What to (Really) Expect on Your Debt-Free Journey

What's the process really like when you're paying off a mountain of debt? Today we get into the habits and mindset changes Toni and her family made to pay off over $100k of debt!  How One Family Paid $100K of Debt I love a good debt free story. I enjoy seeing others work hard to get rid of the credit card, student loans, car loans, and other debt that is weighing them down.  I also know personal experience is not always fast or even a smooth process. For us, it began with getting on the same page with how we wanted to tackle it. Then there was the reality of the numbers.  My husband has his first post-grate job and I had a part time internship. With time, we found our rhythm and knocked it out.  I've also had quite a few episodes on this podcast and on Couple Money sharing people's journey, including Toni Husbands. What I loved about her story is that it wasn't a 'We paid off '$100,000 in year and half story'.  Which in all honesty, I enjoy watching and reading too, but when that's the main narrative being shared, it's a bit discouraging because they tend to gloss over key details.  When you dig into the article, you can see that both are earning six figures or I've even seen where parents chip in for them to buy a house in an expensive city.  My problem isn't with those details, but the fact that it gives the false impression of how easy it is to become debt free.  In many cases, it's a commitment and in that journey not only are you freeing up your finances because you don't have that debt anymore, but you're opening up options.  In this episode we are discussing a lot of the nuances and struggles that can come up. We'll get into: Some of the hurdles and challenges she had to overcome  Which habits helped and what she would do differently Opportunities that opened up now that's she's dumped her debt Let's get started!  Resources to Dump Your Debt Faster Tired of being in debt? Here are some resources to help you dump it faster. Handy Tools to Pay Your Debt Off Faster Best Budget and Money Apps: Personal Capital, Tiller, Mint Grab Your Copy: Jumpstart Your Marriage and Your Money Join Our Thriving Families Community on Facebook Debt Free Divas The Great Debt Dump: Running Toward Financial Freedom with the Power of Community When You Can't Agree on How to Pay Off Your Debt Pay Off Your Debt Faster Through the Power of Community If you want to chat some more about creating better money habits, questions, or share your own tips please join us over at Thriving Families on Facebook. Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union! If you're living in the Raleigh Durham area and looking to bank better, come check out Coastal today. We've been Coastal members for a few years have been happy with their services. They have wonderful services and accounts to make saving easier including their competitive money market accounts! As I mentioned in the episode, if you're a Coastal member and are thinking of consolidating your debts, check out Coastal's options to refinance! Rollover Your 401(k) Easily with Capitalize We're grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier.  Did you know that it's estimated that there are currently over 24 million "forgotten" 401(k) accounts? In fact, the average American changes jobs every 4 years.  And because of the Great Resignation, you or someone you know might be changing jobs even more  It's an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with? One huge benefit with an IRA is you get to choose how your money is invested, not your old employer.  If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.   With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf.  Find out how and get started today!  Note: Interview is edited for clarity and length. Support the Podcast! Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it. Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share. Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher. Grab a copy of Jumpstart Your Marriage and Your Money.  Music and Photo Credits Music in this episode was provided by artists from Audiio.