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From $173,000 in Debt to Debt-Free: My 4-Year Journey to Financial Freedom

• May 10, 2023
• by Monique Malcolm

Have you ever felt weighed down by debt? The constant worry, the sleepless nights, the feeling that you’ll never dig yourself out? Now imagine paying off a staggering $173,000 in under four years and finally achieving financial freedom. In this episode, I’m sharing my journey to become debt-free, along with the actionable lessons learned that can help you achieve your own financial goals.

Why am I sharing this?

Seeing what has been possible for others expands the limits of what I believe is possible for myself. I hope that sharing my journey inspires others to get out of debt.

The Starting Point

How do you accumulate $173,000 dollars in debt? Well, it turns out it’s actually quite easy. I think a better question is, “Why is it so normalized to be in this amount of debt?” I have lots of thoughts on this, but it is a topic for another podcast episode.

Here’s our debt breakdown:

• Student loans – Approx. $110,000
• Credit cards – $34,000
• Car loan – $21,000
• Miscellaneous installment loans

How did we get here ?

• My husband and I did not have a solid foundation in financial literacy. We understood the basics (work, have a bank account, and spend money) but conceptually didn’t have a grasp on how to manage our money. We definitely didn’t know anything about making money work for us.
• We didn’t understand how expensive debt is and how quickly interest can accumulate.
• We spent more than we had.
• We had a medical crisis and job loss that happened at the same time.
• We ignored the reality of our financial situation because it was too uncomfortable to face. Don’t do this! Not knowing how bad things are changes nothing. You actually rob yourself of the opportunity to make a change.

What changed?

In December 2018, I had a “Come to Jesus” moment. I don’t recall the actual trigger, but I felt significantly weighed down and ashamed about our debt. My Wells Fargo credit card had a high monthly payment ($400+), most of which went to interest. It felt unsustainable to continue paying out so much money every month to creditors. I needed to find a way to start paying down the debt.

Throughout our financial journey, we used a variety of strategies to pay off our debt. Some of the strategies are fairly common, but a few are unconventional.

We set our own money rules.

I think it is important to figure out a few rules for how you want to handle your money when you’re on a financial journey. These rules are specific to you, your goals, and your lifestyle. For us, saving while prioritizing debt paydown was important.

Our money rules:

• Pay 20% of cash influxes (tax returns, bonuses, income spikes from my business) into my emergency fund.
• Cover all upcoming expenses.
• Apply any leftover money to the smallest debt, aka the debt snowball method.

Following these rules lessened the sting of paying back thousands of dollars. I didn’t feel like all of my money was going to debt payoff since some of it went into savings.

Organized all of our debts in a debt reduction spreadsheet

I found a free debt reduction spreadsheet that I swear by. It helped me understand the complete picture of our debt. My favorite thing about this spreadsheet is that it calculated how long it would take you to pay off your debt based on your chosen strategy and how much extra money you could pay monthly.

We utilized the snowball method to jumpstart the momentum.

I learned this strategy from Dave Ramsey. With the snowball method, you line your debts from smallest to largest. Then, you pay as much as possible to your smallest balance while paying the minimum amount on every other obligation.

We used a zero-interest credit card balance transfer promotion to pay off our high-interest credit card without interest.

This was a significant turning point in our journey. My Wells Fargo credit card balance was crazy high, and the interest made me want to cry. I used the transfer, which made our final and most expensive credit card debt payable with 0 interest.  

**Pro Tip** Read all the details before using a balance transfer. They aren’t free (fees are usually a percentage of the transferred amount), and the offers have an expiration date. I only recommend doing this if you have a solid plan to pay it off before the special offer runs out.

I learned to budget with You Need A Budget.

I didn’t find YNAB until December 2019. Before that, we weren’t budgeting. I had a loose understanding of what we needed every month to pay our expenses, but I wasn’t dialed into the numbers. Learning to budget by following YNAB’s four money rules was a game changer. I was able to set monthly targets for spending and track our debt payoff progress in one place.

Took advantage of the student loan payment pause.

After realizing we were ahead of schedule on our debt payoff journey, I switched our focus to paying down the student loans while the interest payments had been paused. It made sense to me that we wouldn’t get another opportunity to make a dent in the loans, with our entire payment going toward the principal balance.

Difficulties and Challenges

In every journey, there are difficulties and challenges. Our journey was no exception. Though we didn’t experience any significant setbacks, there were challenges. Most of them were related to mindset shifts that I needed to make.

My first challenge was learning to let go of the guilt and shame I was carrying around my debt. I had to learn to forgive myself for past financial mistakes.

Another challenge was staying disciplined when I wanted to do something else with our money. One giant mental hurdle you have to get over is the feeling that you could be doing something ‘better’ with your money instead of paying off debt. There is nothing better. Paying off your debt is the best thing you can do for your future self.

The Results

By August of 2022, my husband and I had paid off over $173,000+ in debt. It is an amazing accomplishment, but that’s not all that happened. We had other major financial wins.

• We have a positive net worth for the first time in our adult lives.
• We bought our first house in 2020.
• We opened Roth IRAs and started maxing them out.
• We opened a traditional brokerage account and regularly investment in them.

Lessons Learned

You can learn several lessons when it comes to managing your finances and paying off debt.

It’s never too late to start. No matter how much debt you have or how long you’ve had it, it’s never too late to start paying it off. Every tiny step you take towards paying off your debt adds up over time.

Consistency is key. Paying off debt requires consistent effort and dedication. You may encounter setbacks or obstacles along the way, but it’s important to stay focused on your goal and keep making progress.

Know your numbers. You can’t get out of debt if you don’t have a clear picture of your financial standing. You need to know exactly what you owe, who you owe it to, and how much interest you pay. Knowing our numbers allowed me to spot opportunities that allowed us to pay down our debt faster.

You need a budget. Developing a realistic budget is crucial for managing your finances effectively. Track your income and expenses to identify areas where you can cut back and allocate more towards debt repayment. Once you have a budget, stop using your bank balance to make decisions. Every dollar now has a job, so the money in your account represents your working dollars. You should be making purchasing decisions by consulting your budget.

Saving is just as important as paying off debt. While paying off debt is a priority, saving money for emergencies and other long-term goals is also important. This can help prevent you from going into debt again in the future.

Celebrate every milestone along your debt-free journey. You don’t have to wait until the end to celebrate your progress. Every tiny action that keeps you headed in the right direction is worth celebrating. This will keep you motivated and encourage you to continue making progress.

Paying debt is a challenging but rewarding process requiring dedication, discipline, and willingness to learn and make changes. My story shows that it’s never too late to start paying off your debt, no matter how much you owe or how long you’ve been in debt. With a solid plan, consistency, and a clear understanding of your financial situation, you can take control of your debt and achieve financial freedom.

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Meet your guide

Becoming and remaining Debt Free has been one of the most pivotal, life-changing actions I’ve ever taken and it has paid dividends in every corner of my family's life. After becoming Debt Free ourselves, we started to spark intrigue from friends, family members and acquaintances who had watched us along the way and wondered how we actually accomplished this feat. I have personally strategized with many of them to help them begin their own Debt Free Journey and have watched it literally transform entire family trajectories in the process!

This is where you come in. Put simply, Debt Free Journa l was created to help you become Debt Free. It's the guide I wish I had. Furthermore, this journal was designed to help bring clarity to where you financially stand today, help you define your debt and build an action plan to pay it off, and to create a healthy rhythm of intentionality with your personal finances to help you build a purposeful life.

