Getting out of debt when you are living off one income could be a stressful thought. Not to worry, there are small strategies you can follow that will allow you to figure out a game plan on how to get out of debt on one income without totally going crazy. This budget
You know, after reading a ton of other people’s debt payoff stories I wondered to myself, “How much debt have we paid off?” After taking the time to calculate it all, I about had a heart attack. To even imagine that in 7 years we have paid off over $90,000 of debt really makes me feel…well…makes me feel like we wasted a ton of money! It’s hard not to think about how beneficial it would have been if we had saved all of this money instead. But, the past is gone and all we can do is learn from it right? Well, if you find yourself with a similar debt number, I want to share with you our exact plan of attack and how we paid off $90,000 of debt in 7 years using the Debt Snowball, plus a few other tips.
Do you ever find that some people are just more content being stuck in a hole because climbing out of it will require too much work? Getting out of debt is the perfect example. Being in debt can feel like being in a big, giant hole and the toughest part is, you put yourself there. It was probably super easy to dig the hole, but I think you should know getting out will be hard. It will be hard, but it will be worth it and it will remind you never to dig that hole again. Another worry people gravitate toward when paying off debt is that they won’t be able to because they only have one steady income. If this is a concern of yours, then make sure you keep reading about the crazy things we did to get out of debt while living on one income!
The idea of living on one income can be a scary thought for most couples. When you have two able bodied people, it can be tough to see any positive side to not having two steady streams of income. Considering that 71% of all workers in the United States say they are in debt, it’s no surprise that one income families are seen less and less. More often than not, people are just working to support their bad spending habits. Even in two income households, a whopping 78% of workers say they are still living paycheck to paycheck. But there is some light at the end of the tunnel. Having been a stay at home mom for over 10 years, there are some major benefits to living on one income that I would love to share with you. Particularly living on one income when you’re paying off debt.
We have all been there. It’s super exciting to get started paying off your debt and motivation is in no short supply. Then after months and months of dedicating your every thought (and paycheck) toward debt, you hit a wall. You might start to look around and realize how much fun the people around you are having. Maybe you’ve been living off ramen noodles and you just can’t stand it anymore? Even worse, maybe you keep finding yourself digging into your emergency fund and can’t seem to get ahead. Whatever the case, there is no denying that sticking to the debt snowball can get hard. So what do you do? Read on to see the best ways to stay motivated when your debt payoff gets hard.
Since becoming one of those rare people that don’t actually use credit cards, I often forget just how dependent our world is on them these days. Quitting our credit cards and the debt that came along with them was one of the best decisions we ever made as a family. We made a pact to only buy things if we actually had the money to do so –what a concept. If you have found yourself with more credit card debt than you can manage I have got a crazy practical 10 step guide to stop using credit cards and finally get out of debt.