Black Couple Eliminates $123,000 Debt and Wants to Inspire others

In Summary

Married couple Anjie and RJ Muhammad figured out a strategy to eliminate $123,000 in student loan debt and now they want to share their money saving tips with others. 

A married couple discovered a strategy to eliminate a large sum of debt and now they want to share their tips with others who wish to have financial freedom, Good Morning America reported.

After Anjie and RJ Muhammad decided to combine their lives in 2017, they knew they had to examine their finances.   

Going into the marriage, Angie Muhammad had about $40,000 in student loan debt while her counterpart had about $80,000 to $90,000 in debt. Together the couple was already $123,000 in debt before paying for a wedding or a house. 

“We had a large chunk of debt,” Anjie Muhammad said. “Once we got married, we were like, ‘How do we tackle this, right?’ We do not want to start our life as a married couple, buried in six-figure student loan debt. And so, we got on the same page about money very early on.” 

The couple started having conversations about money in the early stages of their relationship which helped them agree on money-saving techniques. 

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“It was important to have those conversations,” RJ Muhammad said. “Reading books together, listening to podcasts, it allows us as individuals, before we got married, to do the work, to improve our credit, reduce debt.” 

The Muhammads decided to pay off their car loans and credit cards separately but combined their six-figure student loan debt and worked on that as a couple. 

The couple began by reducing their spending with a budget that included figuring out an affordable price for their cell phone bills and rent, getting rid of unnecessary subscriptions and restricting how many times they went out. 

“We were able to kind of refocus and reprioritize our spending,” Anjie Muhammad said. “From there, we would meet weekly talking about money, talking about our budget and our goals and it was just huge for us. We put things on the refrigerator — like we had our full debt amount on our refrigerator and we would just slowly just review how we were going to pay it down.” 

Aside from living on a strict financial budget, the couple began paying off debt with the extra money they earned through side hustle jobs. After a year of living under these constraints, they were able to remove all of their student loan debt from their credit report.  

The couple now wants to share their debt tackling strategies with others through a brand they created called Rich by Intention. Their goal is to inspire couples to get and manage their money and everyday life by eliminating debt, saving and investing in their future.  

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