Here's to the journey, Daniel Meichtry

Blog: Debt Payoff Timeline Tool

Are you ready to build out your Timeline in your Debt Free Journal ? Checkout this blog post for links to our favorite free Debt Timeline tools!

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When you order Debt Free Journal you'll also receive this free printable progress poster PDF to help track your Debt Free Journey.

WHAT WILL THIS JOURNAL DO FOR YOU?

Establish your starting point.

You will begin by discovering where you are starting from financially. For many people, this exercise will provide the clearest financial picture they have ever had in their life.

Build a plan to become Debt Free

After understanding the debts you currently have, you will establish your emergency fund and build your debt-payoff timeline. This will create momentum as you focus your efforts toward paying off each debt, one-by-one.

Create a weekly rhythm of checking in with your money

As you go through each week, you will pause to reflect, acknowledge what’s going well, and decide what tweaks are necessary to keep you on track. This process will help you feel more in control over your financial life on your journey to becoming Debt Free.

Track progress on your way to becoming Debt Free

As you work through each week and complete the monthly reviews along the way, you will build an archive of progress along your Debt Free Journey. There will be moments to intentionally pause, assess and celebrate how far you’ve come on your journey; that will solidify these new habits and keep you on track to hit your goals. If you remain accountable to this journal you can experience the freedom that comes from being completely Debt Free.

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Debt Free Stories: My Interview With YouTube’s Budget Girl!

• January 2, 2020
• Modern Frugality , Pay Off Debt

This post may contain affiliate links. Please read my disclosure for more information.

Today I’m excited to share with you Sarah Wilson, aka Budget Girl’s debt free story! She’s an awesome millennial woman who paid off over $32K of debt on her own in three years. And along the way has built a community of 59,000 subscribers on YouTube !

Sarah started her journey in 2014 making $26K as a journalist. Over three years she side hustled, lived frugally and made moves in her career to pay off her debt faster.

Sarah’s story will empower you in whatever situation you’re in to suit up and attack your debt. Her YouTube channel is also a wealth of tips and resources on saving, meal planning, frugality and of course, budgeting.

And if after hearing Sarah’s story you want some ways you can live a more budget conscious life, check out my list of 90 ways to live a more frugal life!

Without further ado, here’s Budget Girl!

Can you tell a little about yourself for people who aren’t familiar with you and your YouTube channel?

I’m Sarah Wilson, also known as Budget Girl on YouTube, where I talk about living a frugal and fun life on a budget. I documented paying off my student loans on a low income over the past three years and am now living debt-free, but still frugally, while pursuing my financial goals.

How much debt did you pay off and how long did it take you?

I started off with $32,640ish dollars in debt and paid thousands of dollars in additional interest as I was working the original number down. It took 3 years and two months.

You’re a writer and editor, why start a video channel?

Because I write and edit writing all day, I did not want to spend more time doing that when I got home – hence the vlog over a blog!

Why the name Budget Girl?

I wanted to commit fully to budgeting my income and getting out of debt. (The former really is the secret to the latter.) It wasn’t the first name I thought of, but it was the best that wasn’t taken already!

Logistics aside, it would be very hard to maintain the moniker if I wasn’t doing the best I could at budgeting, so I thought it would also hold me accountable.

How many videos have you done?

Just over 450. 🙂 It’s crazy to think I’ve done that many.

Update: Sarah has way more videos now with over 5.6 million views!

How do you budget?

I use an Excel-type spreadsheet that I created in Google Drive. It’s very basic and doesn’t require a lot of formulas or spreadsheet acumen. Anyone with a Gmail account has access to drive and it can be accessed from any computer or phone – so my budget is always with me.

How can someone else set up a budget in Google Drive?

I have a copy of one of my budgets available in this video , where I also describe how I budget. Anyone can copy the budget to their drive and use it or change it to meet their needs.

What were some of your side gigs that helped you in paying off debt?

I delivered pizzas for a while on the 10 p.m. to 4 a.m. shift at Hungry Howies. I did secret shopping through SecondtoNone and Marketforce. I bought items at yard sales and sold them online or at consignment.

I also ruthlessly purged my belongings and sold anything I didn’t need. I’ve babysat, dog-sat, dog- trained and helped people organize their spaces.

I have made the most money Youtubing though. My channel currently makes me about $1,000 per month through monetizing the videos with Google. It has been a slowly growing thing.

I didn’t make any money during the first year I was making videos, but it really took off during the final year of debt and I was able to put all my YouTube earnings toward my loans.

What was your biggest setback during the last three years?

Being intentional with your money and having to log every dollar you spend has a wonderful side effect of really coming to understand what life costs.

So if an unexpected expense came up, I dealt with it and made a plan to never have to stress out over that same thing again. So when my car needed sudden work, I started a car repair/replace sinking fund and after that always had at least some money set aside to deal with costly car issues.

The same with medical expenses. So after budgeting for about a year, I was never shocked when a rainy day came and I had umbrellas a-plenty. This allowed me to transform potential setbacks into minor aggravations.

I was aggravated that I couldn’t put as much money to debt that month, but planning for inevitable expenses allowed me to never have to walk backwards.

Instead, I would say that for all three years, I never was set back, but occasionally moved forward more slowly or even had to stand still for a moment.

During this time I sinking funded two cross-state moves and paid cash for a new-to-me used car. But I never went into more debt. I anticipated the storm and slowed my debt payoff temporarily to save up and pay for it.

What are some of the things you’re going to do now that you’re debt free?

I plan to save about $10,000 as a fully funded emergency fund , as per the Dave Ramsey Plan. This will allow me to pay for most issues that may arise with cash on hand. If God forbid, I was to fall ill or lose my job, I would have a healthy nest egg to ease or deal with the situation.

I do also plan on traveling some and generally enjoying life a little more than I allowed myself to when I was on a scorched earth budget and trying to get rid of my debt.

I’ve already started buying the good cheese, chocolate, and coffee at the grocery store instead of the cheap stuff. 🙂 I also plan to save for retirement, invest and generally make smart future-oriented money decisions.

What advice would you give to someone starting their debt-free journey?

It’s not going to be easy, but it will absolutely be worth it. Sacrificing now to live better later will be the best decision you’ve ever made, and looking back you won’t care about the times you had to say no to eating out or the home decor you didn’t buy, because you’ll be free from debt and will have so many more options.

Don’t put this off. You can do it. Keep trying. Definitely, get plugged into a group of like-minded people that will keep you accountable.

There is the financial YouTube community, which I can’t recommend enough, but also financial websites and Dave Ramsey groups online that are encouraging and inspiring ( Dave Ramsey Baby Steppers with Compassion and Dave Ramsey’s YouTube Crazies are two very good groups).

If you’re looking for ways to get started cutting your budget like Sarah then try out some of these things I do to save money:

• Groupon and LivingSocial for deals on activities.
• Shopping through Ebates when making any purchases online will get you cash-back from virtually any retailer.
• Apps like ibotta and Checkout51 to save at grocery stores and other big box retailers.
• ThredUp for nice secondhand clothing at steep discounts from retail.
• Use  Blink to save on prescriptions.
• EyeBuyDirect to save on prescription eyewear.
• Energy saving methods like low-flow showerheads to reduce our utility bill.
• Sites like Restaurant.com for dining deals.
• I take advantage of free trials at gyms.
• Use healthcare sharing to save big time on health insurance.

