We are Dwayne and Kelly Jones, a married bajan couple and parents of (4) four young children.

Dwayne works in the telecommunication industry by day and he is a professional musician by night (🔌@djsteelpan).

Kelly works in the financial world as an Accounts Assistant and spends any free time creating content for Debt Free Caribbean.

In January 2018, we found out that we were expecting baby #4. This pregnancy was not planned and we were not financially prepared. We knew things were going to get rough unless we got our ducks in a row. Kelly spent many days trying to get the numbers to work to no avail. In April 2018, she got frustrated and decided to research budgeting and her mindset and the way she viewed money immediately changed. Dwayne was very hesitant at first but her persuasive nature won.

Before we could get started, we needed to find out what our debt total was. It turns out that our consumer debt total was $67,822 taking more than $2,000 per month from our pockets. Wowzers! This total did not even include our mortgage payment.

Our Starting Balances

DEBT BALANCE INTEREST RATE MIN PAYMENT
Insurance 1 $1,026 0% $342
Insurance 2 $1,295 0% $432
Credit Card 1 $1,482 21.99% $150
Credit Card 2 $2,000 19.99%$50
Loan 1 $4,334 7.25% $64
Loan 2 $20,703 10.75% $467
Loan 3 $36,982 7% $565
TOTAL $67,822

The Game Plan: Our first mission was basic, just clear the credit cards which would at least free up some money to support our new baby expenses. In May 2018 we paid a total of $5992 to debt, some of this was transferred from our savings. For the very 1st first time in our lives, we did not wonder where our money went. This new knowledge and our first attained target gave us the power to take control of our financial future.

What was originally done out of desperation and just hoping to free up some money has transformed into a passion and obsession to become debt free. Month after month we budgeted, found avenues for income growth and cut out unnecessary expenses to increase our ‘money shovel’ to throw at debt.

The rule is simple, if we have $4.00 left after covering our expenses, it’s paid to debt. If we have $4000.00 left, it is paid to debt. No amount, big or small is off limits.

Fast forward to September 2018, we were in disbelief at our progress in just 4 months. We were pumped and decided to create and launch Debt Free Caribbean on January 1st 2019 to share our findings and results in the hopes of inspiring others to do better financially.

January 2020

DEBT BALANCE INTEREST RATE MIN PAYMENT
Insurance 1 $0.00 0% $0.00
Insurance 2 $0.000% $0.00
Credit Card 1 $0.00 0% $0.00
Credit Card 2 $0.00 0% $0.00
Loan 1 $0.00 0% $0.00
Loan 2 $0.00 0% $0.00
Loan 3 $0.000% $0.00
TOTAL $0.00

Be sure to visit on BLOG to read about our experiences paying off our debt.