Teacher Uses 75% of His Paycheck to Become Debt-Free

More often than not, people of the internetwebs are sad, depressed, and uninspiring. Those adjectives, however, do not describe the couple you’re about to meet.

Credit: Hoyt Family

Credit: Hoyt Family via CNBC

Bobby Hoyt and his wife, Coral, are a different breed.  They’re the type of couple that likes to keep it real with themselves when it comes their personal finances.  That personality dynamic is why they decided in 2012 to become a debt-free family.  Don’t take that lightly though because that decision came with plenty of sacrifices.

To become debt-free, that meant the Hoyts had to vanquish $40,000 worth of student loans.  As school teachers with school teacher salaries, that was a heavy load for them to lift.  Fortunately, they quickly learned how to lighten their load.

Whether it was renting from the in-laws to driving an old clunker to wearing old clothes, they got rid of as many unnecessary expenses as possible.  At their peak, they were putting 75% of Bobby’s salary towards student loan payments.  And that’s pretending as if taxes didn’t negate a huge chuck of his gross pay during that time.

At the end of the day, the young millennial couple ended up paying off the $40,000 in a whopping 18 months.  Now that the debt is completely gone, Bobby quit being a teacher and has become a full-time blogger.

So the next time you’re feeling hopeless, just remember: if two young school teachers can change the trajectory of their lives, then you can too.

Follow Ben on Twitter @Ben_Baxter or on AL.com here.