***When playing back the video, I noticed that I accidentally said $59... when I should have said $58,704...OOPS!!!***
I'm going beyond the numbers and sharing with you the steps we had to take in order to get our debt paid off.
1. Get real with your spending
2. Take responsibility for your share of the mess
3. Get on a written budget!!
4. Cut, slash, and trim your budget to free up extra cash
5. Stick with your budget!!
6. Get the biggest shovel possible (make more money)
7. Be content with what you already have
8. Stay focused on your debt free goal
Debt free charts:
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Angela - Our Life on a Budget
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I am not too big into debt I got a couple credit cards i need to pay off totaling 615 nothing major but I am trying to better myself at saving money for example I canceled my gym membership I work as a custodian for the local school district where I live I am the floor cleaner and I walk around a lot to get excercise and I clean the 1st 2nd and 3rd floor atriums and backpack vacuum the stairs I get my excercise cleaning those steps and I don't pay a cent so I get my excercise at work
Save! Save! Save! Save more money!!..... Stop making a restaurant as an extention of kitchen then you can save save save save more moneyBetter cook and prepare own food that eat in restau that is way cheaper.
Minimize buying face mascara ( make up) in that way we can save save save more money..
I would follow the same steps, but the amount of time it would take to pay off the debt would be extended. Either way, you want to squeeze as much as you can to put towards your debt. It would start by looking at your current expenses and seeing if there is any room to trim and cut. The other half of the equation is looking for ways to increase your income. Either by finding ways to make money from home or picking up a part-time job while you pay off the debt. Dave Ramsey talks a lot about delivering pizzas on Friday and Saturday nights. It means sacrificing some time, but is worth it in the long run.
Wow almost everything you guys were going thru pre debt free my girlfriend and I were going through. We too got in debt because of our impulse buying and lack of responsibility. We argued and pointed fingers a lot. Debt ultimately cost us to fall apart. But now that we're a little older and wiser we're talking again and we're ready to take a leap into this journey and hopefully end up together again but without all the financial stress.
What a load of crap. Even if you only have utilities and a mortage to pay, with a two income household, this is very impossible. You would have to use all of your income to get rid of that kind of debt. Please stop with the BULLSHIT!
People with less income than us are able to pay off their debts in a short period of time (watch Budgetgirl, she paid off $33,000 on a single low income). Regardless of income, it’s about the steps you take and the sacrifice you are willing to make. Is it easier with a larger income, of course. Is it impossible on a low income, absolutely not.
Great advice! I was thinking that since you had enough self-control to adjust your behaviours for two years and bring your debt to zero, why not continue on this new behavioral track and pack away $60 in the next two years! You already know how to do it! Getting significant funds in the bank is exciting! It might be a down payment on a second property or some other investment. The snowball starts working FOR you!
unfortunately, most people don't earn your savings margins. or your spending capabilities.That AVG person globally, lives on less than $1.00 dollar a day. But in the US it's around $55.00 per day ( including shelfter costs), Americans live on. So your means are very high. and yes you were "pissing away" tons of money. Yes the $20- $25 dollar ghosting habits can mean the difference between poverty and wealth. What's your meal budget for 4.
Our Life... On A Budget Totally possible. I make roughly 450 dollars a week and saved 1000 in a month and a half just by cutting stuff out and budgeting wisely. Now I’m going to pay off my debts which are around 7000. Might not be a lot of debt to some but for someone who doesn’t make much it is but my determiniation is going to get me through.
I agree that my family lives on more than most, and although I shared our total numbers, the video was more about the steps that we took, which can work for any income. Having a larger income does make the timeline much shorter, but the process of cutting expenses and looking for ways to increase your income is what's important, regardless of where your salary is at. As for my meal budget. We have recently increased it to $50 per person, per week or $200 per week. In a four Saturday month, that means our grocery budget is $800 and in a 5 Saturday month, our budget is $1000. Again, higher than most would spend, but if you see our grocery hauls, you would also see that our food costs where we live are also higher than most. Everything is relative, but there are also people like Budgetgirl who were able to pay off a significant amount of debt of a much lower salary, so it is possible.
Paying off debt is possible no matter what your income is. In order to pay off debt the first thing that you need to make sure you're doing is getting on a budget and sticking with the budget and not using any more credit. Then look at the budget and see what areas you are willing to cut, or look at the income and see what else you can do to raise the income. Both of these moves will free up money to pay off the debt. With a lower income, paying of debt will take longer, but it is possible. Keep working at it, look for ways to bring in extra income (even selling stuff that you no longer use), and see what you can trim from your expenses. Keep in mind, the sacrifices you make while getting out of debt are only temporary.
