Journey to Freedom
In August 2011, Dave Stone wore a 70-pound backpack as he preached about the burden of debt and issued the challenge to be debt free by August 2018. He said, “I’m going to challenge you to spend the next seven days praying about what God can do in the next seven years.” That week, Erik and Tracy Schuld joined with thousands of others in circling 8/18 on their calendar, and with God’s help they began the journey to financial freedom.
“We were living like normal people,” Tracy said. “We were comfortable. We didn’t have an emergency fund. We were willing to go into more debt for adoption—it seemed like the only way. But then we heard Dave’s 8/18 sermon.” The couple committed to paying off all of their debt, with the exception of their mortgage, in seven years.
Reaching that goal wasn’t going to be easy, and the Schulds realized they needed help to handle their money in a Godly way. So they signed up for Dave Ramsey’s Financial Peace University (FPU) class and implemented a plan for their finances that changed everything.
Over that 9-week period, Erik and Tracy put new habits into place that helped them live on a budget, get out of debt, save wisely, and give more generously.
BREAKING FREE
When Dave Stone challenged the entire Southeast community to develop a budget and stick to it, the Schulds committed to doing just that. With much prayer and a fair amount of sacrifice, they paid off $40,000 of their debt in only 16 months! At the same time, they managed to set aside $27,000 to complete their daughter Saylor’s adoption from China. “Whenever a payment for the adoption was coming up,” Tracy said, “we budgeted for it instead of piling on the debt.”
The Schulds’ journey to financial freedom didn’t come without challenges. Setting boundaries and sticking to them was difficult, but not impossible. “Looking back, it was actually easier than I thought,” Erik said, “though our budget only left us with a little leftover money to spend on whatever we wanted.” Together they grew disciplined and intentional in their spending. They even began teaching their daughters Scarlett and Saylor how to spend their birthday money wisely.
When the Schulds had finally paid off all of their non-mortgage debt, Erik and Tracy decided to cut up their credit cards. They used the plastic shards to make mementos for their daughters, reminding them to stay clear of getting into debt themselves.
We all need that reminder. Debt can deal major damage to our peace, our relationships, and our joy. As Proverbs 22:7 (NIV®) warns, “The rich rule over the poor, and the borrower is slave to the lender.” It’s not long before interest piles up like a mountain and the stress leaves us tossing and turning at night. It’s no wonder that the strain of financial conflict is the leading cause of divorce.
NEARING THE FINISH LINE
Now the Schulds walk with others who are on the debt-free journey, and they lead Financial Peace University classes at the Indiana Campus. “Stick with your budget and don’t give up,” Erik said. “It’s well worth it to honor God.” They enjoy seeing how FPU transforms lives, from single parents to couples fighting to get ahead. “Ultimately it’s God’s Word that guides us, not Dave Ramsey’s,” Tracy said. “The only way to true financial peace is to walk daily with the Prince of Peace, Christ Jesus.”
“You’ve heard a message,” Dave Stone had said, “but the question is: Are you going to respond to it? Think about what could take place in your family and in your life!” Before the Schulds handed in their 8/18 commitment card in August 2011, they secretly wrote, “Lord willing, we will pay off our house.” Without debt, the Schulds are saving more and more, and they’re able to pursue a second adoption. After that, and with God’s help, they hope to finally pay off their home once and for all.
Looking back, Tracy reflected on the Lord’s faithfulness in always providing. “God took the mess we were in,” she said, “and He blessed us so much more than we imagined.”