Our discussions about money prepared us for our engagement, to pay cash for our wedding, to move to a new city, and to buy a house. In June 2019 Brian and I welcomed our daughter into the world. In those early days as new parents, we were fueled by adoration, fear and caffeine while learning to soothe our crying baby, doing endless loads of laundry, and taking sneaky naps while she was sleeping. However, because we had remained debt free and were intentional with our money, we never had to worry about finances with our new baby.
Now, almost four years into our marriage, we remain debt free (except for our mortgage), continue to set financial goals, create a monthly budget, and have great money communication. Our next goal is to pay off the house sooner.
Once I found out about personal finance, I couldn’t help but share it with everyone I knew. I even ran coaching sessions to teach family and friends how to budget and set financial goals. You can imagine my excitement when I saw the job posting for a Editor-in-Chief position at NerdWallet – my dream job!
How to get rid of your own debt
If you feel inspired to tackle your own debt, consider these steps:
- Calculate your debt, whether it’s creating a spreadsheet or just making a list of debts, balances, and interest rates. Having an idea of the amount and types can help you determine a strategy or if you should consider debt relief.
- Create a budget if you don’t already have one. The 50/30/20 budget is a useful approach.
- Choose a debt repayment strategy, like snowballing or debt avalanche.
- Look for opportunities to cut short-term expenses, like canceling monthly subscriptions and eating out less often. Apply the extra money to your debt.