Jen Smith is a personal finance expert, founder of Modern Frugality and co-host of the Frugal Friends Podcast. Her work has been featured in the Wall Street Journal, Lifehacker, Money Magazine, U.S. News and World Report, Business Insider, and more. She’s passionate about helping people gain control of their spending.

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This Post Has 13 Comments

I hadn’t heard of her channel before, but that’s a cool concept for a youtube channel! Way to go on crushing all of that debt and living debt-free on a budget! The “freedom” in being debt-free is very evident!

It’s an awesome channel and she’s not the only one on there!

Sounds like through hard work and diligence that last year you were successful in making money and turning it over to pay off your loans. Excellent work and great for sharing for those looking to find a way to make more money.

Right Candy? Making money on YouTube still baffles me, I’m so impressed by her!

Sarah story is so inspiring! No matter how big our debt totals are, committing to paying it off and staying diligently is so important.

Amen Ayanna!

I love reading financial stories! So inspirational!

BG is my fave budget and debt related youtuber, thanks for the interview!

She’s great! You’re welcome!

[…] heard about Gaby Dunn’s podcast, Bad With Money, when she had Budget Girl on an episode. I’m not big into the YouTube community so I’d never heard of her but she […]

[…] then you’re in the same place you were before with a little less money in the bank. I interviewed Budget Girl about her debt payoff and you guys loved it so I asked Kyle and Jeanette about their story to show […]

[…] not a blogger but y’all, I am just a big fan of Sarah, affectionately known as Budget Girl on YouTube. She paid off $32,000 of student loans in three years and I couldn’t help but interview for […]

Comments are closed.

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Top 10 Debt-Free Screams on The Dave Ramsey Show

10 Min Read | Jul 18, 2022

Everyone has a story.

The journey to becoming debt-free is marked by triumphs—and sometimes even tragedy—along the way. Every story is unique to the individual or family, but one thing unites them all: hope.

We’ve heard plenty of debt-free screams on The Dave Ramsey Show. Each one is filled with struggle, determination and a triumphant outcome as they finally get to yell, “We’re debt-free!”

Want to know how it all began? Watch the trailer for our new 25th Anniversary documentary Never Give Up: The Story of The Dave Ramsey Show debuting later this fall.

We’ve been doing this for 25 years and it never gets old. Each debt-free scream marks a life that was changed and a family tree that was forever altered. Here are 10 memorable debt-free screams from throughout the years. (And yes, it was nearly impossible to select only 10!)

#10: Lauren — Columbia, SC

$105,000 paid off in 4 years

You’ll want to have the tissues handy for this one. Lauren and Jay were adamant about paying off their house. “We had an overall goal of wanting to live and give like no one else,” Lauren said. Unfortunately, a year and a half into their marriage, Jay was diagnosed with a fatal brain tumor. Because they had been working the Baby Steps , Lauren and Jay were able to use their emergency fund for the medical expenses and avoid going into debt. This newlywed couple found themselves in the middle of fighting two battles at the same time—paying off their mortgage and fighting for Jay’s life.

Despite Jay’s failing health, he was determined to create a debt-free future for his wife. “That was the legacy he wanted to leave,” she said. Lauren took up the mission and was able to pay off their house just four months after he passed away. She stayed the path and finished the journey they started together.

Watch Lauren’s powerful story, including her victorious debt-free scream!

#9: Cinthya — Greenville, SC

$60,000 paid off in 22 months

This one’s another tearjerker! Cinthya’s story began with her husband, Dennis, who faithfully listened to The Dave Ramsey Show. This South Carolina family was in the middle of paying off their house when Dennis suffered a stroke at the shocking age of 29. In an instant, Cinthya became a young widow with three children and $60,000 to pay on the mortgage.

With a fighting spirit, she continued the charge and vowed to become debt-free to honor his memory. “It was our dream to make this happen,” she said. “God is truly good.”

This one made Dave cry! Watch this family’s inspiring and unforgettable debt-free scream.

#8: Stephanie — Dallas, TX

$66,000 paid off in 44 months

Stephanie graduated from Baylor University with student loans weighing her down. She knew she had to pay off the loans—but how? Luckily, Baylor had played a video featuring Dave to their graduating students. Stephanie was intrigued by the concept of being debt-free and enrolled in a  Financial Peace University class. As a registered nurse, she began to take on extra shifts to wipe out her debt. “They knew who to call to work day or night,” Stephanie said.

The most difficult part of her journey was spending time away from her 5-year-old daughter, Victoria. But the short-term sacrifices Stephanie made will impact her family for years to come. She kicked $66,000 of debt to the curb and is building a new life for her daughter!

Watch as this mother-daughter duo share their memorable debt-free scream together!

#7: Ken — Wasilla, AK

$394,000 paid off in 18 months

Pay off debt fast and save more money with Financial Peace University .

Ken’s debt was tied up in a wide variety of things—a mortgage, taxes, credit cards , furniture, motorcycles and even a snow machine. Hey, it’s Alaska after all. Ken’s turning point happened one night in a motel room in the middle of Michigan. His motorcycle broke down while on a road trip, and he found himself on the phone begging the credit card company to increase his line of credit so he could get back home. It was that night Ken said, “I’m done with this,” and vowed to become debt-free.

When he got back to Alaska, he changed his schedule to be working in the oil field three weeks on and one week off. He even picked up a second job washing cars! Knowing he needed something extra to get through the final push, Ken sold his home to knock out $245,000 of his mountain of debt. What does he say is the best part about being debt-free? “Freedom. No one owns me anymore.”

Watch Ken’s awesome debt-free scream that was so loud, you could nearly hear it all the way in Alaska!

#6: Zach and Jalaine — Pensacola, FL

$32,000 paid off in 12 months

Zach and Jalaine were the typical American family of four. They felt “normal” being plagued by car debt , medical bills, and financed cell phones and computers. But shortly after their move to Pensacola, things began to take a turn. Money was tight. There was a pile of debt payments to be made each month and not enough money to cover them. Desperate for help, Zach sat down and Googled “how to get out of debt,” and Dave popped up!

Zach and Jalaine began listening to The Dave Ramsey Show podcast , started doing a monthly budget with EveryDollar , and enrolled in FPU . They were all in! But they were so strapped for cash, they weren’t even sure how to pay for the class enrollment. “I justified it as, It’s $93 and we get a babysitter for nine weeks! ” Zach said . They went full speed ahead and began paying their debts from smallest to largest. To cut costs, they even lived in an RV for six months! “It was a team thing,” Jalaine said. “We had to do it together.”

This debt-free scream will warm your heart!

#5: Jennifer — Houston, TX

$262,000 in 15 months

Jennifer and Craig began their debt-free journey together back in 2015. The couple sold their stocks and were able to pay off all debts except for their house. At the same time, they discovered Craig was in need of a liver transplant. It was then Jennifer and Craig decided to pause their debt snowball and stockpile as much cash as they could. Later that year, Craig passed away. But Jennifer knew she needed to finish their goal of becoming debt-free. She made the decision to sell their house and use his life insurance benefit to pay off the remaining debt.

This debt-free scream was “the last thing I needed to do to finish what we started,” she said.

Watch how Jennifer honored Craig’s legacy with this emotional debt-free scream.

