How Two Young Teachers Tackled $111,000 in Debt
- September 10, 2020
- by Chelsea
Why You've Got to Listen to This Episode...
Moments You Don't Want to Miss
- [03:51] Find out which of Allison's fears was a driving factor to making a change
- [09:14] Allison’s key strategies for curbing emotional spending
- [14:15] How she and her husband lived differently as teachers as they tackled their debt
- [17:48] What it was like to make that very last debt payment
- [25:40] Why tracking your finances unlocks freedom from your debt
- [42:43] Chelsea’s Top Takeaways
What Are Your Family Money Values?
Grab our free Family Money Values Template and create a strong foundation for your family’s healthy money habits!
Key Takeaways to Help You Tackle Your Own Debt
1- You Can Pay Off Debt on a Lower Income
2 - You Need to Pay Attention to Your Spending
Fortunately or unfortunately, there is no getting around this. As Allison mentioned, when they didn’t track their spending, those small $5 or $10 expenses didn’t seem like a big deal. But when they looked at them all together, they made a big impact.
And while reviewing your spending once can make you aware of those small purchases, you have to keep tracking if you actually want to cut back. Because those emotional and habitual expenses sneak up on us, especially when we’re tired, stressed, or overwhelmed.
Find a budgeting system that works for you. I use and love You Need a Budget, Allison uses Quicken, some people swear by pen and paper, but find a system that works for you and stick to it.
I promise, even once you’ve done it for a while and feel like you don’t need to budget anymore, as soon as you stop tracking—your expenses will go up. And chances are, you’ll be spending money on things that don’t bring you any more joy.
3 - Your Goals & Your Methods Should Be Unique to You
Allison made such a good point about us all needing to find the money systems that work for us. Just like you have to choose a budgeting method that works for you, the process you use to manage your money also has to work for you.
When we think about systems and routines, I think we sometimes start to believe we’re robots that just need the right programming. But all of our lives run a little differently. Our personalities are all different.
Learn from experts like Allison and I. Try different apps and strategies. But tweak what you learn to fit who you are. You know yourself best. And it will make creating long-term change so much easier.
Links & Resources Mentioned
- Register for the Get Organized HQ Summit Here
- This is Awkward Podcast
- Smart Money Mama’s Pay Off Debt Tracker
- How to Destroy Your Debt
- Ep 25: The Right Way to Get Out of Debt in 6 Simple Steps
- Ep 26: How Paying Off Debt Gives You the Freedom to Choose The Life You Want
- You Need a Budget
- Quicken
- Family Money Values Template - Free Download
Connect with Allison
Allison is a blogger, influencer, speaker, and the founder of Inspired Budget. As a teacher and small business owner, Allison combined her passion for teaching and finances to help others learn how to start budgeting. Since starting Inspired Budget in 2017, Allison has been able to retire as a teacher and take her desire to help others full time. Now she is helping women all over the world get started with budgeting when they feel lost and overwhelmed. She has built a tribe of over 88K Instagram followers that turn to her for budgeting advice and inspiration to save more than they ever imagined!
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