Being neck-deep in debt can make you feel like all the odds are stacked against you, especially when you reach almost the seven figures! Today, Andy talks to Wendy Mays on how her family is climbing out of nearly $1,000,000 of student loans, home mortgages, car loans, and other consumer debt. Wendy is the host of the House of FI podcast, a part-time work-from-home lawyer and a mother to six children.  We talk about how she and her husband accumulated their debt, the turning point that led them to fix their situation and their progress on their journey to financial independence so far.  https://youtu.be/oM965CZVM3Q How they accumulated their debt Wendy and her husband went to college and amassed a huge amount of student loan debt. They started their marriage with six-figures of debt, believing that they would eventually be able to pay it all off. Wendy went to private law school and her husband earned degrees to support his teaching career. When it was all said and done, their total student loan debt was $330,000. Every time they made more money, they would spend it. They ended up getting a beautiful house in San Diego with a $550,000 mortgage. On top of that, they had a few car loans and borrowed money to renovate their house. By the time they reached their 40's, this brought their total debt to nearly $1,000,000. What made them want to improve their financial situation After adopting four children, Wendy realized she wanted a lifestyle change so she could stay at home with the kids. Wendy Mays with her husband Curtis and their six children But she couldn’t figure out a way. Without her income, they wouldn’t be able to pay the debt. She felt very stuck and hopeless. Her situation led her to Google a “laptop lifestyle”. One thing led to another and she discovered The Mad Fientist. After doing her research and learning as much as she could about financial independence, she figured out how she could save 50% of her income and improve her situation. What steps they took to fix their situation The first step was to reduce expenses. Wendy knew they had to be intentional with their spending. They eventually cut $10,000 from their monthly budget, while she was living on her lawyer's salary of $180,000 - $200,000 per year. Here's how they did it. Build a Budget and Question Every Expense To cut their spending down, they need to get aggressive. This meant looking at every dollar they were spending and finding ways to reduce it or eliminate it. By budgeting their monthly spending, this process became a lot clearer. Reduced Spending on Food Spending less on groceries and eating out became one of the first areas that they tackled. Their family, even with 8 family members, spent around $2,000 per month on food. It was too much in Wendy's opinion. Erase the Debt They attacked their debt with the Debt Snowball, and then they switched to Debt Avalanche for 2-3 years. The debt really took a huge cut after selling their house.  Once the house was sold, the plan was to pay off all of their debt outside of their student loans and take what was left and get into real estate investing. They are now saving $1,100 per month on housing expenses by renting the place they live as opposed to buying another home. Related Interview: 15 Ways to Save More Money When You’re Living Paycheck to Paycheck Bringing the family on board Was Wendy's family happy with this plan? At first, Wendy’s husband was reluctant. But they had some important conversations about their future and eventually got on the same page. By sitting down and understanding their goals, they were able to work together.  How about the kids? Wendy and her husband have been teaching them about how to use money as a tool, about passive income and valuing experiences over material objects. By having little conversations here and there and talking about saving, she hopes they will grow up to be more financially aware.  Related Intervie