An American family has accomplished something extraordinary; they paid off a debt of Rs 3 crore in just 17 months. According to a report in The Sun, Shannon, her husband and other family members cut down their expenses to kick off the burden of debt.
Shannon lives with her husband, along with 5 people in the family. They had taken a loan of Rs 4.66 crore and paying it back was their biggest responsibility. And to do so, Shannon and the family made a saving plan. They were extremely disciplined in cutting down expenses. And the woman has now shared on her TikTok account the saving plan that helped the family pay off such a huge debt.
From furniture to food habits, Shannon said that her family reduced their spending on everything. The woman prepared a chart to note monthly expenses.
How the family paid the loan:
In her video, she explains that she limited the grocery budget to Rs 7000 and would wait for a big sale in the city to purchase clothes and other necessary items. Not just that, the family reduced the size of their rented house from 3000 sq ft to 1000sq ft. It helped them save Rs 86000 every month. The family started using the old and second-hand car instead of a new vehicle. They did not go out for dinner, which saved them a lot of money. The saving plan executed properly helped them pay off nearly three-fourth of debt in just 2 years. The family is still under a debt of Rs 1.32 crore and is on course paying it off.