BIRMINGHAM, Ala. (WIAT) — In this edition of the ēCo Savings Race, the Kennedy family shows us that determination can lead to financial freedom.
“We finished Financial Peace and now we’re…kind of in a routine now. So…it’s going good.”
For Tres and Erin Kennedy, the phrase “going good” just might be an understatement.
“We ended up paying off our final student loan.” Tres said. “And so…four months into our marriage and we’re debt free.”
Erin reflected, “Just to be completely debt free…it’s amazing.”
So how was the couple able to accomplish their goal so quickly?
“We wrote down where our money was going and we realized that we were spending about $400 going out to eat every month. We’re spending another $100 – $150 going to get coffee,” Tres explained.
So the couple created a budget and started tracking their spending. And Erin says. Staying determined also helped them reach their goal.
“Being like…determined to…..do it, to pay it off and just kind of….working extra hours in order to have that money to pay it off and just being really…again, disciplined and focused on it,” Erin said.
But the couple admit that…even though they were determined to stick to their budget…they didn’t totally give up the things they enjoy.
“So what we did was…we just…we cut out a large majority of that stuff…and we budgeted small amounts of money for…if we did go do that stuff, it would still be okay,” Tres said.
Erin explained, “We go out and do stuff. We just have a budget for everything. We know more of where our money is going.”
Tres and Erin say that it really hasn’t been that hard to stick to their budget, and what they’ve gained has been well worth their effort. Follow all of the teams and vote for your favorite HERE.