Debt-Free Goals Every Couple Should Set
On Wall Street, I built businesses by cutting liabilities before chasing growth. Couples should approach debt the same way — eliminate what drains wealth so savings can compound. With the average U.S. household owing $101,915 in total debt (Experian, 2023), setting clear debt-free goals is the first step to financial freedom.
1. Pay Off High-Interest Debt First
- Target credit cards with 20%+ APRs.
- ROI: every dollar here saves more than most investments earn.
2. Build a $1,000 Emergency Fund
- Shields against surprise bills without swiping plastic.
- Prevents falling back into debt cycles.
3. Set a Timeline for Student Loan Payoff
- Example: $30,000 balance in 5 years = $500/month.
- Clear deadlines keep couples accountable.
4. Commit to Living Below Your Means
- Cap housing at 30% of income and cars at 10%.
- ROI: frees cash to accelerate debt payoff.
5. Save Before You Spend
- Automate contributions to savings and debt before lifestyle expenses.
- Consistency compounds discipline.
6. Celebrate Debt-Free Milestones Together
- Paid off a card? Plan a small, budget-friendly reward.
- Keeps motivation high.
Final Word
On Wall Street, the firms that thrived were the ones that managed debt ruthlessly. For couples, the same rule applies: align on goals, stay disciplined, and celebrate progress. Debt-free living isn’t just about money — it’s about freedom and partnership.