I just got a weekend job to help pay off my divorce debt. But also to save money up for a down payment on a house in the future. Whether I am single or married. I want my own home. And I will get it. Thanks for the inspiration.
This should be taught in schools. So many kids don't know how to budget and live within their means. After being debt free then put money into savings for your old age.Australia we have superannuation. Also taught our sons when you start work and have no dependants put 10 % into savings every payday and don't touch .If you can continue this through out your working life you will have a wonderful stress free retirement.
Goodness, I’m European and always been frugal. Save on everything. Don’t eat out, rarely buy new clothes, drove 2 cars for almost 20 years each. I reuse everything, even paper plates and cups, pick up paper napkins and so save on lots of small stuff. Cut and color my own hair, cut my own nails etc. Don’t need bunch of makeup or other items. I do like to buy good quality shoes though, especially walking hiking boots, and earrings. Then I like to buy things cash, so I save on interest, I like quality and expensive stuff and bought bunch of expensive stocks...that went up in value a lot. Also bought an expensive apartment in Europe, in the center of a popular city. It also is up in value. Oh I shouldn’t brag, but yes I’m careful with money. My sister has always been broke and takes loans when she can, also shops for clothing a lot. A bad habit. She goes to expensive hairdresser whereas I cut my own hair. Etc. it all adds up. She’s always broke and I’ve got money in the bank and zero debt.
I stopped smoking cigarettes 5 years ago. My girlfriend and I both quit drinking alcohol 2 years ago. This helps a lot and I'm much happier without those drugs in my life (only coffee now;) Cooking almost all our own meals; eating real simple healthy food saves a lot. Avoiding the false economy of buying ''cheap'' things like cheap clothes. I don't have a large wardrobe but the clothes I have are high quality and will last and I will like them longer. I try to sell anything I no longer use whether clothes, sporting goods or electronics. It can be a pain to sell but it helps in numerous ways and is so worth it. Buying high quality things means there is a market for them when you no longer want/need them.
Also for those with high CC debt (tens-of-thousands), It would make more sense if you were paying down CCs first before a mortgage because they’re the biggest Debt Lockers that get applied to Interest first before the principal (the original purchases) so that $20 at 15% with payment minimum (2% +fees & interest) isn’t even chipping at the 20 bucks and its legal! Disgusting 🤢🤮...
Once no longer in debt (do not close them) continue to put your weekly salary into your checking acct then make a “payment” of the full deposit to your *cleared debt-free credit card* Your money is safe and ready for any expenses or emergencies and since its *your own money* and *not borrowed from CC company* you owe them Na-Da! Its better to not pay high interest then try put in Savings Acct with their stupidly less then 1% offer!
(This not only clears any new interest to incur but rises your FICO giving you better credit and possibly lower or 0% loan to pay off your mortgage sooner or any big ticket item if you choose to apply it).
*That’s the Secret how you really save in Life by Not wasting it away on high Interest* .
Hope that makes sense to those that keep saying they need to have a high paying job for this to work. You CAN pay off your debt you just have to think it in Reverse, *Make the Institutions work for You Not the other way, you don’t have to play their Evil game of modern-day-Slavery* !
Another way I like to save is using *Ebates (dot) com or App* , you get great discounts plus up to *15% Cash Back* for simply shopping how you normally would, for everyday items like *Groceries and Household* to *Department Stores* and even Entertainment like sports/concert tickets and Vacations when we’re able to splurge of course ;)
That includes paying for Anything really and *getting Cash Back, couple it with your (debt-free) Cashback CC and get more for just shopping for your needs or wants* ! Works on Amazon, ebay and GroupOn and all your favorite money-saving sites!
You can even *link your debt-free CC and use the app In-Stores like you would normally shop* ! They even have a *Chrome extension* you can use on your Desk/laptop to scoop-up the deals.
Use this link to Get yourselves your first free $10 for just spending $25 thats 40% saved, oh did I not mention they send you a big check by mail every 3 months or through PayPal? Yay so *you always have extra spending cash* , for me that’s awesome and a win-win!
