Angela and Ted Jalad wiped out $50,000 of debt in just one year by tightening their purse strings and cutting down on fun.

Here’s how they did it:

• They sold their cars for cheaper ones.
• They sold luxury items like Ted’s fancy watch.
• They moved in with their parents and shared the bills.
• They put themselves on a tight spending allowance.
• They stopped eating out and bought 10 staple items a week at the grocery store and used them for all three meals. (Yahoo)

And before you say “no way!” to living like this, you should also know that the couple has no debt and has even managed to save $10,000.