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Eight years ago, Mark and Lauren Greutman were over $40,000 in debt with an underwater mortgage, and running a deficit of $1,000 each month.
Less than three years later, they paid it all off.
Today, they're in the green, building a life for themselves and their four children in Oswego, New York.
How did they do it? Lauren credits their success to one habit in particular: learning to coupon and meal plan.
"I saw cutting back our food budget as the first place that I could make an immediate impact in our finances," she tells Business Insider. "I fed my family on $50 per week for three years. We used the money that we were saving on groceries to help pay down debt."
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"I saw couponing and meal planning as a part time job," she continues. "I take an hourly wage approach to saving money on groceries, which means if I spend two hours and save $75 at the store, I just made $37.50 per hour — not too bad!"
The first thing she did was to start using only cash at the grocery store, which she says made her more mindful of what went in her cart. She also found that investing the time in planning her grocery spending made her less likely to spend the money she saved. "If I had just spent an hour planning our meals and clipping coupons to save $50, I was not going to go blow that $50 on something I didn't need, because I had just worked hard to save that amount," she explains.
On the lookout for places that could help her save more, she joined a local food co-op and bought half a cow from a local farm at $3.50 per pound, then planned many meals around those foods. She started paying close attention to sales, and was able to pay down over $5,000 of debt in a single year with money she saved.
When she couldn't save any more, she made an effort to earn some extra cash, like earning gift cards from online rewards site Swagbucks and taking paid online surveys. As her couponing website, I Am That Lady, reached six figures in revenue, she was able to funnel the profits to help pay down the debt. Mark left his job as an actuary last year tohelp Lauren run their second money management website,Mark and Lauren G, full-time.
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Today, the only debt they have left is their mortgage, which they plan to pay off in 11 years.
Executive Editor, Personal Finance Insider
Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love. She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council. Previously at Business Insider, she oversaw teams including Strategy, Careers, and Executive Life.Her team at Insider has tackled projects including:• Women of Means, a series about women taking control of their finances• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money• Master Your Money, a year-long guide for millennials on how to take control of their finances (first runner up, Drum Award, "Best Use of Social Media," 2022)• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)Personal Finance Insider also rates, explains, and recommends financial products and services.Outside of personal finance, she's written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood.In September 2016, she helped launch Business Insider Netherlands in Amsterdam.She also spent three years as a member of the Insider Committee, a cross-team focus group working on making Business Insider an even better place to work.She's always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance.If you have something to share, please reach out to lkane@businessinsider.com.