I need to get rid of around £2500 of debt and had no idea of where to begin! My biggest outgoing each month is my credit card, not the stuff I bought with it, but the interest! I am retired now and my interest and hobby is my garden which I spend a whole lot on. I have just about finished buying the major stuff I wanted out there so until spring, I don't need to buy any more plants. I think this is where I shall be tightening my belt and paying the extra off my cards. I really need to deal with it and sooner rather than later. Thanks for this video...well worth a watch :D
We are desperately needing to start getting things under control, but we have one income, 2 kids and a baby on the way. If you don't have enough to make the current credit card payments, what do you do? Do you just focus on one and let the others go delinquent? Do you pay things on credit cards so that your cash can make the payments, which seems backwards? We are going to have to move into a bigger house in the next couple years to make room for the kids, and I'm nervous that if we let some of the credit cards go and focus on one at a time that we won't end up being able to buy a house when we need to.
I swear you were talking to my husband and myself!! Everything you said at the beginning speaks to my heart!! We definitely spend $20 here and there and anywhere and then wonder why we never had enough money at the end of the week/month!! Thank you and I am now subscribed and will be going back through all of your videos!! Congrats on that $5 lottery ticket!!
We were the death by $20 ppl, too!! In a weird way I almost wish I could say we blew it on bigger ticket items 😆 But it was small purchases here and there. To be fair, a lot of times ours was for gas or food (essentials we couldn’t afford at certain times), but it’s so frustrating to be paying it off now plus interest. Oh well! Lessons learned! ❤️
This video should have more views although I’m hardly surprised that it doesn’t.
We live in a society where debt is encouraged and celebrated. It’s such a marketing mind game to keep people dissatisfied with having enough. Some people can’t understand why you have not upgraded to iphoneX even though your iphone 5 is still working perfectly fine. Why are stores like Walmart and Target arranged in a way that you need to walk by everything you don’t need in order to get to what you do you need? Why do you have to pass the jewelry counter to reach the toilet tissue aisle? The retail giant is psychologically manipulative. The usual tactics they use in producing most commercials is to rob you of your self esteem and sell it back to you for 3 easy payments of $19.99 does not include s&h.
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This video made me feel a bit more hopeful. I have about $6000 in debt to pay off with an annual take home salary of $31,000 but I feel like it's going to take a lot longer than I would like to pay everything off. I have created a budget spreadsheet and I budget each paycheck, but with my mortgage, insurance, utilities, 4 pets, groceries, commuting costs (45 minutes each way), and medical costs, there is not much left over. I feel like I've cut back as much as possible. Do you have any advice on how I might make progress so I can pay off my debt faster? Thank you!
One of the best things we did to get the debt paid off (besides cutting where we could) was to make some extra money. Each of us looked for ways to bring extra cash to the budget. We sold some stuff which helped to get us started. Jeff took on a part-time job with the city and I was fortunate enough to make some extra money on YouTube. If you can find a way to make some extra money, you'll feel the debt disappear in no time.
Me and my husband have 3 adult children who are always asking for money. Ages 23, ,28, and 29. They all have 0 work ethic and can't handle money. All 3 are single moms with kids. It's the kids I feel sorry for plus I don't want them living with me so they are our big road block to our debt free journey.
Thanks for the reply but I didn't sow this. I've always worked and provided for my children as has my husband. They just won't listen. But it's all going to change. Because I read a good book called "Setting boundaries with your adult children" by Allison Bottke. It was recomended to me by a professional counselor. I realize now that I am the enabler and I have to make some changes
One of the things that made it easy for me was seeing that at least the money was there to pay more than the minimum and still be comfortable. I made $16,000. So, at that time, I only made the minimum. Once it went up to $20, 000K it was easy riding, then making $25K. And now I have just under $5,000 in student loan debt. My debt is so low, that I feel awkward even saying I have debt.
It is not about how how much you make. It is about how much you can save. A second rule is to ask is this something that I want , or need? If you want then it can wait. If you need then budget your income and see if you can afford. Leave with your means.
Paid off our first credit card this month! So excited to be able to see the debt snowball in action. My husband got me going on the plan but he still wants his fishing trips ... because “they don’t cost much”. We were so the $20 dollar people also. We will get there, maybe not as fast as we could.
Congrats on getting that first credit card paid off!! I feel like we’re married to the same type of people. Jeff still wanted to hunting and fishing. I bargained and limited the amount of times he went.
Wonderful information and awesome video presentation. Your attitude drives your success and it is obvious YOU were driven. Thank you so much for breaking the process down, for including all the information, and for hitting the points on the head. Good job.