#4: Andy — Winchester, WV

$206,000 paid off in 44 months

Andy and Sherri were at a crossroads—they could continue to live with $206,000 of debt in their lives, or they could draw a line in the sand and make a change. Although Andy was of age to retire, he didn’t have much money saved up. The debt hanging over their heads forced him to keep working. Wanting to take control of their finances, Andy and Sherri began Financial Peace University   at home. They blazed through the entire class in three days!

For eight months, they made great progress on their debt snowball by paying off car loans and credit cards. During this time, Sherri went to the doctor for a routine checkup and discovered a serious health issue. But they didn’t let the diagnosis cause their focus to stray, and they continued their debt-free journey. Unfortunately, Sherri passed away before she could see their dream become a reality.

“After that, I had to rely on myself,” Andy said. “I cut everything down.” He cancelled the cable , cut back on overall expenses, and even sold the house to get rid of the remaining debt. Now, Andy is debt-free and saving all his extra cash for retirement!

Watch this touching moment as he dedicates his debt-free scream to his wife, Sherri.

#3: Cynthia — St. Petersburg, FL

$220,000 paid off in 4.5 years

All her life, Cynthia was a hard worker. She served her country in the Navy and went on to nursing school to continue building a future for her family. On top of the credit card debt she already had, going back to school added $170,000 of student loan debt to her name. Cynthia decided to make a change when she was given The Total Money Makeover   for Christmas. She couldn’t put the book down! Dave’s words resonated with her as she flipped through the pages. “Once I read it, I was hooked,” she said.

Cynthia cut back her overhead costs and learned to live on a budget. She began using cash to pay for groceries and other expenses. “You have to love yourself, your family and your kids enough to do it,” she said.

#2: Chris — Augusta, GA

$16,500 paid off in 16 months (473 days . . . to be exact)

Chris noticed his brother watching The Dave Ramsey Show and was intrigued by the principles Dave shared. He decided to pick up The Total Money Makeover , and read the entire book in one day! Chris was inspired to get rid of his motorcycle lease and student loan debt. Even on a salary of $27,000 a year, he knew he could do it!

Along the way, he never lost his sense of humor. “It was beans and rice . . . well, not exactly. I made beans and rice one time and it was horrible,” he said. “I didn’t realize you had to soak them!” Chris used to be the type of person who would get paid on Friday and then spend the entire check over the weekend. Now, he’s the kind of person who makes a budget and sticks to it. “I did everything I could to create new habits,” he said. Those fresh habits worked, and Chris is completely debt-free! “Now, I’m going to work to pay for the future and not pay for the past,” Chris said.

Are you ready to hear one of the most intense debt-free screams in history? Watch Chris’ story.

#1: Troy — Jacksonville, FL

$42,000 paid off in 24 months

At 28 years old, Troy was still living with his parents and had no goals for his future. With the gentle nudging from his mom, he traded his video game console for pencil and paper in the classroom. After graduating at the top of his class and making more money than he had seen in his entire life, he realized he needed a plan for his finances. Troy discovered Dave’s teachings and began to implement them in his life. Just 24 months later, he became completely debt-free!

“If you set yourself up with a goal, you can make anything happen,” Troy said.

Troy took the initiative to change the course of his future, and says anyone else can do it too. “Live on less than you make, have a plan, don’t borrow money. It’s really that simple,” he said.

Watch Troy’s incredible story of determination!

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About the author

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Learn More.

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Candice Jackson is a nurse practitioner who worked like crazy—sometimes up to 96 hours a week—to pay off more than $235,000 in debt in 31 months. Her debt-free journey is truly amazing.

The Debt-Free Scream: Your Inspirational Rally Cry

Watch inspiring stories of people just like you overcoming incredible odds to reach their goal of becoming debt-free!

Debt-Free Journey: Monthly Progress Check-ins

Why Is a Monthly Progress Check-In Essential on Your Debt-Free Journey?

Are you currently on a journey to becoming debt-free? How often do you assess your progress? What if I told you that one of the secrets to successfully becoming debt-free lies in the power of regular check-ins? It’s like taking a road trip; without checking your map regularly, you might end up lost or taking unnecessary detours. Let’s explore how vital monthly progress check-ins can be on your debt-free journey.

Setting the Stage for Success

Starting your month with clear financial goals is like setting out on a new adventure with a well-defined destination. It can be thrilling to see your debt numbers go down as you move closer to financial freedom. However, this excitement would dwindle without the right checkpoints along the way.

Imagine running a marathon without knowing where the finish line is or how far you’ve come. That’s exactly what it feels like to pay off debt without a monthly progress check-in. These check-ins serve as mini-finish lines, giving you something tangible to celebrate and a chance to refuel your motivation.

The Emotional Roller Coaster of Debt Repayment

Paying off debt can be as much an emotional journey as a financial one. Have you ever felt a sense of discouragement when the progress seems slow? Or maybe you’ve experienced the opposite – a surge of excitement when you pay off a significant chunk. The emotions that accompany debt repayment highlight why monthly check-ins are so important. They help you to manage these emotions by providing perspective, allowing you to see the big picture, and reminding you that every small step counts.

Tracking Your Wins and Learns

One crucial aspect of monthly progress check-ins is celebrating your wins. This could mean acknowledging that you didn’t use your credit card for the entire month or recognizing you’ve paid off more than you did the previous month. On the flip side, it’s just as important to learn from your setbacks. Did an unexpected expense set you back? Reflecting on how you handled it could provide valuable insights for future planning.

Tools and Strategies for Monthly Progress Check-Ins

To keep your financial journey on course, it’s helpful to have a toolkit at your disposal. Here’s a list of some check-in strategies that can keep you accountable and on track:

• Create a budget review – Take time to go through your monthly spending and adjust your budget accordingly.
• Set up a debt tracker – A visual representation of your debt going down can be incredibly motivating.
• Hold yourself accountable – Share your progress with a friend or family member willing to support your journey.
• Reflect on your habits – Are there spending habits you need to change to stay on track?

What tools and strategies have you found most beneficial in keeping your finances in check? Remember, what works for one person may not work for another, so it’s important to find what effectively keeps you motivated and disciplined.

Setting Smart Financial Goals

The SMART framework – Specific, Measurable, Achievable, Relevant, and Time-bound – can be a powerful tool in setting financial goals. Applying this to your monthly check-ins can transform your abstract desire to be debt-free into actionable steps. For example, instead of saying “I want to pay off debt,” you could set a SMART goal like “I will pay off $300 of my credit card debt this month by reducing my restaurant spending.”

The Psychological Boost of Progress Tracking

Why do we feel so good when we cross items off a to-do list? It’s partly due to a psychological phenomenon known as the “progress principle.” According to researchers Teresa Amabile and Steven Kramer, even small wins can make a significant impact on our inner work lives. By tracking your progress each month, you tap into this principle, helping to boost your mood and maintain momentum.

The Ripple Effect of Good Financial Habits

As you regularly check in with your finances, you’ll likely notice something remarkable – good habits begin to spill over into other areas of your life. Have you experienced the satisfaction of a clutter-free home after instilling a routine of daily clean-up? Similarly, as you grow accustomed to managing your finances each month, other disciplines, such as time management and personal organization, may start to improve as well.

