For 31-year-old stylist and writer Tinsley Crisp and her husband Ben, $200,000 of student loan debt was an intimidating reality. Ben made the decision to go back to school to become a physician assistant. This decision only compounded Tinsley’s already costly debt, raising their financial burden. They were not willing to give up on their financial future. Next, they hired a financial planner and developed a detailed five-year plan to pay off their debt.
After setting this sum, the young couple crossed the discipline of strict budgeting with intentional lifestyle sacrifices in their path. Earlier this year, Tinsley and Ben were able to celebrate their last payment. Giving themselves the gift of a dream trip to Greece, their hard-fought and rigorous journey to financial freedom had officially come to an end.
The Power of Planning
Building a strict, line-item monthly budget along with their debt-payoff timeline were key pieces to Tinsley and Ben’s plan. They balanced their budget so closely, they even provided receipts for items bought with their WIC vouchers, including beauty supplies.
“We really wanted to account for everything,” Tinsley Crisp said.
This precision helped them plan for when they would need to restock household supplies.
“And I mean, like everything. It came down to, we were planning out when I bought my shampoo and my conditioner. Even if it was $5 a month, just to know that in three months, when I’m probably going to run out again, we would have the money there,” she added.
The pair created a very tight budget. This provided them the flexibility to affordably pay off their debt, while covering their everyday living costs.
Sacrifices Made Along the Way
Over the course of their five-year commitment, Tinsley and Ben made some difficult decisions. They no longer could make monumental life moments like the weddings of their friends or family, or the vacations taken by families. These sacrifices tremendously impacted all of their lives but they knew it was necessary to reach their ultimate goal to become debt-free.
“Whenever we chose to miss friends’ weddings, family vacations, maybe even extra trips to visit family just for the holidays, it was tough,” Tinsley remarked.
Looking back at their journey now, Tinsley has no regret about those decisions.
“And now looking back, I don’t regret it at all, because now we’re able to do so much more,” she stated.
Their journey to pay off their debt has changed their lives financially, providing them with newfound freedom and possibilities.
Achieving Financial Freedom
Now, after five years of sacrifice and focus, Tinsley Crisp is debt-free, and she couldn’t be prouder. For her and Ben, making it to this milestone was both surreal and rewarding.
“To get to that moment and to enjoy that vacation really felt like our dream becoming a reality,” Tinsley expressed.
Tinsley experienced several hurdles on her journey. Even in the low moments, when the weight of their debt made everything seem impossible, her resolve was unshakeable.
“It felt like I would never accomplish this goal,” she admitted.
Having won their battle against debt, Tinsley and Ben look forward with confidence to a better financial future. They provide hope and inspiration to others who are facing similar challenges.
