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Posted: 2018-03-23 13:00:00

For many, financial freedom can be an elusive goal. People work long hours to pay off student loans, mortgage loans and consumer debt, but rising costs of living and housing prices mean that true financial freedom is increasingly difficult to achieve without some serious reconsideration of how to get past the finish line.

For Jocelyn and Jarvis, gaining financial freedom meant undergoing a process of recognizing their financial situation, taking steps to curb their spending, setting goals and sticking to them, and also building their own small home, which they have lived in for the last two years. Their multifaceted approach of simplifying their life meant that they were able to eliminate a debt of $96,000 in 20 months, while ultimately living a lifestyle that they feel is more fulfilling. Here's a look into how they did it, via Exploring Alternatives:

Exploring AlternativesExploring Alternatives/Video screen capture

The couple first confronted their debt of $96,000 from student loans, credit cards, and from purchasing a small piece of property in the country. That moment of financial reckoning came one night when they took a hard, "sobering" look at their finances and realized that they were spending more than they were making. They decided to take drastic measures to help them pay off their debt as quickly as possible, which included drawing up a strict budget, moving into a smaller apartment, buying only used items, changing jobs, using cash only for daily expenditures and actually freezing their credit card in a block of ice.

After paying off their debts, they continued to live a frugal lifestyle and save up money for buying a home. Their interest in simple living led them to look at tiny homes, and when a pre-framed tiny house shell became available, they decided that they could complete the build themselves. It took them 14 months of building on almost every weekend while working full- and part-time jobs to complete their tiny home, which is now home to the couple and their two children.

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