Overcoming the Challenges of Monthly Progress Check-Ins

Admittedly, it’s not always roses and triumphs. Confronting your financial situation can be daunting and sometimes demoralizing, especially if progress is slower than expected. How do you cope with these challenges to ensure your monthly check-ins are useful?

Firstly, approach your check-ins with a mindset of self-compassion. Understand that setbacks are part of the journey and allow yourself space to learn from them instead of wallowing in self-criticism. Secondly, keep the big picture in mind. Rome wasn’t built in a day, and your debt won’t disappear overnight either. Celebrate the small victories, and recognize that each step forward is a step towards financial independence.

Adjusting Your Strategy When Necessary

What happens when, despite your best efforts, you’re not making the progress you hoped for? This is where your monthly check-in really shines. It acts as a feedback loop, allowing you to identify what’s not working and make necessary adjustments. Perhaps you need to cut back more on discretionary spending, or maybe you need to look for additional income streams. The key is to be flexible and adaptable in your approach.

Finishing Thoughts

Embarking on a debt-free journey requires courage, determination, and the right strategy. Monthly progress check-ins play a pivotal role in ensuring you stay on track, maintain motivation, and eventually reach that desired destination of financial freedom. Remember, this is not just a financial journey; it’s a transformative process that can lead to growth and improvement in all areas of your life.

Keep pressing forward, celebrate every win, learn from every hiccup, and watch as you slowly but surely make your way towards a debt-free life. Keep asking yourself the vital questions, and ensuring that with each monthly check-in, you are not just closer to your financial goals but also growing in financial wisdom and capability.

“The journey of a thousand miles begins with one step.” – Lao Tzu

Each monthly check-in is a step on your debt-free journey. Take that step consistently, and you’ll be amazed at the distance you can cover. Good luck on your journey!

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How to Start Your Debt-Free Journey in Four Easy Steps

You’re here because you’re ready to begin your debt-free journey ! You’re making the right money mov e and I’m excited for you. You wouldn’t have clicked on this page unless you were good and ready, so let me help you get there. By the way, if you want any encouragement along the way, feel free to message me for encouragement on Instagram @MoneyFitMoms.   I created Money Fit Moms to help others so I’d love to help you in any way I can!

Step 1: Get MOTIVATED for DEBT-FREE FREEDOM

Sometimes the hardest part of a journey is (1) Committing to doing it and (2) Taking those first steps. Here are some action steps to help you get moving on your debt-free journey:

Choose at least 2 cheerleaders & text them right now

State your intentions and find people to keep you accountable in one step. Choose at least two people: a partner, friends, or family members who are your biggest cheerleaders in life. Text your biggest cheerleaders right now  and tell them something along the lines of,

“ I’ve decided to pay off my debt as fast as humanly possible! I’d love for you to be one of my cheerleaders.”

Changing your lifestyle to pay off debt requires a mental and emotional shift. Making any changes to your normal habits takes energy and willpower — both finite resources. Fuel those changes with the joy of celebrating your wins along the way –and celebrating with others is way more fun! If you had a friend who was determined to do something as amazing as become debt-free, wouldn’t you want to cheer them on? Let your cheerleaders do the same for you. Even if you’re disappointed in where you are now, it’s important to adopt a growth mindset and turn your attention toward where you want to be.

Log Your Debt-Free Journey

We manage what we track .   Support your debt-free journey by documenting and celebrating your progress and wins.  Find a way to track your journey that fits your personality .

Here are some ideas of how you can log your progress :

• Get a monthly reminder to check your budget/debt pay-off progress
• Keep it private or make it public. People love cheering on debt-free journeys ! Find like-minded people by using the hashtag #debtfreejourney #debtfreecommunity
• I would love to cheer you on, so Follow me @MoneyFitMoms  and/or let me follow you!
• If you love spreadsheets and visuals , use a debt spreadsheet (here are several visual debt-payoff charts and trackers from Vertex42 – a spreadsheet wizard)
• If you’re a pen-and-paper person–start a debt-free  journal

Step 2: Make a list of all your debts

Debt is now your enemy. It’s time to round them up so you can begin to eliminate them one by one.

For each debt, w rite down the:

• Total Balance of the debt or loan
• Interest rate
• Monthly Minimum Payment

What are the most common types of debt?

A fixed-rate mortgage is usually low-interest rate and does not need to be paid off early. Here is a list of the most common types of high-interest debt to help you brainstorm and ensure you list all of your various types of debt.

• Credit card
• Personal loans
• Payday loans
• Unpaid bills (Cell phone, utility)
• Medical bills
• Home Equity Loan
• Student loans (If low-interest, you could choose to pay this off over time and move on to investing for retirement)

Creditors are not required to report debts to credit agencies, so it’s possible to have a debt that is not listed on your credit report. However, credit reports will likely contain many of your debts, so it’s a great place to start.

• Get your credit report(s) from annualcreditreport.com . (More about credit reports here )

Step 3: Create a Debt Plan with a Debt Snowball

I love the Snowball Method.

Set aside $1,000 as an Emergency Fund

Before attacking debt, I recommend saving up (or setting aside) $1,000 into an emergency fund. Don’t touch it unless it’s a true emergency and absolutely necessary.

Create a Debt Snowball

Figure out how much you can pay towards debt each month.

Start with:

Your Monthly Take-Home Pay

Subtract –    (Your Monthly Expenses including the minimum balances of each debt)

=     Your Debt Snowball

For Example:

Monthly Take-Home Pay: $4,000

Subtract – Monthly Expenses $3,300 (Rent $1,500 + Food $500 + Utilities $300 + Insurance $200 + Gas $200 + Debt Minimum Payments $400 + Misc. $200)  

= Debt Snowball: $700

2. Each month, pay: – The minimum balance of each debt

– pay the debt snowball  on your smallest debt.

You can technically save a little money on interest by paying off the debt with the highest interest rate first, but the moral victory of completely eliminating an  entire debt will motivate you to pay off your debt  FASTER .

3. Once you pay off one debt, move onto the next until you’re debt-free .

And don’t forget to celebrate after each victory!

How Long Will It Take Me to Pay Off All My Debts?

If you’re a lover of spreadsheets , here’s a fancy Debt Reduction Spreadsheet  from Vertex42 that helps you calculate how long it’ll take to pay off all your debts.

Hint: The less you spend and instead apply towards debt , the faster you’ll pay them off! This brings me to my last step . . .

Step 4: Freeze Your Spending to Be Debt-Free Faster (and Build Wealth)

Freeze your spending to cut your expenses.

Insanity is repeating the same mistakes and expecting different results . If you continue using credit cards or personal loans, it’s like trying to brush your teeth with Oreos–it just won’t work. Switch to cash (or debit cards if necessary) to avoid the temptation to buy things on credit. Research shows that you spend less when you use cash !

Now that we’re debt-free, I use credit cards now for convenience, but if you’re finding they’re increasing your spending to the point that you’re not on track for your debt-free journey or investment goals, it’s time to ditch the credit card.

Pay Off Debt Faster to Begin Building Wealth

The faster you pay off debt , the sooner you can begin to BUILD WEALTH through investing.

You can increase income and/or decrease expenses to accelerate how quickly you can pay off debt and begin building wealth.

It may be easier to motivate yourself to make some sacrifices to your lifestyle when you see what it does for your long-term wealth.

Short Term Sacrifice Equal a Long-Term Payoff

Example: You’re 25 years old and have $20,000 of debt at 10% interest . Let’s say the minimum payment is $300 a month .

