Hello! Today I’m sharing an inspiring debt payoff story from Nolan Martin. Nolan, a military officer, paid off $100,000 in debt in just 40 months. Below is his account.
Fresh out of college and newly married, my wife Erin and I were eager to begin our life together. We entered marriage carrying significant debt. I took on a “career starter” loan of $35,000, and Erin had over $40,000 in student loans. Add in the usual expenses that come with starting a life together—a car, a house, and pets—and by February 1, 2012, we had accumulated more than $100,000 in debt.
The reality of our situation hit when we reviewed our accounts after buying our first house. Seeing a bank summary that read, “You Owe $297,000,” forced us to acknowledge the scale of the problem and the need for major changes.
On that day, Erin and I committed to living debt-free and to making the sacrifices necessary to reach that goal.
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We dreamed together
Simply wanting to be debt-free wasn’t enough to keep us motivated. To succeed, we needed a shared vision. Just before my first deployment, we took a budget-conscious road trip to spend the holidays with my family in Texas. We stayed a couple of nights in Southern California, and the warm weather and ocean views made us dream of living on the beach someday. Whenever we faced tough financial choices, those memories reminded us why we were sacrificing.
Communication while thousands of miles apart was crucial
My first nine-month deployment played a key role in gaining momentum, largely because of consistent communication. During that austere deployment, I had very limited access to phones or computers, so when I did get a chance to connect with Erin, we’d carve out five minutes to review finances and update goals. That brief but focused communication kept us on track.
Later deployments gave us better access to communication tools, which helped us stay motivated and accountable. As difficult as deployments are—missing birthdays, holidays, and anniversaries—being apart strengthened our commitment to the dream and to each other.
Both of us contributed to the success
A major factor in our success was Erin’s willingness to work hard. Frequent moves—three in four years—made it difficult for her to build a career, yet she found jobs at each new location to cover expenses while I was deployed. That allowed almost all of my income to go directly toward debt, which meant we could pay down roughly $4,000 a month.
Giving back along the way
Even while focused on getting out of debt, we didn’t miss chances to help others. Marrying Erin made me more compassionate toward animals. While I was deployed, Erin rescued several dogs and cats, ensured they received medical care, and found them loving homes.
One memorable rescue was a young lab mix named Jax, who had been the longest resident at a local shelter. Jax required extensive veterinary care and heartworm treatment. After about 18 months of recovery and treatment, Erin found him a wonderful family. Helping others kept us inspired during the challenging months and reminded us of the meaningful life we were working toward.
Accountability tools
I’ll admit I’m the money nerd in our marriage. I tracked our finances, created charts, and updated payoff projections every month. Although I’m also the spender, these charts became a forcing function to keep me accountable. Each month we built a zero-based budget, allocated every dollar, and directed any extra income toward the targeted loan. Seeing progress on paper and not carrying extra cash in our checking account helped maintain discipline.
Creating a sustainable zero-based budget
Another key to our success was designing a sustainable zero-based budget. Initially, obsessively tracking every single dollar felt restrictive and unsustainable—much like a fad diet. Instead, we grouped expenses into broad categories and assigned a monthly amount to each. For example, we allocated $250 for entertainment and used it for whatever entertainment we chose—movie nights, a weekend getaway, or dinner. That simple, flexible approach was easy to maintain for the full 40 months.
Related content: Our Financial Detour: How Budgeting Freed us to Follow our Dreams
Making extra money with a side hustle
To accelerate debt repayment, I developed side hustles. One reliable method was flipping free furniture from Craigslist. I spent a few hours on a free afternoon finding items, did light repairs, and relisted them for sale. Often I could sell pieces for $100 or more and charge $20–$30 for delivery to buyers who lacked large vehicles. Working less than 20 hours a month, I consistently earned over $1,000. If not for another deployment, I planned to scale the business further.
Always room for a little fun
Sacrificing to pay off debt didn’t mean we gave up enjoyment. Living in Washington State offered countless affordable ways to have fun. Weekends included long drives to the coast to let our dogs run on the beach, boat trips to watch orcas in Puget Sound, visits to Pike Place Market in Seattle, and hikes with spectacular mountain views. Keeping some affordable pleasures in life made it easier to maintain momentum.
Achieving victory
I’ll never forget the moment we became debt-free. We were driving across Oregon in a 26-foot rental Penske truck hauling my wife’s car. She followed behind, keeping our puppies occupied on the long drive from Fort Lewis, Washington to Fort Benning, Georgia. While navigating that large truck and trailer, I called Sallie Mae to pay off our final $24,000 using the proceeds from selling our home without a realtor. Celebrating over walkie-talkies, we realized we were debt-free for the first time in our adult lives.
From that instant, our dream of warm Southern California air felt closer than ever. We had eliminated $100,000 of debt in 40 months.
Author bio: Nolan is a military officer and a graduate of the United States Military Academy at West Point. He holds a Master’s Degree in Financial Planning and is pursuing his Certified Financial Planner designation. His military experience informs the lessons he shares about personal finance. Nolan launched his blog, BudgetChaos.com, on October 1, 2017, where he offers free eBooks and resources on retirement and financial planning.
What are you doing to pay off your debt?