Welcome! I’m Lauren, former spendaholic turned consumer debt-free mama! Six years ago my husband and I paid off $266,329.01 in 33 months, it was a challenging, and life changing experience! I’m here to say that when you have a plan in place, you can accomplish big goals!
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I know you might have some questions, so in case you missed my last Instagram post, I thought I would answer some commonly asked questions:
“What the best way to get started on paying off your debt?”
Before you start getting into the actionable steps, I would figure out your financial goal, plan and purpose. Make your goal specific, and measurable. Make your plan sustainable, and make your purpose so important that it will keep you inspired and excited during your debt-free journey.
“You paid off $266,000 of money, wow, that’s alot, what did that consist of?”
That debt consisted of credit card debt, the car loans for 2 financed, new cars, and the mortgage balance of a condo we used to live in (we have since sold it to purchase our dream fixer upper home), we now have a very reasonable mortgage.
“Do I need to go on a budget?”
You can call it a budget, or a spending plan, but yes you need to get on some kind of a budget. It’s important to see where your money is going, and what it’s doing for you. When your expenses are written down, it provides clarity to where you are overspending and what you can divert towards your debt.
“I don’t want to stop spending money if I go on a budget.”
Me too! At first I didn’t want to go on a budget, I thought they were boring, and meant I couldn’t spend any money. What I learned is that a budgets are exciting and give you permission to spend on things that matter the most to you, and it gives you control to plan for your future.
“Easy for you to say, I don’t make enough money.”
I believe that you can change your situation if you really want to. There are lots of high-earners who feel like they don’t make enough money. By having unwavering dedication for your goal, you will find a way: whether it’s picking up extra jobs, hours, being resourceful and creative in cutting expenses, it will happen if you want it to. As Henry Ford said: “Whether you think you can, or you think you can’t, you are right.”
“I still want to live a good life, I don’t want to sacrifice all of my time with my family to become debt-free.”
I hear you and I understand. I have now been on 2 debt-free journeys, both of which are completely different: My first debt-free journey was high-intensity, and before kids. My current debt-free journey is low-intensity, and we now have 2 children. You get to choose the pace that you pay off your debt. Whether it’s fast or slow, the point is that you get it done at the best pace for you.
You might have a few questions on how you can get started on the path to financial freedom! I have some things to establish before you get started:
- Figure out your goal. For my husband and I, our previous goal was to get on a budget and pay off all of our debt as quickly as possible. It’s important to make your goal specific and measurable.
- Figure out your plan. Everyone’s plan will look completely different, our current mortgage-free journey looks different than our previous, high-intensity, consumer debt-free journey, before we had children. The bottom line is that you need to create a plan that is sustainable and works best for your family! Our current plan is to continue to live simply, enjoy our time together as a family, and to put anything extra at the end of the month, towards our principal. I have written very detailed articles on how to budget, and budget categories. We also budget for Christmas every month, and this has been a complete game-changer!
- Figure out your purpose. The reason you are paying off your debt will give you the grit to keep going when it gets difficult. Change can be challenging, but if you are constantly reminding yourself of why you wanted to become debt-free in the first place, you will be energized to keep working towards your dreams!
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As always, thanks for stopping by!
From your new budget buddy: Lauren!