Debt can feel like a heavy mill around your neck. It causes stress in you, your marriage, and your family. But it does not have to be so. You can pay off that debt.
On today’s episode of The His & Her Money Show, Khaden and Christina Nurse talks about how they paid off $120,000 in only two years. Christina is a biostatistician who loves to help people by encouraging them and teaching them all the ins and outs about math.
Khaden is an associate pastor and loves to speak about the gospel and what the Bible says about finances. He is also a business consultant for a recruiting company.
The Debt
Together they had $120,000 consumer debt that was a mix of credit cards, two car loans, student loans, and wedding debt.
With their wedding counseling, they started talking openly about money. Once they got married they aggressively tackled paying off the debt. They realized they won’t be able to help others if they were not in a good financial position.
How They Got On The Same Page
Christina had a problem with combining their income into one bank account. But she realized it was about trusting Khaden, even with their finances. Khaden and Christina had many discussions to get on the same page.
Family Expectations
Their family realized that they were on a mission when they declined certain family trips and outings. The family had certain lifestyle expectations for Khaden and Christina, but they soon realized that they were focused on getting debt free instead of traveling or buying new cars.
The Budget
They made a monthly budget and yearly budgets. With the yearly budgets, it made it easy for them to prioritize what to spend their money on. Firstly, they created a Debt account.
The money would come automatically out of their salaries into the Debt account and this account was exclusively used to pay off debt. By having this system in place, it took out the human reasoning facet because it was already automated.
The Side Hustles
Christina taught math and consulted on other projects that did not infringe on her day job. She suggested marketing your skills on Craigslist and Upwork for freelancers as well as word of mouth. Promote yourself by telling people what you do.
Khaden was invited to preach at other churches and speaking engagements regarding finances. Completing surveys would also bring in a few dollars.
The Cut Backs
They did a lot of cooking at home and financial sprints by living only on the basics. Christina would not do her hair and nails for that particular month. Khaden did his own hair to save money.
By keeping their eye on the ball these sacrifices were little compared to the great prize of debt freedom. Using online support communities will also help you on those days you feel down.
Hearing how other people are going through the same trails builds a sense of camaraderie like you are not alone. That being said, spending less time on Facebook will help you stay on your goal.
And So That Wonderful Day Came
They felt like a weight being lifted from them once they paid off the debt. But they started planning to save for a house right away.
Just after they paid off their debt, Khaden was offered an associate pastor position that did not pay as much as his previous job. But because they were debt-free, he could follow his passion instead of following the money trail.
They can now help people the way they want to help people. It’s amazing but difficult to describe. The freedom. The peace. The contentedness.
What You Will Learn
- Talk about finances before getting married
- How to handle the family reactions
- What a goal will do for you
- How to budget: monthly and yearly
- Side hustles you can do
- Cut-backs that can help you save
- How debt freedom helps you to follow your true destiny
Resources Mentioned
- Khaden and Christina’s YouTube Channel
- Get extra work – Craigslist
- Work as a freelancer – Upwork
Thanks For Listening!
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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.
