No one can avoid the unpleasant things that take place in our lives. Trials and challenges come in unpredictable ways. But strong faith in God helps us feel better and make wise choices, especially in money matters. Tragedy and losses may walk into your life, but as long as you have the willingness to make a change, you’ll get through all of them. You just have to analyze the situation, have plans, decide, and always execute.
On today’s episode of The His & Her Money Show, we’re thankful to have an awesome couple, Matthew and Kitty, share with us their financial journey to becoming debt-free. They went through a lot of obstacles but attained their goals through determination and perseverance!
Matthew is originally from India and came to this country to earn a Master’s in Mechanical Engineering. After paying his tuition fees, he had $20 in his pocket. He had a really hard time as he could not work because of visa restrictions, but chose him to continue his journey despite financial difficulties.
Matthew started to earn an income after he graduated. Their debt of $40,000 included a HELOC, car loans, and later hospital bills when Matthew’s son developed a medical condition. In a span of 2 years, he lost his father and another son and entered a period of deep trouble emotionally and financially.
They realized that this was not the life they wanted, and so they reflected on things, set goals planned, and took steps. Since their income didn’t grow up, they were very meticulous about expenses. They wanted to know where the money was going. With that in mind, they stopped eating out with friends and purchasing unnecessary stuff.
They realized that this was not the life they wanted, and so they reflected on things, set goals planned, and took steps. Since their income didn’t grow, they were very meticulous about expenses. They wanted to know where the money was going. With that in mind, they stopped eating out with friends and purchasing unnecessary stuff.
They verified things first before buying to determine if it was really a need or just a want. Matthew focused on the organization as part of his strategy. He and his wife had a committee meeting every month end to discuss the budget for the following month. And after all the sacrifices and perseverance, they paid off their $40,000 debt in 3 years.
The couple is not just good at managing debt but also adept at teaching their child how to be wise about handling money through investing. At the early age of 8, they gave their child household chores to be completed every weekend, rewarded with a salary, and encourage investing 25% of it. Now, they live a better life knowing they can pursue their dreams.
What You Will Learn
- How $20 Led Matthew and Kitty to Pay Off $40,000 of Debt
- How they get on to the same page and made progress towards their goals.
- Ways that Matthew and Kitty kept themselves motivated.
- How Matthew opened an investment account for his children.
- Two principles they injected into their lives that led to debt freedom.
- Things they can do now they couldn’t do before after being debt-free.
- The biggest things learned throughout their debt journey.
- Words of encouragement for people who want debt freedom.
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.
