Most Americans have some form of debt, be it credit cards or student loans, or car loans. It’s nothing out of the ordinary and for now, you might just be living with it, just like everyone else.
But someday you might find that your debt is already hurting you in the long run. Are you financially secure enough for that new car? Emergency fund? Vacation? To start a family? If you have any doubts, then it might be time for you to evaluate your finances and where you can make some changes.
On today’s episode of The His & Her Money Show, we’ve got Andy Hill on board to talk about getting down to business, budgets, and of course, busting your debt! You might already know Andy, proud husband and father of two, from his blog and podcast, Marriage, Kids, & Money, and now he’s here to share with us his family’s incredible journey to debt freedom!
When Andy and his wife Nicole got married, they had a decent chunk of debt between them – Andy, pursuing his MBA, had around $27,000 in student loans AND a luxury car to pay off, and Nicole had a car loan of her own. But still, they were living well.
With double incomes, no kids, no credit card debt, and well-paying jobs, they weren’t putting much thought into their retirement or the mortgage but they were having a great time living for the present.
Until they started planning for the very near future and a harsh reality set in: they weren’t really rich, and if they were going to start a family anytime soon, their financial situation needed a total change.
If you apply focused effort and intentionality, anything can be done.
The goal was to clean up their finances and boost their net worth as quickly as possible, and it didn’t take long for Andy to get Nicole on board to go all in. It was a learning process of trial and error, but most importantly: budgeting!
With hard work, perseverance, and monthly Budget Parties to plan their numbers down to the smallest expense, Andy and Nicole were able to smash their $48,000 in just 12 months!
Doing so, with their budget and financial changes, Nicole has been able to stay at home with the kids and be a mom, and now they’re just a month away from paying off their mortgage, and becoming debt-free homeowners!
Hear more from Andy on his blog! | MarriageKidsandMoney.com
What You Will Learn
- The importance of creating and sticking to a budget
- Gaining support from family and friends on your debt payoff journey
- The fine line between being focused and overzealous
- Getting your spouse on board without driving them away
Resources Mentioned
- The Total Money Makeover by Dave Ramsey
- The Millionaire Next Door by Thomas J. Stanley
- MONEY: Master the Game by Tony Robbins
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.
