The situation: In 2005, Lance and his wife owed $18,000 in student loans, $6,000 in car loans, $2,000 in credit cards and $152,000 on their mortgage. A grand total of $178,000.
Their strategy: Live without the little things -- like eating out and buying big Christmas gifts. Each month, they aimed to save one-twelfth of their total monthly expenses. Over the course of the year, they calculated that those savings would add up to one month's worth of bills saved.
Whenever there is something they want to spend money on, they put it on their "Dream Board," a corkboard by the bedroom door -- where it will remain until they're debt free.
In October 2010, the Picketts had paid off $90,000 in debt since 2005 -- leaving them with around $88,000.
Their advice: Don't go too far. To save $60 a month, Lance's wife used to buy reusable cloth diapers, which she pinned inside training pants with plastic pants over them for their two kids. As a result, the kids got horrible rashes.
How they're doing now: Last year, they hit a setback in their budgeting after they attempted to start a side business that didn't work out. Now the couple is back on track and about to launch a new -- but cheaper -- business, which they are confident will bring in more money that they can then put toward paying off debt.
Since October, they have paid off an additional $10,000 of their mortgage principle. Their current debt has now dropped below $100,000, said Lance.
"I guess the hidden secret about aggressively paying off debt is that it motivates you to look for income in places you never thought of. Your mind sets itself to always do more, do better and work harder in everything you do," said Lance.
From sleeping in offices to following senior citizens to restaurants in order to find the best "early bird specials," these people will do almost anything to save a buck.