Scenario 1: If you only ever pay the $300 minimum payment : It’ll take about 8 years and 2 months to pay off your debt. You’ll be 32 years old before you pay it all off.

Scenario 2: If you scrape together an extra $300 and pay $600 towards your debts every month : You’ll pay off your debt in 3 years, 4 months . Almost 5 years faster . Your debts will be paid off at age 28 .

The BIG PAYOFF: Building WEALTH

If after you pay off debt, you invest that $600 every month , by age 65, it’ll be worth well over $1,000,000 (assuming a 7% long-term overall investment growth rate).

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Since our debt-free journey began in September 2016, life has changed drastically. I have throughly enjoyed sharing our process with you, steps to getting there, and each time we’d pay off a line of credit – it felt incredible to accomplish these goals! I wanted to let everyone in on the joy we were experiencing and our desire to change our family tree forever.

As much as it is an individual battle to overcome struggles in personal finance, it helps to seek refuge in others who are on similar paths. I joined Facebook groups, shared status updates, and watched hundreds of YouTube videos, all about other people who were working to become debt-free like Michael and me. All to keep the motivation up to continue.

Many of our friends and family began reaching out as a result of my sharing on social media. I got messages upon messages asking us how we did and what steps we took to get here. I was honestly so happy and overjoyed to share and encourage, and wished during our time there was someone out there like me to hold us accountable. It was after around the 10th person when I realized I was giving the same information over and over again and made the decision to write this post.

My hope for this post is to bring awareness to, encourage, and strengthen anyone who is interested in or currently in the process of eradicating debt for good. I believe living debt-free can solve many of the world’s problems, and it begins with taking control of personal finance. Changing someone’s money mindset can plant a seed for life and we are wholehearted advocates of this lifestyle change. Our marriage has strengthened beyond measure and I now know that if we can accomplish this , we can accomplish anything.

We owe our financial success to Dave Ramsey

Every bit of credit for us becoming debt-free goes to Dave Ramsey. If you don’t know Dave, I encourage you to look him up. He’s a financial advisor and talk show radio host for more than 25 years. Dave and his team are based in Nashville and have coached millions of people into financial freedom over the last few decades.

I first remember Dave when I heard him talk on the radio in the car with my mom as a child. At the time I didn’t realize she was likely following his advice as well, and her money habits would later help mold me into the person I am today. Back then I thought Dave was very “mean” with his callers, but now I realize that tough love is necessary for success.

The next time I ever though about Dave was the summer of 2016. I was 26 years old and Michael and I had just completed a cross-country move from Mississippi to Maryland. We were newly married and hopeful to begin a wonderful life together in a new place.

Life After Marriage

It was only a few weeks after the move that I started to notice how high our living expenses were. I began to question if we even had enough money to pay for everything. One day I sat down to add everything up and compare it with my income. At the time, I was the only one working because Michael was enrolled in a full-time internship and was not permitted to work a job.

After tallying all our bills, I saw that we owed about $200 more per month than we could pay. My job alone would not support our new life, and I felt physically ill. I didn’t know what to do or even where to begin to solve this problem. I remembered Dave in those moments thinking, ‘ His rough and tough advice helped people get out of these situations .  Let me see if he’s still around.’

And he definitely was. After doing some research, I decided to purchase Dave Ramsey’s audiobook, The Total Money Makeover . I was able to get TMMO + a second book 100% free on Audible when I signed up for a new account. Over the next several months I continued to use my Audible account to purchase more DR audiobooks at discounted rates. I listened to them mostly during my commute to work in the mornings, and was even able to finish TMMO in under 24 hours. I recommend getting the audio version instead of a hardcover or paperback version. It’s so much more motivating to hear Dave speak out loud–he really got me fired up!

My Dave Ramsey Audible Library so far:

• The Total Money Makeover
• Entreleadership , by Dave Ramsey
• Love Your Life, Not Theirs , by Rachel Cruze
• Retire Inspired , by Chris Hogan

Dave also offers a class called Financial Peace University, a 9-week course in which you attend coaching classes and complete weekly assignments. I reached out to Dave’s marketing team about potentially partnering with them to offer a discount on this product for my readers, but they did not respond. 

Our Journey to Financial Freedom

I distinctly remember finishing up the TMMO audiobook on a plane ride to shoot a wedding in Mississippi. After I arrived home a few days later I began to take a closer look at our finances. I discovered we had about $75,000 in student loans, $16,000 in car loans, and $22,000 in credit cards owed. Yeah. Can you believe that? According to Dave, we were “normal,” but we sure as heck didn’t feel normal. We were working hard and had literally nothing to show for it.

For years I always put my regular purchases on credit cards, sometimes not paying it off every month but always assuming we’d have enough to pay it back. My behavior finally caught up with us and we were $113,000 in the hole. A gut-wrenching problem I thought was impossible to fix.

In his book The Total Money Makeover, Dave recommends selling off items you own if there isn’t enough money to start the debt snowball. That’s exactly what we had to do. I sold a couple pieces of furniture, clothing, and a few other miscellaneous items to help kick our first and smallest debt to the curb – a PayPal Credit account totaling about $150.

Our next smallest debt was another line of credit with Synchrony Bank, a furniture purchase we made two years prior – two!! That account totaled ~$300 and we were able to get it out of our lives a month later with determination, focus, and lots of Facebook furniture sales.

The Snowball Continues

We had three additional credit cards to pay off, all totaling around $21,000. Credit card #1 was Chase Slate at ~$3500. Card #2 was Chase Freedom totaling ~$8,000, and the third was Discover totaling ~$8,000. We paid them off in that order and honestly, it was extremely difficult and tested our patience. It took us about 14 months to pay them down and gain momentum.

During the time we were making credit card payments, Michael and I were living in Gaithersburg, Maryland. Michael completed his internship and started working 20 hours per week in Hagerstown, about 45 minutes northwest of where we lived. I still held my full-time job in Germantown Monday-Friday while continuing to build my business at night and on weekends. To lower our expense on rent, we made a decision to move to Frederick the summer of 2018, about 30 minutes north and equally halfway between our day jobs. This saved us about $300 in rent per month and decreased Michael’s gas expense by 50 miles each day.

Michael also began having car trouble that summer. Due to stricter regulations, we were unable to get his vehicle registered in the state of Maryland and made the decision to sell it. Later that week, a family member had heard about our car struggle and wanted to help. They blessed us with an unbelievable gift and we were able to sell Michael’s old car for a $6000 profit a few months later. We immediately used that cash from the sale to pay off our last credit card.

During my time working in Germantown I received two raises totaling $4.50. After Michael started his part-time job that summer, we hustled for the next 8 months and paid off my car in November 2018. Such a surreal feeling!! Baby blue was finally mine.

Over the next 3 months, we applied nearly $4,000 each month towards debt. For “normal” people, that’s going on vacation every month. But for us, it was financial freedom. It was the freedom to do whatever we wanted, whenever we wanted, without having to worry about not being able to pay. Up until that point, we’d only been living off ~$2000-$2500 per month. Our rent was over half our expenses!

We completed Baby Step 2 of Dave Ramsey’s program in February 2019, 28 months after beginning the debt snowball. Our total payments were around $113,000, averaging $4,035 per month. Our income during that time ranged from $68,000-$98,000 per year.

