Alli Williams, age 29, took on $154,000 of her husband's debt when they combined finances two years ago.
. "It was more, 'Can we work this out together?' Because I think paying off debt isn't necessarily hard. Just like I don't think budgeting is necessarily hard. What's hard is sticking to it." "I don't think it's sustainable, especially for millennials," she went on. "Who wants to cut everything they enjoy from their budget to pay off student-loan debt? No one wants to do that, and I don't think you have to do that."In 2019 the Williamses paid off $36,000 in debt, including student loans and a credit card, and paid for about 95% of their wedding using savings and income. The rest came from family members.
Here are three strategies they're using to pay off their remaining debt without giving up their financial goals:Williams and her husband always make at least the minimum payment toward their debt. They put their leftover money toward expenses, savings goals, and a few nonnegotiables. "The amount may seem small to some, but it's what works for us right now, and of course one day we will get to increase that," she said. For more expensive purchases, they decide together whether it deserves a spot in their budget or might require its ownAnd to avoid adding to their student-loan debt, they will have paid a total of $14,000 out-of-pocket for Williams' husband's school tuition by next spring.
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