As I’ve mentioned in my first blog post, I’m not the best example of someone who got rid of debt right away. I didn’t have laser focus like others who tackle debt in a matter of six months to two years. I took 10 years. However when I got serious, it took 6 years to get rid of everything. I admit I probably could’ve done it in four, but I’d probably also be divorced.
So how did I get rid of my debt? What exactly did I do?
Many things. I read lots of blogs on personal finance, frugality, and other people’s debt stories. I took all the info that I liked and then applied them to my own debt journey. Everyone is different and often with varying tolerances to how far they can go with certain debt reducing strategies. In my personal journey, I did the following:
- I got frugal for as long as I could hold out. To stay motivated, I constantly read debt journey blogs. What did I choose to do? No cable TV, only Netflix, layered in the winter to save on electricity, bought food on sale, and limited eating out or going to the movie theaters.
- I made a budget and stuck to it. In my opinion, this is probably the most important thing to do because without a budget, it’s easy to overspend.
- I became minimal and reused things often. If I didn’t need something right away, I held off buying it like clothing, which I held off doing for 2 years.
- I sacrificed my social life. I definitely lost friendships because of turning down kid birthday party invites, baby showers, and dinner parties. Unfortunately, this happens, but it’s a sacrifice to make for financial freedom.