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During this one year of high intensity debt repayment, my wife maximized her income, minimized her expenses, and saved, saved, saved! After I proposed to her, we decided that she would continue working (we didn't live in the same state) until we got married.
At the time, she was working for a pharmaceutical company making around $60,000 a year. However, this income was supplemented by the fact that her company gave her a car, gas card, food allowance when travelling (she was away from her home 2 weeks a month), a laptop, and a cell phone.
Additionally, she moved back with her parents in her old childhood room, so her housing costs dropped to zero. Because her costs dropped so low, she was able to save over 80% of her take home pay. She generally spent less than $300 a month for a year on clothes, going out to eat, and spending time with her family.
All of this saving paid off. She was able to travel internationally twice during this year of work at a cost of more than $2000 per trip, as well as make $45,000 in payments on her student loans!
This intensity and focus on a financial goal cut our combined student debt in half, from $100,000 to $50,000 by the time we got married. She came into the marriage without a penny of debt to her name. I wish I could have done the same, but my expenses were higher and my income lower, so I'm still working on paying down my $60,000 worth of student loans I graduated with (now down to $40,000 after 2 years!).
AMEX Platinum With NO Annual Fees for US Military
Military servicemembers and spouses can get the American Express Platinum card with NO annual fees.
Learn how to apply for the AMEX Platinum Military.
The AMEX Platinum offers:
- $550 Annual Fee WAIVED for US Military (and spouses)!
- Earn 60,000 Membership Rewards Points with $5000 spend in 3 month
- $200 credit for Uber rides (or Uber Eats!) annually
- $200 airline fee credit
- Centurion Lounge and Priority Pass Airport Lounge Access
- NO foreign transaction fees
These benefits make the AMEX Platinum my top recommend card.
If you already have an AMEX Platinum card, check out the other AMEX cards, Chase military credit cards, and this month's top recommended credit card bonuses, most with no annual fees for US military personnel.
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