6 genius tips from a couple who paid off $330,000 of debt in 5 years

Talaat wasn't alone in his financial struggles. The average American household carries $5,700 in credit card debt alone, and those who take out student loans have more than $37,000 to pay back on average.

After initially struggling to learn how to handle their money as a couple, the McNeelys were able to pay off that $30,000 in their first year as a married couple. This journey inspired them to start His & Her Money to help other couples manage their money as a team.

After getting rid of that debt, however, the McNeelys had a goal in mind that would bring them back too square one: buying a house.

By being super organized, turning their hobbies into side hustles, and using 13 bank accounts, the McNeelys bought their Illinois home in June 2013 and made their final payment five years later in June 2018 — that's 25 years ahead of schedule.

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More impressively, they managed to do it while living off a single income. Tai was a stay-at-home mom while Talaat worked as a special education teacher and then a school administrator, earning what they called a "middle-class salary."

Their strategies and lessons for getting out of such a massive amount of debt can apply to credit card debt, student loans, or just managing your day-to-day spending.

Here are their six simple, yet effective, strategies to help you pay off any amount of debt.

1. Open multiple bank accounts.

Tai and Talaat have 13 bank accounts. Yes, 13.

"We probably started off with three, then it grew to four, five, six, seven, eight, and now 13," Tai told INSIDER. "So we have an account for dining out... At the beginning of the month, we put money into that account and once the money's gone, it's gone."

They also have a vacation account, a car fund account, and an account for bills that are only paid once a year or once every six months. Tai also suggested having a "main hub" account.

2. Make payments at least two times a month.

Reyna Gobel, author of "CliffsNotes Graduation Debt: How to Manage Student Loans and Live Your Life," encourages student loan borrowers to make bi-weekly payments so that you're paying the equivalent of 13 monthly payments per year instead of 12.

3. When you get a raise, put it toward your debt instead of giving in to "lifestyle creep."

Personal finance experts agree that it will keep you from ever becoming rich.

Tai said anytime her husband got a raise, they would put that extra money toward their house payment.

4. Turn your hobbies into side hustles to boost your income.

"Everybody's good at something," Tai said. "There's something that somebody's willing to pay you for. I don't care if you like to organize closets. Somebody can't do it and they'll pay you for it."

Tai gave the example of her sister, who decided to try and make some money from her crafts because she enjoyed doing it anyway.

"She set up an account on Etsy, and now she does party favors and things like that, and she's making over $50,000 a year," Tai said. "Something that started as a hobby for herself turned into an over $50,000 a year business of something she enjoyed."

Some common side hustles include dog walking, freelance editing, and selling clothes or other items. Many side gigs, such as freelance writing or editing or selling crafts, can be done from home.

5. Plan ahead for your bills that only come up once a year or once every few months.

What we did was, let's say we had a bill for $1,200. We took that and divided it by 12 months and that's $100 a month. So $100 every single month came from our main checking account to our monthly bill account, so when those bills came new, we had some money."

6. Include fun in your budget.

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6 genius tips from a couple who paid off $330,000 of debt in 5 years

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