Page 25 - ARUBA TODAY

BUSINESS Wednesday 3 July 2019
A25

How I ditched debt: 'It made our marriage so strong'

By LAURA MCMULLER guilt of Ray's piercing eyes!
NerdWallet HOW DID YOU TWO DISCUSS
Associated Press MONEY AND HOLD EACH
Ray Robertson's debt- OTHER ACCOUNTABLE?
payoff journey involves Ray: We'd sit down every
two fateful conversations single week to look at our
across the ocean from budget and calendar.
where he grew up. We'd make sure we were
The first was a blind date both on the same page in
with his future wife, Bailey. terms of what we're spend-
Ray had moved from Can- ing, and what money is
terbury, England, to the coming in and going out.
Nashville, Tennessee, area That communication, espe-
for a soccer scholarship at cially in the beginning of a
Martin Methodist College marriage, is so key. Paying
and met Bailey soon after off this debt together made
graduating in 2012. The our marriage so strong.
second meeting was about And the best thing about a
a year later, Thanksgiving budget is that it's kind of an
2013, when Ray asked Bai- informal contract between
ley's father for his marriage the two. If one of you buys
blessing. something random, you've
He got the blessing — with In this undated image provided by NerdWallet, Ray Robertson and his wife Bailey pose for a photo. pretty much broken the
a stipulation. Bailey's fa- Associated Press trust of your partner.
ther wanted the couple WHAT ADVICE DO YOU
to enroll in Dave Ramsey's product manager, recent- for income, expenses and Ray: I have no regrets now, HAVE FOR YOUNG COUPLES
Financial Peace Univer- ly connected with Nerd- debts. Then Dave Ramsey because it's a lot nicer on WORKING TOGETHER TO
sity. The two signed up for Wallet to share their story, dropped his app called Ev- the other side. I think back PAY OFF DEBT?
the video-based money which may inspire your own eryDollar, which did every- to then, and I definitely Bailey: Have open, in-
course in 2014 and found journey in paying off debt . thing my spreadsheet did. could have been a bit over depth conversations about
it to be "life-changing," Ray WHAT WAS YOUR TOTAL So I was an early adopter the top. I was so into it — I your goals and dreams. This
says. They began learning DEBT WHEN YOU STARTED of that and still use it to this just wanted to be done will get you on the same
how to budget, hold each YOUR REPAYMENT JOUR- day. with debt. But, we wouldn't page and make you work
other accountable and set NEY, AND WHAT IS IT NOW? WHAT WAS YOUR LIFESTYLE be where we are right now together without question.
goals, including paying off Ray: We had a little over LIKE WHILE YOU TACKLED without making those sac- Ray and I have learned
about $33,000 in combined $33,000 in consumer debt: YOUR DEBTS? rifices. It really set us up for to be a good balance for
debts. About $18,000 for Bai- Ray: We truly lived like no future success, and it made what each other needs. I
The Robertsons began ley's student loans, nearly one else. While our friends us grow up a lot quicker. can let him know when he
tackling these debts in Au- $14,000 for a car loan, were going out to dinner, WHAT'S LIFE LIFE NOW 'ON is throwing too much of our
gust 2014, after moving to about $800 for a bank loan we were cooking; when THE OTHER SIDE'? money into our future in-
Houston, where Ray made balance, and a little over they were at happy hour, Ray: It's so good. It's no lon- stead of now, and Ray lets
about $55,000 as project $400 for an immigration we were working our sec- ger: "We have to pay this." me know vice versa.
manager for a hospital in lawyer. ond jobs; when they were Now, it's: "What should we Ray: Include your spouse,
the Texas Medical Center. We completely paid off this buying new cars, we were allocate to?" Should we and listen to their point
Bailey's substitute teaching, debt between August 2014 budgeting every dollar to allocate more to invest- of view, and just be really
paired with a handful of and February 2016. Now, throw as much at debt as ing, paying off our house, honest about what each
tutoring sessions and Ray's our only liability is a mort- possible. saving for a car? Now we person's goals are. And re-
occasional refereeing, gage, which has a current DO YOU HAVE ANY REGRETS have only have choices, member that you're in a
added roughly $5,000 in balance of $299,000. Our FOR LIVING THIS WAY? whereas we didn't have partnership. q
annual income, although goal is to pay that off by Bailey: No regrets. We are a any choices before.
that figure fluctuated. Each 2030. very goal oriented couple, Bailey: Honestly, it feels nat-
month, the couple threw WHAT WAS YOUR DEBT- and we try to think about ural. Knowing that we've
about $1,500 toward their PAYOFF STRATEGY? where we want to be in overcome our biggest
debt and paid extra after Ray: We utilized the debt five years. Knowing that we hurdle gives me so much
receiving their tax refunds snowball — we listed our missed out on a few things confidence in our future fi-
and selling Ray's car and debts from smallest to early on doesn't compare nancial goals. Also, it's nice
other items. largest in value, and then to our financial freedom to make a Target run every
This aggressive payoff strat- worked through them. So right now. now and then and not feel
egy, along with a lean for us, that meant tackling
lifestyle, tight partnership the balance for the immi-
and plenty of planning, gration lawyer, then the
enabled the Robertsons to personal loan, followed by
eliminate their consumer the auto loan and finally
debt in 18 months. Now student loans. The momen-
Ray, 31, and Bailey, 29, are tum of paying off these
back in Nashville, where debts kept us motivated.
they own a home and raise DID YOU USE ANY TOOLS
their 15-month-old son, Cal- TO HELP YOU TRACK YOUR
lum. PAYMENTS?
Bailey and Ray, who is now Ray: When we first started
a personal finance coach our journey, I used an Ex-
in addition to working as a cel spreadsheet with tabs