Excellent information! I don't buy anything that I don't need anymore! Do an inventory of your home and see if you want it or do you need it! The need should, out weigh the want! You will be surprised at how much better you will feel; with a lot less! 😄
Cutting spending on things that you don't need is huge I have cut our clothing spending to only need as if someone got holes in their pants or shirt or things don't fit anymore either too big or too small we will look for them used either online or in the thrift stores if not we find them on sale. If we can't find things on sale we will get something from Walmart that is cheaper and will do us for the meantime. Definitely try to get quality stuff about other stuff they get worn so much of that spending on quality is kind of wasteful as the kids outgrow them faster then they at where them and selling them used for even half of what you paid for next to nothing. Do you have some websites that you can share for people in Canada 2 make extra income at home. For example where did you find these writing freelance jobs and what qualifications did you need.
We were buying Tim Hortons every day before work, so one hot chocolate, bottle of coke, raisin bran muffin, 2 old fashion plain donuts. $8.85 so that’s a total of $3230.25! Almost $270 per month!
That’s a lot! Hahaha
Great Video! I had two things on my credit that were holding me back. one is from sears which I paid off and I am not sure of the other one but they are both 17 years old. I filed bankruptcy 17 years ago and settled with them both. It was just brought to my attention that they are still on my reports I recently got referred by my best friend to contact (([email protected] which I did and he helped me fix my credit and my score was improved by a huge leap. I recommend anyone that needs to fix his or her credit to get through with him.
Expenses are color coded in the check register. When you open it up and see all the same color then you can easily identify where you're spending and can tackle it.
I make it a game, how little can i spend in this or that category. I use a wallet/planner combo. In front of my register is a "How can I save money today" list. The next is a list if money goals. THEN the register that tracks money that leaves the checking account. I force myself to look at those before I reach for the debit/ credit card. I have to ask myself, do you want this thing more than the stuff on your goal list?
Another thing, and I learned this from my mother in law, when you go shopping your receipt usually shows you how much you saved. Take that amount and put it in your savings account. If they hadn't been on sale you would have paid full.price, right? Now you're saving for financial security. 😁
I love your video. You don't waste time saying needless things. Every word from your mouth was extra instruction and encouragement. Congratulations on your payoff of debt. I'm struggling with it now and really appreciate what you've accomplished. My problem is that I am 70 and not able to bring much more in unless I can do it from home. Haven't come up with anything yet but anxious to find it.
I want you to know how responsive these guys were. Had various email correspondence with Dirk Hess and his crew was always very responsive and answered my questions. Then last year when I was trying to clear my Car loan debt and credit card debt of $8000 and being so frustrated, I finally gave up this year february, mailed them and got through to Dirk.. Well, let me tell you - he was absolutely wonderful and helped me and was a life saver. Debts are now settled and I don't know how I would have ever done it without him. mail him - you will pay some upfront. He is credible and most capable for this.
Great video very inspiring. Any suggestions on daycare it’s a huge expense we pay less than most but that’s because I work two days a week long shifts average 20 hours per shift. I don’t have family support I know people would suggest that but I don’t have it. I take care of people with disabilities although I love the people that I take care of there are many things that I don’t like about my job ( always away from family during holidays and the company doesn’t give rises basically a died end) I know I could switch my job but it’s what’s working best for our family as far as daycare goes. If I had to pay daycare full-time I might as well quit my job and stay at home I wouldn’t bring much money home after that expense.
I feel your pain on day care. When my girls were both in full-time it was our biggest monthly expense. I paid more for day care than my monthly mortgage payment. In order to make that bill, it meant that we cut or did without in other areas. The only thing that kept me going was knowing that it wasn’t going to be forever and that once the girls were in school, most of the money would be back in the budget (other than after school care). Hang in there. There is a light at the end of the tunnel, I promise.
I got some tips: Shop used clothes. Go to Happy Hour for the specials. Use Costco and get foods that have a loooooooooooooooong expiration date. The Kraft Cheese expired 5 months after I bought it so I can have cheese for weeks at a time. Make your own bread (havent tried this yet), go to hot places in the summer for vacation as you get good deals. Stop going to the sales at dept stores. I used to spend hundreds on sales on things I didnt need. Store up though on Christmas specials you would buy anyway as gifts.
