Debt is debilitating
Not to mention stressful and cause for arguments. And our debt wasn’t for anything special it was credit card debt and loan payments. Things that had just added up over time. Discover how we paid off our debt in one month.
How we paid off $5000 of debt in one month
It took some work, some budgeting and some stubbornness. We set a plan and I was not taking no for an answer.
We put all our extra money toward the debt and worked some extra long hours to cover the rest. And it feels great. Yes, we may have said no to dinners out, weekends away and some extras but we did it.
$5000 in a month may seem like peanuts to some, but to us it made a significant dent in our debt.
Related Debt Busting Posts:
- 21 Things We Stopped Buying To Save Money
- 75 Super Frugal Living Tips
- Frugal Living A Surviving On One Income
Learning to budget
Taking an honest look at where all your money is going is important. Gather up all your receipts from the last week or the last month and add it all up.
Figure out where all your hard earned money is going. Is there is something you can cut back on? Maybe eating out less or cooking more homemade meals and pastries.
If you would like to learn more about budgeting and getting out of debt checkout this book, Total Money Makeover was great when we started looking into our finances and correcting how we were spending.
You can learn about all the stuff we stopped buying to save money.
Blogging to make extra money
I started blogging initially to share how we were winning against debt and living more frugally. I wanted to be able to share our tips and tricks with others so they could succeed against debt.
In the process I learned how to make an income off my blog. This extra income helped us pay down more debt and provide for our family.
You can learn more about how to start a blog here. I love blogging. I get a chance to help other people, share my knowledge and make a great income to help support my family.
If you are looking for a work from home income to help support your family, look into blogging. It has been rewarding, challenging, unique, creative and so much more.
Setting a plan and sticking to it
The last few months I have been real stubborn with our budget and paying down our debt. You see we’re expecting our second child so I want our finances in better order.
I don’t want that stress weighing over me while I am recovering and taking care of our new little one at home. So I set a plan that all budget items would be tightened short term and all extra money would go toward the debt.
If this meant no eating out or no vacations that was fine. It also meant we spent less on holiday gift giving this year which honestly went over well with our family. We weren’t the only ones trying to save some money.
If you’re looking to save money or pay down debt make a plan that works with your finances and stick with it. Be stubborn. Explain your circumstances to those who ask.
If you eat out on a regular basis make a plan to cook more homemade meals.
Or maybe you are used to going out on the weekend and spending lots on entertainment, figure out some cheaper activities or plan a no spend weekend or month to help you save.
If we can do it so can you.
Updated April 6, 2020