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Megan had $30,000 in debt when she realized she was in trouble and needed to clean up her debt. She and her husband lived on a strict budget of $150/week (besides the regular monthly bills) and cleaned up all their debt in just a couple of years, in between moving and having 3 kids!
Welcome to a Debt Free Interview with Megan from Shaping Up to Be a Mom!
I started interviewing people who are in the middle of paying off debt, those who have been smart with money, and those who have become debt free as a way to encourage you, no matter which stage of money handling you are in. All my interviews are done with regular people, just like you and me, who have decided to change their financial life by waking up and paying attention.
You too, can take charge and change your financial situation!
Enjoy this interview with my friend Megan from Shaping Up to Be a Mom.
Show Notes
- Megan started with 30k in debt; $20,000 in credit cards, about $6,000 in student loans and $4,000 in car loan to her mother-in-law.
- When her husband got a raise, all the extra money went towards the debt.
- While the student loans were in forbearance, they put the car loan on hold for a few months, using all of those payments to hit the credit cards hard.
- Megan paid off all $20k in credit card debt within 12 months.
- Budgeting hard core and sticking to $150 weekly budget allowed them to throw lots of money each month towards the debt.
- Once the credit cards were paid off, Megan built up her savings to about $2,000 and then paid off the car loan in one chunk.
- This step was repeated once more to pay off the remaining student loans and become debt free.
- Megan and hubby now use each of their little side business’ income for their own spending money.
- Megan was the number’s cruncher, but her husband was the one motivated to get out of debt quickly.
- The lower the debt became, the higher the motivation grew to become debt free.
- The entire process took just a couple of years.
- Her advice: list regular bills, realistically estimate living expenses, cut back where you can, keep track of your money, and plan ahead and you will be able to get out of debt.
You can find more about Megan at Shaping Up to Be a Mom
What did you find inspiring about Megan’s story?
Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!
