NEVER A DOLLAR SHORT

Couple banks on common cents approach to erase debt

WRITER: JAMES COMBS

In June, Mark and Lisa Coffman will embark on a two-week vacation to Italy. While traveling with several other married couples, they’ll see the ancient architecture of Rome, picturesque waterways of Venice and stunning artwork in museums throughout Florence.

Both Mark and Lisa are understandably excited about seeing Italy for the first time. But the best part of their adventure is that they won’t have to worry whether the vacation will break the bank.

their 30s, especially considering we live in a world where impulse buying, piling up credit card debt and living well beyond our means is commonplace.

“It’s very freeing and humbling when you’re not weighed down by financial burdens,” says Lisa, a 34-year-old ultrasound technologist.

Mark and Lisa know about being burdened. After marrying in 2006, the Coffmans moved into Lisa’s home. Her monthly mortgage was $1,100. In 2009, they purchased a home in foreclosure and used it as a rental home. They were now paying two mortgages.

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The Eustis couple is completely debt-free. No mortgage payments. No automobile payments. No credit card debt.

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That’s quite a feat for a married couple in

See Mark and Lisa’s tips on how to become debt free, below.

Smart Money

IT’S ALL ABOUT SAVING

Mark and Lisa do not spend money foolishly. “When it comes to money we are both savers,” Lisa says. “Unless we absolutely need something we’re not going to buy it. We’re even getting rid of cable because it’s insane to pay for all those channels we never watch. Everybody can get out of debt. The key is saving money instead of spending it on things you do not need.”

When Mark and Lisa came into money — $85,000 in a period of three years through inheritance and a stock option — they exercised restraint. Many people would have used the money to purchase a luxurious home or exotic sports car, but Mark paid off debt.

“I had the choice to use the money for something else or use it toward our mortgages,” says Mark, a 37-year-old software developer for a credit card processing company. “It was really an easy decision for me. As a result, we do not have to stress over finances every month. Being debt-free really gives you peace of mind.”

DID YOU KNOW?

According to a Federal Reserve Board study, 43 percent of American families spend more than they earn.

“I was walking a mile by the end of the week and by week three I was riding my bike. Now I’m living my life again!”

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