I’m Debt Free!! // My Tips

So now that I’ve told you my debt story, I want to get into the how.

I don’t know about you, but I’m a method girl. This can be helpful, but to be honest it doesn’t always serve me well. I’m almost always more interested in how people did things than I am in what they did. Describing methodology when I understand it is a strength of mine, but it can be a huge weakness when I do not understand, or when there is not methodology to describe.

When I don’t know how to do things, I have a history of spiraling into analysis paralysis, and eventually anxiety. I’ve halted way too long at the beginning of things, and allowed the lack of clearly defined steps to stop me from moving forward – one wobbly, tentative step at a time.

Paying this debt off taught me that the existence of a method doesn’t guarantee certainty, especially when it comes to timelines and outcomes. Even well-defined methods can be messy. If you read my last Blog Post you know I made a plan before each of the roadblocks I experienced, but I was still absolutely blindsided by unforeseen (and expensive) struggles. I had to find the wherewithal to regroup after each setback, and come to the brutal realization that even with my method I had no idea what would happen. I had to rely on my arch nemesis: trial and error.

It felt like I was being forced to yield at the time, but it was actually a major exercise in accepting what I could and could not control. Once I realized that the only variable I could control on the debt payoff plan was me: my responses to uncertainty, my money management, my decisions, my habits, my language, my heart posture, I felt a level of stability that I hadn’t felt the previous three times I attempted paying off my debt.

All that being said, what I’m describing here isn’t exactly a method, it’s more like stuff I did that ended up being helpful. These are the things I tried that eventually worked for me, and I’ll share them in hopes that they just might work for you too.

1. I made a budget and stuck to it. A few years ago, I heard someone say that making a budget is telling your money where to go, and I agree with that. Sticking to my allocated amount for each spending category was especially important during the debt payoff. The lack of room for impulsivity in my spending was irritating to say the least (I love a good spontaneous purchase just as much as the next guy or gal), but I understood that it was necessary. The discipline it took to tell myself No, and the courage it took to tell other people No, were rough developing, but vital.
2. I set a minimum monthly payment and stuck to it, no matter what. I did not allow myself to drop below a set payment. Usually the bank sets a minimum payment amount, but I wasn’t paying off the bank, I was paying off my parents. How much I wanted to pay each month was totally up to me, but I knew I wanted to finish as soon as possible. I recommend being realistic with yourself about what you can safely afford, but if you’re really stretching you will not be comfortable. I had to make some tough calls on non-necessary expenditures to stick to my monthly payment, but the sacrifice was always worth it for me.
3. I was honest with Yahweh and myself about how I felt during the payoff. But I struggled with letting others know how I really felt, I won’t lie. It’s easier for me to embrace and express emotions when I’m alone, but whenever I have to bring another person into the fray with me, it’s a vulnerable experience. I don’t like being in all my emotional pieces with other people present. (It is a flaw and I am working on it.) Make no mistake, I talked about the debt payoff until I was sick of myself, but I did most of my coming a part in private. I have a bad habit of getting in my own head when I express emotional pain. The idea that those who struggle in silence are the strongest is still one I contend against regularly. In retrospect, I probably should have allowed my circle to journey with me through those hard parts. It just shows me that I still have internal work to do.
4. I did my best not to compare myself to other people. This was another hard one, but it’s partly the reason why I took so many social media breaks during the past year and a half. For some reason when going through a tough season (even if it’s for a great result) it’s so easy to make unhealthy comparisons. Focusing on myself – what I could do, what brought me joy, what I enjoyed, what I was working toward – helped me keep my peace in tact while I did the very best I could to reach my goal. Seeing the trips I couldn’t afford to take, the experiences I couldn’t afford to have yet, the things I couldn’t afford to buy began to lead me down paths of questioning that just weren’t helpful.

Now, for the help. These are the circumstantial facts that enabled me to pay off my debt this last time.

1. I have a full time job. Thankfully, the Pandemic didn’t result in job loss for me. My employer worked with staff to reconfigure our work model to allow remote working capabilities and we continued to be paid in full. It’s not lost on me that that is a huge
2. I still live at home. I’m thirty years old, and I still live with my parents (and my older sister and younger brother). This undoubtedly would not have been possible if I had rent and household bills to take care of, at least not on the salary I currently have or within the timeframe I did it. I don’t live at home for free, but what I pay in household contribution is not nearly as much as friends of mine pay to live on their own.
3. I didn’t have to pay any interest. This last time around, my parents paid off the bank for me and allowed me to pay them back interest free. I was able to see the immediate affect that my contributions were making to the amount of money I owed with each pay period, and that kept me going when I felt the most discouraged.
4. I don’t have any dependents. I’m a single woman with no children. This is huge. This journey would have looked completely different if I had to take care of a family of my own. This ties back to not comparing yourself to other people. If your budget line items include childcare, or school fees, or food for teenage boys (who are bottomless pits and eat everything in sight) you have to make the best decisions and formulate the best plan for you and you alone.

It wasn’t a perfect journey, I didn’t manage the stress as effectively as I would have liked (I’m honestly still recovering), but I am still proud of myself. I’m more confident in my ability to bounce back from difficult setbacks, recalibrate, and do hard things than I was before which is a major win in my eyes.

I’m not sure what’s next for my wallet, but I’m happy that this part of my money story is behind me for sure. I hope the insights I’ve shared here give you the permission you may feel you need to persist in your own journeys. Things don’t always go to plan, but know that you have the ability to try it again a different way.

You may need to take a break, cry, break down, refuel, get some advice, but you can figure it out. If being debt free is a dream of yours, get started. Maybe it’s an extra $20.00 on the monthly payments, maybe it’s committing to stop using the credit card, maybe it’s eating out less and cooking at home more. Whatever it is, start taking some steps to walk more fully in financial freedom.

I’m rooting for you.