Today I’m sharing a powerful story from Petrina Turner about how she and her family paid off $40,000 in debt in less than two years. Below is her debt payoff journey.
I remember staring at my worksheet in disbelief. There were multiple zeros after one number. How had we accumulated so much debt? We used credit cards—primarily for medical bills and because of a job loss—but also for restaurant splurges, sale finds, and vacations. Those once-occasional charges had added up into a heavy load of debt.
Looking back at how often we just “whipped out the card” made it clear how easy habits had led us to this low place. While many charges were legitimate needs, a large portion were wants. My husband and I were tired of being stuck in that cycle, so we decided to take control of our finances once and for all.
Before, when we had consumer debt, it was just the two of us and we managed it. Now we had three times the debt and children to consider. We wanted to break the cycle and leave our kids something other than bills. We created a plan to move toward financial freedom and took three main steps to execute it.
Other inspiring debt payoff stories include:
- How This Family Moved To The “Hood” and Paid Off $120,000 in Debt
- How My Wife and I Paid Off $62,000 in Debt in 7 Months
- How We Paid Off Almost $10,000 in 10 Weeks
- How I Paid Off $40,000 In Student Loans in 7 Months
- How This Couple Paid off $204,971.31 in Debt
We cut the cards
The average U.S. household credit card balance is high, and our balance was much higher than average. We decided something drastic was necessary. Since credit cards were the main cause of our financial chaos, we cut them off.
Was it hard? Yes. Did it hurt? Yes. Were there times I wanted or even needed to use them? Yes. But not being able to swipe forced me to face the emotions behind my spending. Credit had become my safety net: food when I was hungry, clothes when I saw a sale, a fallback when the bank balance looked low. By removing that easy option, we were forced to replace bad habits with new, healthier ones.
Instead of window shopping that led to impulse purchases, we went to the park. Instead of expensive vacations, we planned affordable trips close to home. Not using the cards made us conscious of our spending and pushed us to be creative with how we used our money.
We examined our monthly expenses
We reviewed every monthly expense to find reductions or eliminations. Did we need a $100 cable package? Could we downsize? Did I need salon visits every two weeks, or could I temporarily get my hair done at a beauty school for much less?
This process revealed not just where we were overspending, but where we were unnecessarily spending. We were buying items because we could, not because we should. Digging into our costs helped us understand the emotions behind our purchases. I discovered I spent when I was happy or feeling accomplished rather than when I was upset. Recognizing those triggers let me address them instead of giving in.
Reducing expenses helped, but the quickest way out of debt required increasing income. So I made a big change.
I found better-paying work
At the time I worked part-time to balance family life with three young boys. The job offered flexibility but didn’t support our financial goals. We chose to prioritize finances temporarily and I moved to full-time work. It was hard to leave a flexible role, but when finances are strained, sacrifices are necessary.
Working full-time doubled my income, and I also pursued side-hustles to bring in extra cash. With these additional funds, we made a decisive plan to attack our debt.
We tackled one debt at a time
Our new schedule left less downtime, but we were willing to work hard for a few years to change our future. We listed every debt and paid the minimums on each while directing any extra money toward a single debt at a time. Some advise targeting highest interest rates first; others recommend paying off the smallest balance to gain momentum. We focused on one debt at a time—starting with my husband’s car, then mine, then credit cards.
We also kept a balanced approach by budgeting “play money” for each of us. This small, regular allowance allowed us to enjoy little things without derailing progress. That balance helped us stick with the plan.
After 21 months of increased income and disciplined payments, we had eliminated $40,000 in debt. It was an incredible relief to finally see light at the end of the tunnel.
But we didn’t stop there. We wanted to avoid falling back into debt if emergencies occurred, so we focused on building an emergency fund.
We funded an emergency savings account
Early on, credit cards had been used for emergency expenses like a new transmission. To prevent repeating that pattern, we dedicated a portion of our additional income to a “Rainy Day Fund.” We knew storms would come again, but this time we wanted cash on hand. Building that cushion removed the excuse to return to credit cards and provided long-term security.
Lessons learned
We continue to learn how to manage money better. After paying down debt, saving, and creating multiple income streams, these lessons stand out:
Save a portion of side-hustle income for taxes. We initially set aside 30% and later underestimated, setting aside only 20% one year. That mistake forced us to pause debt payments to cover taxes. Always plan conservatively for tax obligations.
Recognize the value of your skills. I leveraged my strengths in numbers, data, and research to earn extra income. Identify how your skills can solve problems for others and monetize them.
Don’t forget to give. While pursuing financial goals, it’s easy to overlook others. Planning to give financially and with our time opened doors and kept perspective.
We’re still working toward full financial freedom, but paying off more than $40,000 and building an emergency fund has been transformative. The journey was challenging but worthwhile. The most important takeaway: tackle debt one step at a time.
Author bio: Petrina Turner is a Financial Stewardship Coach and blogger who helps families pursue financial freedom. She motivates others to get out of debt, save for emergencies, and create multiple income streams so they can build and leave a financial legacy.
What steps are you taking to get closer to your financial goals?