Great video, I have set up a budget plan that I am going to start on tomorrow when I get my first pay check for each pay period!:) I'm working toward paying off debt, getting my own place and getting a car
You are so inspirational. So cute.I can't wait tot ry to get out of 15,000 dollars in debt.I spoil my kids out to dinner. Give them cash.OMG its crazy. I bet that MaybeI can try this.I will try especially at the grocery store. OMG that is huge. I will meal plan shop with a list. I am only going to consignment. My debt and headache is not going to get the best of me. I'm going to work on my budget and check in with it. I can't wait. This credit card scheme and balance transfer crap has to end. I loved listening to you. It's all about being a minimalist. It's okay we can still enjoy life through our friendships , nature etc.I'm a teacher an this is a must!!!!!!! I'm in. I'm listening. I can't wait to do a portion of what you do.
Just a awesome video. I feel bad that I watched it now. I have a question for you.Me and wife make around 4300 $ and our debts are over 37000 $. 2164 $ are utilities like rent school fees electricity and utilities.Balance goes straight to cards but we have been doing for over 3years now but nothing has come down. Need some expert advise.
I love your channel! I was watching several videos of yours the other day and on one of them you linked your debt spreadsheet to it. Of course, I can not seem to find the exact video now. Would you be so kind to share it with me? THANKS!!!!
I love this. Thank you for sharing. Definitely subscribing to your channel. My challenge is getting my partner on the same page. I see her slowly mentally changing so I think she's ready to really attack the debt now.
Thanks for the tips! I may not have accumulated as much debt as you and your husband, but as a 28 year old with over $20,000 in debt including student loans, it’s scary and frustrating! This month I have set a goal of paying off one credit card each month or two months. I made a budget of $80 in spending a week that I won’t go over, and try my best!!
Today I worked an extra shift. Then I came home at night and ate leftovers again. All the extra effort and kind of protecting my bank balance is paying off over time. I still had to have the necessity of getting gas. I would not be able to travel between clients without a car easily.
I had a house mortgage since I bought a house in 2010 - and have been debt free since 1 jan 2018! three more tips: 1. pay cash as often as you can! it hurts so much more to hand over cash than to swipe a card, and this is good pain. 2. do not think your spendings in money but in hours of (hard) work. 3. use craigs list: in particular clothes and children´s toys are extremely cheap there. and a bonus tip: 4. allow yourself a monthly budget for impulse buys and wanna-haves. after all, you should not forget to live.
+Branwyn Heart I’ve talked about a couple over the years. America’s Cheapest Family Gets you Right on the Money is great if you looking for frugal living. Otherwise, Total Money Makeover is a must. I also really liked Money Rules by Gain Vaz Oxlade.
My husband and I are in debt but not for as much as 50,000.00 I have more medical bills debt than credit card debt but I don't know how to start to get back on track. My account goes to the negative every single time and for this point I'm not sure if I'm ever going to be able to break this cycle....any advise would be most appreciate it.
+ingridhi100 if you can budget yourself in a buffer for your checking account, that will help. At the end of the month, rather than putting all the extra money towards debt, set aside $100 or $200 for a buffer in the account, or build up to a buffer over a couple of months. Having a buffer in the account has saved me from going into the red on more than one occasion. Especially if something comes up or a bill needs to get paid before the first pay check.
It's nice to see how the practical perspective of debt snowball works. At my job, I'm given a lot of vacation time off, and I love to travel. How do would suggest spending that time off when you want to travel? So far, my solutions are 4-hr round trips with my girlfriend, and fishing.
+Parker Lansing I'm a huge fan of the staycation and exploring new close to home. Our travel while paying off debt only involved a week long visit back to my hometown to visit family and friends. Otherwise we did a couple of weekend trips to larger towns.
I had to stop watching beauty gurus... I bought so much crap they swore by. It was often good products but got really expensive and I had to learn to be happy with what I had already! I'm happier with less now.
It's so hard! Every chance we look, there's an obstacle😩 I just had surgery and have been out of work for two weeks, with two more weeks to go...unpaid...there was my vent for the day😓 thank you for sharing your inspirational story
I understand how you feel. We started end of January for 3 months in a row all our cars brake, now our son needs surgery that will be $2500 at least out of pocket. It is very discouraging but we will continue the journey.
Mine is death by coffee. I'm not in debt but am a single parent of 4. Fortunately I've been able to be at home but now my youngest is at school I'm looking at what paid work I'll be able to do. Budget is very tight and my coffee I have tended to see as a reward. Nearly fainted when I really looked at how much I was spending!! I've decided to cut it back to just one a week when I go grocery shopping.
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