One year later we have completed Baby Step 3 and are now saving for a downpayment on our first home. We’ve also begun investing in the stock market in 2020, and so excited to see our money grow!

Our Secret to Paying Off Debt

People always ask, “How did you do it? I can’t seem to get a handle on our bills.” Each situation is unique and everyone has different struggles, but one thing remains the same. Every person has the ability to create and follow a budget.

Dave talks about budgets so often on the radio show. It is a foundational part of paying down debt because you’re telling your money where to go instead of wondering where it went (another DR quote). We created our first budget in September 2016 when we began our journey and let me tell you – it. was. a. MESS. We had so much crap to sort through and iron out that I didn’t know where to begin. But we continued to sit down together each month to review the budget and stuck with it. We saw success by selling items we owned and were motivated because we could make bigger payments. We were determined to succeed because we were tired of living paycheck to paycheck. I wanted to enjoy marriage, not resent it. How were we supposed to build a life together on such an unstable foundation?

It took about three months of budgeting before we got the hang of it. Adding expenses became second nature, and it almost ended up being, dare I say– fun ? Our budgeting app of choice Every Dollar was recommended by Dave Ramsey as well. It does have advanced features you can pay a premium for, but we have only ever used the Free version. We still use Every Dollar to budget for our retirement and savings.

Our favorite budgeting app, Every Dollar.

Final Thoughts

To conclude, I want to express how grateful I am that I was put through this process. If it wasn’t for our struggle and our teamwork to overcome it, we wouldn’t be where we are today. We wouldn’t be the same people. My husband had the biggest doubts about this when we began. Let me tell you, there were some days when I didn’t think it was possible because he told me it wasn’t. We fought about money, about bills, and even about not being able to go out to eat because we couldn’t afford it. We learned what was reasonable and necessary to survive, and got rid of the fat. Through hard times, we carried each other and through happy times, we celebrated. We’ve undoubtedly grown closer as a couple. I am so happy with where we are as a couple and have this journey to thank for being a part of that.

If you enjoyed this post, you might like seeing our fall family photos in the cotton fields !

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Debt Free Gonnabe

I teach people how to take control of their money and tackle their debt…without sacrificing fun.

Welcome! I am so happy to finally be here and grateful that you’ve joined me on this journey! Being on a debt free journey isn’t easy and I plan to keep it real with you. Here I’ll share the good, the bad, and the ugly of my debt free journey and share tips and resources that I find helpful along the way!

My Debt Story

In 2018 I found myself in $189,000 in debt, $133,000 of that in student loans, and this didn’t even include my mortgage! To make matters worse, I had a job that I was no longer passionate about. The pay was good but I was unchallenged and unmotivated and was long overdue for something different. However, I was enrolled in the Public Service Loan Forgiveness Program and eligibility for that program was tied to my job! My minimum monthly student loan payment was already $847 (which barely touched the principal) and I could NOT stomach the idea of staying at the same organization and betting my future on the government to help me out!

“The rich rule over the poor, and the borrower is slave to the lender .” – Proverbs 22:7

No longer wanting to be a slave to my mountain of debt, I officially started my debt free journey in September 2018 after years of only half-ass taking it seriously. I also wanted a way to hold myself accountable by being around people who made similar money mistakes like I did but were serious about getting their financial lives in order. That’s when I found the Debt Free Community on Instagram! I lurked around from my personal page for a while but still kept my goal to be debt free from my family and friends because let’s be honest…debt is such a “normal” part of (broke people’s lives). While I made some progress on my own, I knew I had to lay it all out on the table and fully immerse myself so I created a page solely to document my debt free journey.

Since then, I’ve paid off over $75,000 and received $133,375 in student loan forgiveness through the Public Service Loan Forgiveness (PSLF) program and have helped my community receive over $1 MILLION in student loan cancellation and forgiveness.

Why the Name Debt Free Gonnabe?

Well it all started on Instagram. I would come across posts that talked about wanting to be debt free. Around that time I started looking more into the Law of Attraction and how the words you used shaped the life you live. There was more power in saying what you will do or be rather than wish or want . So I came up with the profile name @debtfreegonnabe . I may have given Debt Free Gonnabe persona on Instagram but it’s a declaration and the mindset to BE debt free!

So whether you’ve joined me here from Instagram or randomly came across this blog, WELCOME! I hope that by sharing my journey to becoming debt free, I can give you the inspiration to start or continue on your own journey towards financial freedom!

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And there are people all along the journey. Some are just starting and others are close to the end.

Our Money Mission

At Debt Free Journey we are dedicated to helping you no matter where you are or where you are going! The trip can be long or short depending upon your wants and desires.

Have you ever noticed how some people seem to have more than others? Even though they make the same amount of money, some just can’t seem to get ahead. You have to have an understanding of your money and make all of the right decisions to get ahead. Once you spend it, it is usually gone. Pretty simple. Well, not to everyone. In school they really don’t teach you about money, loans, credit, investments, etc. They may show you how to balance a checkbook. But other than that you have to figure it out.

Your Mindset

If you want to have good credit, money in the bank, and money to have fun with, you have to have a plan. You must be disciplined enough to follow the plan. If you are in bad debt, and you want to get out, YOU have to want it bad and KNOW that you can do it!

You only have so much money, and if you want to have anything, you have to be careful what you are doing with it. Discover how to have your money work hard for you, instead of you working hard for your money. Learn how to spread your investments around, instead of having all of your eggs in one basket!

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If you keeping doing the same things that you are doing, you will end up with the same results! The key is to study money and how to use it to your advantage. Make a plan and stick to it.

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My Debt-Free Journey & How to Reset For the New Year

New Year’s is a time when a lot of people decide to start saving or be more conscious with their budgets. Unfortunately, many people quit on that goal because it is so hard.

Sometimes it takes hitting rock bottom and feeling desperate to push you to be ready to do anything to get your budget back on track.

My family is on a debt-free journey to pay off over half a million dollars of debt, and we have come so far. Today I want to share some advice based on my debt-free journey and hopefully help you do a New Year reset.

I cannot believe it is 2023. We started our debt-free journey four years ago. Since then, we have paid off about $580,000 of debt, including student loans and business debt for our medical practice, which is the only remaining debt that we have.

We are also trying to buy our first home right now. Those are our two main financial goals at the moment, and we are working on them simultaneously.

Any extra income that comes from our shared business we use to pay off that loan, whereas the income that comes from my business, which is “Making Frugal Fun”, goes towards buying a house.

Let me tell you about the budget-related tools that we use to achieve our goals. My family has found it very useful to use cash envelopes to stay on track with our budget.

We did that a lot in the beginning with almost every single category. Now that we have gotten better at budgeting, we do more digital stuff.

One thing we did once we finished all our personal debt is we opened three separate bank accounts. My husband has a Fun Money account, I have a Fun Money account, and the kids have a Fun Money account, and that helps us with our miscellaneous expenses.

We put a set amount in there every month, and you could save your money if you want, if you are saving up for something bigger, like a purse or something like that, or you can give yourself permission to spend it all.

This helps you be freer in your spending, and you can do the same thing with cash. When we were only beginning to get out of debt, I believe we had $25 each for Fun Money, then we upgraded to 50, and then we got up to 100 right at the end of our debt-free journey. That really helps you to stay on track with your budgeting.

I also recommend using a budget planner, or a financial checklist. I have noticed that a lot of people want to follow a financial plan to get out of debt, but many get lost on how to get started.

