For many of us, landing your dream job is where the cycle of debt is supposed to miraculously end. One day you are struggling to make ends meet and the next you are flush with cash and don’t have a care in the world, but life doesn’t always happen according to plan.
When money starts coming in, it can be way too easy to lose sight of where it is going. Credit card approval letters pile up right alongside massive interest rates, 30-year mortgages seem impossible to pay off early and retirement steadily approaches.
In this episode of the His and Her Money Show, we talk with soon-to-be-retired public servants, Rufus and Temple share how sticking to a rock-solid budget helped them become debt-free.
They found themselves bringing in two six-figure incomes but still could not seem to manage their steadily rising debt in time to retire without spending their entire pension paying down bills.
As newlyweds, Rufus, and Temple started their life together by enjoying everything that money could buy. They traveled every chance they had, drove luxury cars and Temple even admits to spending $55 a week at the salon.
Their debt added up fast. Pretty soon, Rufus was working overtime just to make the minimum payments. Temple knew they had to do something to get on top of the mountain that was quickly overcoming them. Temple had stopped counting their debt when it grew to just under $300,000.
It’s not about how much you make, it’s about how much you keep.
They looked around at their lives and realized that not only were they making bad financial decisions, but they were also teaching their children to do the same. But Temple was determined to persevere. She and Rufus made a plan, decided on some serious lifestyle sacrifices, and managed to completely pay off all of their debt in just about three years.
From the summer of 2013 until December 2016, the couple buckled down. They devoured every piece of information they could find from people who already did what they were trying to accomplish.
They budgeted, they made double payments and they cut out unnecessary luxuries. Temple even reached out to Tai and got a strong dose of reality that inspired her to delve into mystery shopping to help pay off her car.
They can both attest that it was one of the most difficult things they have ever done. They even lost a few friends in the process. Temple attributes their success to communication, determination, and praying to God before her feet hit the floor every single morning.
What You Will Learn
- Practical techniques for cutting expenses
- How to create a budget that works for your family
- Tips for talking to your family and friends about your debt-free lifestyle
- How to find a side hustle that works for you
- How faith can help in your financial recovery
Resources Mentioned
- Rufus and Temple’s Company New Visiion Inc.
- Teachmehowtobudget.com
- How We Made $400 By Becoming Mystery Shoppers Video
- How We Started a Side Hustle on Fiverr
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Today’s show was sponsored by Teach Me How To Budget. If you are ready to gain freedom in your finances once and for all then enroll in our brand new personal finance course Teach Me How To Budget.
