So many of us are right in the middle of the journey to financial freedom and it’s easy to get off track. Sometimes it feels as if the traction just isn’t there. But it’s never too late to start again.
On today’s episode of The His & Her Money Show, we talk with Sonia Sears. She became debt-free at one point in her life, but later on, she slipped back into debt. She is a licensed clinical social worker and also works as a mental health practitioner.
Where She Is Right Now
She accumulated her initial debt in college because it was a normal thing in her family to put things on credit. In her late twenties, she realized that she was in over $50,000 in debt. She decided that she wanted to and needed to get rid of it.
Sonia began reading stories about other people paying off their debt. That got her inspired and she started doing a lot of research. She worked harder at her job and got some side hustles going to bring in additional income.
The Type Of Debt
Sonia’s debt consisted of store credit cards, student loans, and a car loan. She paid all of that debt off in full and then she saved up $15,000 to purchase a home.
But after she purchased her home, she found herself back in debt because she used store credit cards to furnish the house for $8,000.
Then the renovations that needed to be done on the home added another $10,000 of debt due to the fact that all of it was also paid for with credit. She bought furniture on debt for $2,500. Again she paid off the accumulative $20,500.
How She Paid It Off
The Mint budgeting app helped on her journey. She decided to put her passion for travel to the side so that she could focus on her debt freedom journey.
She gave up her much-loved apartment and asked her mom to move back home. Her mom agreed and helped her on this debt-free journey. She lived there for three years.
She picked up some odd jobs and when she got an increase in her salary she used that money to pay off the debts. And by the grace of God, she kept on her chosen path.
Sonia read that the Bible says that we should owe no one anything, except love. And she should be a lender and not a borrower.
The Next Step
Sonia still owes $30,000 on a travel credit card and this is the debt she is tackling next. She is laser-focused on paying off her remaining debt.
So much so that she even got another job to earn more money. When she is done paying off her debt, her goal is to purchase a commercial property for rental income.
She also wants to help people in disadvantaged communities to work smarter with their money by creating support groups for sound financial health. The reward in helping others is what makes it all worthwhile for her.
Get in touch with Sonia on Instagram at Black Money Magic
What You Will Learn
- How to give things up in the short term to achieve your long term goal
- Get extra jobs and use the cash to pay off debt
- If you can, go live with your parents for a while to decrease your expenses
- Why you need to be accountable to someone
Resources Mentioned
- Mint: Budget Tracker & Planner – Free Only Money Management
Thanks For Listening!
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Special thanks to Voleo for sponsoring this episode. Voleo is the first mobile app designed to help people invest in stocks together through investment clubs. Visit HisandHerMoney.com/Voleo for more info.
