D's student loan was paid in full yesterday. That means, apart from our mortgage, we are 100% debt free. In 3 years, we've paid off; $8,000 in credit card debt, a new vehicle, both our student loans, and 11% of our house (on top of the 14% we put down). It's shocking to me when I add it all up. And what's even more shocking is that I don't feel like we missed out on anything because of our frugal lifestyle change. And we're definitely not rich. D is a software engineer so the pay isn't terrible but we'll certainly never be rolling around in a bathtub full of money. But shaving a little here and a little there and snowballing your debt payments really, really pays off.
And the best thing is the freedom we have now. Our monthly financial commitments are 1) mortgage, 2) car insurance and, 3) utilities. All the others we could put off if D suddenly lost his job or we one of us got sick. Our plan now is to build up our savings to cover at least 6 months of expenses, then work on home improvements and building our retirement fund. We're still debating about whether or not to snowball the payments into the mortgage or just pay the minimum plus a little bit since we're not underwater.
Seeing that big, fat $0.00 fills me with joy and hope for the future. Financial freedom feels so good.