DECLUTTERED AND DEBT FREE
When my husband went away for Basic Training , they were so many suggestions for military significant others of what to do while they are away. The most popular were to pay off debt and declutter your home, we did both.
After many discussions, we decided to follow the Dave Ramsey’s debt snowball method and got to work. In a matter of 10 months, we paid off $16,000+ dollars in debt. In 41 months, we paid off $86,335.04 in debt. One of the major reasons we were able to achieve this goal was by reducing our expenses. See below.
5 tips to Reduce your Expenses
Contact your Providers
Call your Phone Providers, Utility Providers and Insurance and ask for discounts or way you can save money on your bill.
Ask about Debt Settlements
If you have medical bills in collections, ask if they are offer debt settlements. During the holiday season, I was made aware of a special settlement offer. I was able to pay off a $4k medical bill at a significantly reduced amount.
Create a Food Budget
After we exhausted our resources to reduce our bills, we create a zero based budget. Within that budget was a line for our groceries and dining out. You can save a lot of money to apply towards debt by following this tip. To learn how to create a budget, click here.
Shop ONLY for essential items
It can be tempting to over indulge during this journey. Keep your eyes on the prize and focus on what you need. If there’s an item you desire and it is within your budget, buy it. Deprivation does not encourage good habits. Remember, focus on the essentials such as household supplies, food, gas etc.
RSVP “NO” to Invitations
During this journey, you may receive invitations to birthday parties, baby showers, bridal showers, weddings and outings that maybe outside your budget, say NO and send an amazing gift. For an example a destination wedding.
Lodging + Flight+ Attire+ Festivities… the sum of these items can quickly derail you from your goal.
Now, if it is important for you to attend an event, make room for it in your budget by cutting expenses elsewhere.
So, you might be asking… How did we stay motivated during our Debt Free Journey?
Looked for Inspiration
I posted a quote every day on my Instagram Story and created a WIN Playlist on YouTube to motivate us during our debt freedom journey. The playlist was comprised of songs with word WIN or uplifting lyrics. The playlist can be found here.
Learned from other experiences
We consumed articles and podcasts about those who were also on the same journey or who were already debt free. Favorites are The Ramsey Show, His and Her Money, Black Married and Debt Free, Millennial Money and Our Rich Journey.
Celebrated Every Win
Every time we paid off debt, we crossed it off our list and celebrated. Even if was something as small as an ice cream cone.
