Having a large family combined with a large amount of debt can be a scary thing. But having the right strategies and the attitude to tackle financial problems head-on can conversely, cause a positive impact on your family.
It is important for a couple to share their own strengths and weaknesses, and use them to tackle family situations because after all…marriage is a team.
Many people have the “time is of the essence” mindset, and more often are disheartened when they realize it’ll take too long to be debt-free.
In hopes of helping our audience out of this ineffective conclusion, we interview Carrie Willard on today’s episode of The His & Her Money Show, to show us how she managed to become debt-free despite having a large family.
Carrie Willard started off with a blended family of 9 and about $86,000 of debt. A total team effort helped Carrie and her husband speed their way to attaining debt-freedom as they both made use of their own strengths in handling finance.
Teaching their kids about frugality and setting themselves as good examples, educated their children well enough that the whole family joined in to expedite the process of achieving financial autonomy.
“Time and effort are needed to pay off debt,” and Carrie used this phrase in a positive light. Such a mindset emboldens her family to pursue, despite pitfalls and discouragement, through their journey. With the whole family working together to becoming debt-free, they were able to finish the task and ended up in a stronger relationship.
It’s funny how when you start working on paying off debt, your income also grows.
Carrie Willard talks about frugality and explaining how much money it takes to raise a child, on her blogs on her website CarrieWillard.com. She also is the author of several fantastic books that could help you out in figuring out ways to radically reduce spending money.
What You Will Learn
- How writing helped Carrie cope up with financially depressing moments.
- What they were able to stay motivated throughout their debt freedom journey.
- An important message Carrie tells her children about money and how she executes it.
- How to take advantage of readily available resources to find ways to save money.
Resources Mentioned
- The Temporary Tightwad – by Carrie Willard
- Pay It Down! – by Jean Chatzky
- All the Money in the World—by Laura Vanderkam
- The Tightwad Gazette —by Amy Dacyczyn
Thanks For Listening!
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