5 strategies a millennial couple used to pay off $126,000 of debt in 4 years

• Jasmine and Jay McCall worked together to pay off $96,000 in student loans and $30,000 in credit card debt.
• They lived on Jay's $85,000 annual salary while dedicating Jasmine's $88,000 salary to debt repayment.
• This article is part of a series focused on millennial financial empowerment called Master Your Money.

After raising her credit score by 300 points, credit expert Jasmine McCall became laser-focused on being debt-free and financially independent.

According to records reviewed by Insider, she and her husband Jay paid off $190,000 worth of debt — $96,000 in student loans and $30,000 in credit cards — in just four years, right before their first son was born.

Here's how the McCalls did it.

1. They lived on a single income

The couple overhauled their budget and cut out any unnecessary spending.

Jasmine tells Insider that at one point, they were spending $1,000 a month on food, "which is ridiculous for just two people." She adds, "We stopped spending money on clothes, vacations, and eating out. We carefully allocated funds for food, toiletries, subscription services, and savings right down to the penny."

Jasmine says the couple lived off of Jay's $85,000 salary while using Jasmine's entire $88,000 salary to pay off their debts. This is a common strategy couples use to accelerate the debt payoff process.

2. The McCalls used stock dividends to pay off big chunks at once

When Jasmine started her career in tech, she quickly learned how to ask questions from her more experienced peers. Alongside her salary, Jasmine negotiated to get stock in the company. She tells Insider, "I had guaranteed stock options in the company that wasn't performance-based, so it was a safe way for me to start investing."

When it came time to pay down debt, the McCalls made the decision to use dividends from those stocks to pay off big chunks of their debt at once.

3. They used the debt snowball method

After reading "The Total Money Makeover" by Dave Ramsey, the McCalls decided to use the debt snowball method to pay down their debt. The debt snowball method prioritizes the smallest debts first, building momentum as you pay off the largest debts.

4. The McCalls negotiated lower interest rates on credit cards

Jasmine leveraged her excellent credit score to negotiate lower interest rates on her credit cards. With those monthly payments lowered, the McCalls could afford to make bigger monthly payments toward the principal balance. 

5. They got side hustles 

Jasmine did IT support on the side, while Jay took on freelance web design and business consulting. Those side hustles earned an extra $7,350 in one year. Jasmine also created digital courses to help others improve their credit scores as well. Her digital course company earned her $100,000 in just four months, according to records reviewed by Insider.