summer and making some fun additions to our budget such as increasing our fun money category and added a giving fund. The financial goal we are currently working on is saving 3-6 months of expenses (emergency fund) and after that saving for a down-payment for a new home. The debt freedom journey has only begun and we are looking forward to building wealth and giving like no one else in the years to come!
Where Can People Find You on Social Media?
Instagram: @fitnfunds
Facebook: fitnfunds
YouTube Channel: fitnfunds
Website: http://www.fitnfunds.com