When my husband and I got married, I had one big dream in mind: becoming a stay-at-home mom someday.
And for me, that dream started with financial freedom – including paying off my husband’s student loans as quickly as possible.
Why We Wanted to Pay Off Student Loans Fast
In our newlywed days, I was in full financial-planning mode. My husband, being a few years younger, hadn’t thought much about long-term goals yet. So we decided to get intentional about our money:
- I added him to my credit card to help build his credit score.
- We met with a financial advisor for an outside perspective.
- We created a realistic student loan payoff plan while he finished his degree and we both worked full-time.
Step 1: Making a Realistic Student Loan Payoff Plan
Our loan balance wasn’t huge, but we treated it like it was. Here’s what we did:
- Tracked every single expense: gas, groceries, rent, utilities, car payments, savings, everything.
- Split leftover money into just two categories: spending and loan payments.
- Created a simple payoff timeline so we could actually see the debt disappearing.
We used a plain paper tracker, but if you prefer digital, tools like EveryDollar or YNAB make it super easy to visualize your progress.
Step 2: Our Cash Envelope System – With a Twist
Instead of swiping cards for everything, we went old-school with cash envelopes.
How We Set It Up
- Utilities stayed on auto-pay and gas went on the credit card.
- Everything else? Cash only.
Weekly envelope categories:
- Groceries
- Eating out
- Entertainment
- Clothing
- Toiletries
If we overspent in one category, we pulled back in another. Less takeout might mean more for clothes. Every purchase was a conscious choice.
I started with plain paper envelopes, but if you want something sturdier (and honestly, cuter), budget binders with labeled envelopes like this one make the system so much easier to stick with. You can even grab reusable cash envelopes or budgeting stickers to stay organized.
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Step 3: The Memorable “No Card for Drinks” Moment
One night out, a friend asked my husband if he wanted another drink.
He replied, “Nope, I’m out of cash.”
They said, “Use your card!”
He smiled and said, “We don’t use credit cards for drinks.”
It was awkward for about two seconds… then everyone laughed.
That little moment still makes us smile because it reminded us of our bigger goal.
Why the Envelope System Worked for Us
- Visual control: Seeing the cash made it harder to overspend.
- Teamwork: We made every spending decision together.
- Quick wins: Watching the loan balance shrink was motivating.
For extra motivation, books like The Total Money Makeover or Your Money or Your Life pair perfectly with the envelope system. They break down simple, actionable strategies that align with what we did.
What Happened Next and Why We Still Use It
We paid off those student loans in just a few months.
And here’s the thing: we still use a version of the cash envelope method for:
- Saving for vacations
- Paying off car loans
- Resetting our budget after overspending
Meal planning also became a big part of stretching our grocery envelope. A simple family meal planning notepad makes it easy to plan dinners and stay on budget.
Shop This Post – Budgeting Tools We Actually Love
- Budget Binder with Cash Envelopes – A sturdy, organized way to track spending categories.
- The Total Money Makeover by Dave Ramsey – A classic on debt payoff and financial discipline.
- Your Money or Your Life by Vicki Robin – A mindset-shifting guide to intentional spending.
- Family Meal Planning Notepad – Keeps grocery spending in check and stretches your budget.
Final Thoughts: Can the Envelope System Work for You?
If you’re looking to pay off debt fast or save for a big goal, give the cash envelope system a try. You don’t need a huge income – just a plan, discipline, and teamwork.
Your turn: Have you ever tried the envelope method or another budgeting strategy? Share your experience in the comments – I’d love to hear what’s worked for you.
Paying off debt was one of our first steps toward building the life we actually wanted – simple, intentional, and full of heart.
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