Anything that is worth something usually comes with a battle. Sometimes it’s an internal battle, sometimes it’s external.
But ask anyone that has achieved greatness and they will tell you that there were battles they had to fight, things they had to overcome, and sacrifices they had to make.
On today’s episode of The His & Her Money Show, Eugene Partridge shares how he and his wife La’Keisha are progressing on their journey to debt freedom.
Eugene is a director of procurement at a company in Cincinnati, Ohio. He has a few side hustles that he is currently involved in.
Eugene writes books. One was about the relationship between a daughter and her father. The other one that is going to be released is called Career Fertilizer. This one tackles the topic of how to further your career. He is also a music producer.
Here’s How It Started
Eugene got into debt when he was 20 years old. Due to his father’s passing, his grades suffered. Because he was on a full scholarship, he had to take out a loan to cover the partial loss of the scholarship funds. When he got married he started using credit cards and the debt increased.
Eugene and his wife La’Keisha experienced “lifestyle inflation” in 2015. Their careers were going well and their income increased. They decided to build a house in 2016 and built up a bunch of credit. Basically, they were living beyond their means and he didn’t know what to do.
Here’s What He Did
At the moment they are dealing with their consumer and student loan debts. The total was $100,000 and to date, they have paid off more than $43,000 in ten months.
One of the first decisions he made was to humble himself and have an honest conversation with his wife. He told her that they were in a situation and he needed her help. La’Keisha decided to support him and encourage him.
Eugene realized that he knew a little bit about finance but not enough to create wealth. The entire family got involved and together made some sacrifices to get to their goal.
Neat Spending Plan
They were introduced to the NEAT spending plan through their financial coach Ashley Brewster. The first step was to stop using their credit cards. They now use cash and not credit. Second, they created different bank accounts for different expenses. Thirdly, they found $3000 in their budget by getting rid of things they did not need. This money is now used to pay off their debts.
They set up separate banking accounts to simplify the process. Two different personal bank accounts, an account for variable expenses (groceries and gas), an account for the expenses for the kids, a brokerage account, an account for giving, a buffer account for emergency repairs, and a dream account. By setting up separate bank accounts they have been able to allocate their money for its intended purpose.
Side Hustles
Eugene produces music. He used to do it for free but realized that he was doing his family a disservice by using his talents and giving them away for free. He decided to focus on his family and how to get them out of debt.
Keeping It In The Family
Eugene and his wife are training their children financially. They are being taught how to handle money and that sometimes they have to give something up today for a better tomorrow.
But the children can see that their parents are more relaxed. This is a priceless gift for kids. Whether we want to recognize it or not, children can feel the tension and it negatively influences their childhood.
Get in touch with Eugene Partridge on Instagram @epartridge3 and at www.eugenepartridge.com
What You Will Learn
- How pride stands in your way to financial freedom
- What is the Neat Spending Plan
- How to stop using your credit cards
- Finding extra money by using a budget
- Which side hustle will suit you
- How to leave a legacy for your children
- What you can do to support your spouse
- How an accountability partner will help you
Resources Mentioned
- Why We Have 13 Bank Accounts – His And Her Money
- Eugene’s TED Talk – “Giving Saved My Life”
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.
