Key facts
- Kelan and Brittany Kline paid off approximately $40,000 in student debt.
- They built a personal finance blog, The Savvy Couple, into a seven-figure business.
- Their household net worth exceeded $1 million in 2020.
- They prioritize understanding the time cost of purchases.
- They distinguish between frugality and cheapness, focusing on value.
- They budget all income, including discretionary spending money.
Kelan and Brittany Kline, founders of the personal finance blog The Savvy Couple, have shared three key principles that enabled them to eliminate approximately $40,000 in student-loan debt and build a net worth exceeding $1 million. The couple, who transitioned from traditional jobs, focused on widening the gap between their earnings and expenses.
One of their core strategies involves reframing purchases not just in monetary terms, but in terms of the time required to earn that money. They view spending as trading their time, prompting them to question the value of each purchase. This perspective helped them resist lifestyle inflation as their income grew.
They also emphasize the distinction between being frugal and being cheap. Instead of always opting for the least expensive item, they prioritize value and durability, sometimes investing more upfront for a product that lasts longer. This approach allowed them to maintain a stable lifestyle, including staying in their starter home for seven years and operating as a one-car household for five years.
Furthermore, the Klines practice diligent budgeting, assigning a purpose to every dollar, including discretionary spending. They view budgeting not as a restriction, but as a tool that provides freedom to allocate funds towards areas that bring the most joy. This includes personal spending money, which has increased over time. They also noted that periods of stricter spending were temporary sacrifices made to achieve long-term financial goals.