In case you bear in mind the Debt Mindset Collection I revealed in 2017, you might bear in mind Jen from Frugal Millennial. Now that I’m doing these usually once more, I wished to re-interview Jen due to her main announcement — reaching debt freedom has grow to be a actuality as a result of she is now debt free!!!
Jen Hayes is an HR skilled by day and a frugal way of life blogger by evening. When she completed grad faculty, she discovered herself buried in scholar mortgage debt, underemployed, and 50 kilos chubby.
She determined to embark on a journey to shed 50 kilos and $117,000 of debt by 2018. And he or she completed that aim in December of 2018.
You possibly can view her unique interview by clicking right here.
Jen’s story was the ultimate interview once I closed out this sequence in 2017. Now that I’m bringing it again this yr, I believed it could be superb to start out along with her story seeing as she lately paid off six figures of scholar mortgage debt!
Desk of Contents
Did you ever change your technique throughout your debt payoff journey?
Sure. My husband is a spender and I’m an excessive saver, so we stored our funds separate to start with. He would make additional funds on his personal scholar loans, and I’d make additional funds on mine. At a sure level, we realized we might by no means get out of debt this manner as a result of he struggled a lot with overspending.
Now, I handle all the cash and I give him a specific amount every month to spend on no matter he desires (and I’m not allowed to complain about what he chooses to spend it on). This wouldn’t be the fitting transfer for most individuals, nevertheless it works for us. As soon as we began doing this, we had been in a position to pay down our debt insanely shortly.
Associated: Tips on how to Get Your Partner On Board With Budgeting
What was the hardest half? How did you overcome it?
I feel the toughest half (except for my husband’s spending) was coping with comparison-itis and seeing different individuals doing superior issues that we weren’t in a position to do proper now.
We postpone shopping for a house, buying new automobiles, beginning a household, occurring holidays, and many others. till our debt was paid off. It’s not straightforward to make these sacrifices and stay under your means, nevertheless it’s undoubtedly value it.
What are your prime three ideas for somebody paying off debt?
- Minimize your bills as a lot as doable
- Earn additional earnings for those who can
- Do not forget that that is solely momentary
The sacrifices you’re making now might be value it if you attain your targets. I like this quote from Dave Ramsey: “Reside like nobody else now so later you may stay like nobody else.”
Would you favor to minimize prices or earn extra to pay off debt?
I favor to chop prices as a result of I really feel like that’s an space that I’ve extra management over and it’s one thing I can do instantly. Growing earnings might take time and relying on what area you’re employed in, your incomes potential at your day job could be considerably restricted.
My husband and I’ve each had just a few facet hustles and we’re keen to work additional hours, however we didn’t need to work 100 hour work weeks to get out of debt. I wish to have some steadiness in life. If you minimize prices, you aren’t making a giant time funding such as you can be for those who’re targeted as a substitute on growing your earnings by working as a lot as doable.
Associated: 50 On a regular basis Bills You Have to Cease Spending Cash On
How I Store Sensible and Save Cash on Groceries
20 Methods to Make Further Cash As we speak
Are there any facet hustles that helped you on your journey to debt payoff?
Sure, my husband and I’ve each had just a few facet hustles whereas we paid off debt. My husband does freelance graphic design and net design, and he has additionally labored as an assistant photographer for a marriage photographer.
I earn facet earnings by means of my weblog Frugal Millennial. Most of my earnings comes from sponsored posts and associates however I’ve additionally earned some earnings by means of freelance writing and promoting digital merchandise.
Associated: 22+ Web sites That Pay Writers for Visitor Posts
Tips on how to Make Cash with a Weblog or Area of interest Website
What’s the craziest factor you’ve achieved to make a debt cost?
We lived in my father or mother’s basement for 4 years.
Do you imagine that paying off debt requires a particular mindset? How so?
Sure, completely. You gained’t get out of debt with the identical mindset that obtained you into debt within the first place. I feel it’s essential to be grateful and appreciative of what you will have as a substitute of at all times wanting extra.
It’s essential be keen to stay under your means. It’s essential to have the ability to assume long-term and perceive that the sacrifices you’re making now might be value it if you’re debt-free.
On Reaching Debt Freedom – What are your plans now that you’re debt free?
We’re presently constructing our financial savings. We’re targeted on creating a much bigger emergency fund and saving for a down cost on our first house. It’s a lot extra enjoyable to save cash than it’s to throw it away on debt.
Associated: Emergency Fund Suggestions: Tips on how to Develop Your Account Quick and The place to Begin
Study Extra About Jen
You’ll find me running a blog on Frugal Millennial and might join with me on Fb, Twitter, Pinterest, and Instagram.