This got me thinking about what I did when I was feeling overwhelmed in the beginning of our way. There were a few steps that I personally took that really helped me get a grasp on things and feel less overwhelmed.

In the beginning of budgeting, what helped me was printing out my bank statements for the last three to six months and then just going through every transaction and categorizing them into what is absolutely vital, what is important, and what is something that I really could do without.

Another tip is to review budget percentages that are recommended and then set your own budget percentage goals, based on what is realistic for you. I think that being realistic in your budget is one of the most essential things if you want it to work.

If you decide to spend $50 on groceries this month with a family of six, you are inevitably going to fail. Start by reducing your groceries (or other budget categories) just by a little bit, and get used to it. Then, once you succeed, you will feel more motivated and you can keep cutting.

As the prices are rising, there are only two paths for each of us to choose from: you either cut more out of your budget or make more. It is definitely easier at first to cut your expenses back than it is to make more money - that comes with time.

For us, making more money was always a struggle, especially during the pandemic. We were always trying to cut back, see what else we could cut out, and stick very tightly to our budget.

Only two years into our debt-free journey was when I was able to grow my business “Making Frugal Fun”, and this is when we started making more.

Now that some stress is off, with the student loans and the personal debt gone, I have had more of a clear mind with our medical practice. Now we can explore different ways that we can invest in a marketing company to help us get more patients and to help us grow our income.

In contrast, when I was drowning in debt, living paycheck to paycheck and freaking out every day, I could not see moneymaking opportunities. I was just barely hanging on. So do not try to think of everything at once.

When you are just getting started on a budget, you have to do just one thing at a time. Just like with the debt snowball, where the more you pay, the bigger your payments become, cutting your expenses can also snowball.

You cut a little here, cut a little there, and you realize you can do it. Once you feel more motivated and excited, you start thinking of more ideas on how to make money. We started doing DoorDash and any side hustle we could do.

My debt-free journey

I wanted to share our experience in case you are feeling as overwhelmed as I did at the beginning of my debt-free journey. I hope these tips are going to help you to understand how to reset for the new year and succeed in your goals. Good luck!

Join the conversation

I'm trying to cut my debt. At 74 I find myself in financial difficulty yet again :( My income is fixed (I receive CPP and OAS) -- I didn't have any type of "company" pension as I was in private practice the last few years of my working career. Unfortunately, I did more "pro bono" work then "paid" work and that can only create financial issues. Due to a; combination of health related problems I had to retire at age 57 and only had some very par time work after that point. My rent takes over half of my income -- I am in an apartment that is at the bottom end of the "market" price. Getting into "Seniors Housing" which is geared to income is very difficult -- most people are on "waiting lists" for years prior to accessing this type of housing. I have a budget and stick to it. However I need to get rid of about $10,000 in debt so I can leave this world without leaving debt for my son to pay -- its hard enough having a parent die without them leaving debt behind! I have many skills, I love to sew and make many times that could be sold. The issue is how to do that. I am not able to attend craft markets (I am physically disabled and don't drive). I haven't yet found a "consignment" shop in which I could sell some of my makes. (I moved to a new city 12 years ago and have had no success finding a consignment shop in this city of over 600,000 people!) Anyway, your article shows me that I am on the right track. I just need to find a way to increase my income so I can get this debt paid off.

Have you considered Etsy, eBay, or Facebook Marketplace? If you have the ability to offer flat-rate shipping mailing your items might be an option. What about putting up flyers at the local library, community center, bulletin boards at the grocery store, cleaners etc? Just a few thoughts on how to jump-start your selling of items.

Also, I don't understand how your debt will be your son's responsibility once you die. (None of my business, I just don't understand how that applies.) Best wishes for success.

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Debt Free Journey: Two Teachers Paid Off Over $100K

When my husband and I were dating, being debt free was NOT on our radar. We were just two twenty-somethings who were living in the moment. To be painfully honest, I was looking forward to us living in a big city and just being married . 

We’d go out to dinner all the time and have a fun social life. We’d sleep in late on the weekends and head to happy hour each weeknight. Life would be easy . 

Ha! It’s just when you think life is going your way when it throws you a curveball. Does that seem to happen to you too?

After the initial wave of nausea (is that morning sickness or panic setting in?), we immediately buckled down and created our first budget.

Our curveball came in the form of a positive pregnancy test. We were newly married, pregnant, and had absolutely no idea what we were doing. It wasn’t until this moment that we were forced to come face to face with our looming debt. Facing your truth can be hard, and it was definitely difficult for us! When we totaled all of our debt (which we had never done before). We had over $111,000 in student loans and car loans. In fact, our minimum debt payments each month totaled to $1,400!!!

The truth about budgeting

I’m not going to sit here and tell you that budgeting was easy for me. The first month we wrote a budget was terrible ! I couldn’t get over the fact that we were two adults with college degrees and yet we couldn’t write a budget that worked for us. To be 100% honest, I didn’t want to keep budgeting. I wanted to live freely and spend my money how I wanted. I didn’t want a piece of paper controlling my life. 

But you know what’s funny about life? Sometimes you end up enjoying the thing that you once despised. After months of absolutely hating our budget, I grew to love it. Heck, I even looked forward to working on our budget each month! I loved how having a budget made me finally feel like I had control over my money. I knew that after I paid all my bills I would still have enough money to buy groceries and anything else I’d need for the rest of the month. There were no more “what ifs.”

For the first time in my life I was controlling my money, not the other way around.

A bumpy road

Our debt free journey was not an easy one. We had our fair share of surgeries to pay for, broken cars to fix, and medical bills to pay. There were times when I didn’t want to be the adult anymore. I wanted to take a grand vacation instead of sending an extra $1,000 to my car loan. I wanted to shop at Pottery Barn instead of Ikea. And every part of me detested the fact that we cut our restaurants budget down to barely anything.

But you know what I hated more than all of that? I hated that I had loans that hung over my head. I hated that I couldn’t save money for my kid’s college because we were still paying for our degrees. Our finances were unstable, and I hated knowing that if something went wrong, we couldn’t handle it ourselves. Because here’s the deal… something will go wrong. It’s just a matter of time.

Through it all, we stuck to our goal and focused on the light at the end of the very long tunnel. We stuck to our debt snowball plan (you can read more about the debt snowball method HERE ) and made progress month in and month out. There were times when our progress was very minimal, but it was still progress .

Becoming debt free

In August 2016 we made our last and final payment to a student loan company. I couldn’t believe it! After 4.5 years, we had paid off over $111,000 on two teacher salaries. We were a young family with little kids and finally felt free . No more car loans. No more student loans. We freed up $1,400 each month on our debt free journey.

Staying the course

So here’s the thing: looming debt can be paralyzing .  It’s honestly much easier to not think about it and just simply make your monthly payments.  But when has life been easy? Instead, I’d like to encourage you to face your financial truth.  Add it up and develop a plan on how you can take back control of your finances. Sit down each month and create a budget.  Have the discipline to stick with it. Then you won’t just see the light at the end of the tunnel, you’ll be in the light.

You might like:

• The steps we took to pay off $111,000 worth of debt
• How to pay off debt when you live paycheck to paycheck
• 6 Ways to raise your credit score
• 4 Reasons people don’t pay off debt
• 10 Thoughts you’ll have on your debt free journey