You may remember Jhanilka and Anthony Hartzog from their earlier Paychecks and Balances Personal Finance Spotlight: This Couple Paid Off Six Figures in Debt in 23 Months with the Debt Snowball. They cleared $114,000 in debt! On the show this week, they share their debt story and provide tips to pay off your debt quickly, while still maintaining a lot of the same comforts of your current lifestyle.
Their journey into paying down their debt started when Jhanilka bought Anthony Dave Ramsey’s “Financial Peace University” one Valentine’s Day. They dove into the course together and initially didn’t have a set date in mind of when they wanted to become debt-free, but after three months into the process they saw how much money they were able to allocate towards debt payments and they made the goal of becoming debt-free by Jhanilka’s 30th birthday. The couple mostly focused on playing offense to increase their income and allocated all extra money to pay down their debt.
In this episode, you’ll hear how in addition to their 9-5 they both got side jobs at Equinox and started using Apps like “Rover” and “Turo” to maximize their earnings. It was important for them to make big monthly payments towards their debt but also maintain their current lifestyle.
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- Working on a mix of student loan and credit card debt
- Using other peoples debt stories and testimonials as inspiration for getting out of debt
- Breaking down the numbers and setting a budget. Before you can make strides in paying off your debt you need to know where your money is going, and exactly how much is coming in and out every month
- Increasing income rather than cutting back on expenses
- Maintaining a relationship while constantly working and having more time apart than ever before
- Rewarding yourself along the way when you reach a debt payment goal
- Setting lifestyle expectations as a couple and determining what’s important to you as a whole and as individuals
- Holding off on making big debt payments during this COVID-19 Pandemic
- Look for a side hustle that’s related to your current career or skillset
- Finding a side gig that you actually enjoy
- You MUST have an online presence if you plan on maintaining revenue during this pandemic
Key Takeaway: You will inevitably need to cut some costs while trying to get out debt. But, you can also focus on increasing income and using that extra money for debt payments, so that you can maintain a lifestyle similar to the one you have now.
Save More Money
- Digit – Struggling to save money? Sign-up for Digit at paybal.co/digit to automate your way to saving hundreds or more! Digit analyzes your spending and automatically saves the perfect amount every day. Read why Rich loves Digit and how much it’s already saved him.
- Tiller – The only spreadsheet templates powered by an automatic feed of your finances directly into Google Sheets and Excel. Easily budget, track expenses. Get started here.
Learn About How to Invest
- Trade Your 9 to 5 with Investing Made Easy – Tela Holcomb shows you How to Trade Your Way to Financial Freedom and Build a Legacy of Wealth – All Without Working 40+ Hours a Week in her course bundle. Learn how she does it here.
- The Perfect Portfolio – A step-by-step program to build financial freedom. Your teacher, Kevin L. Matthews II, is a Certified Financial Planner, bestselling author, and former financial advisor. He holds a bachelor’s degree in Economics from Hampton University, obtained a certificate of financial planning from Northwestern University and a certificate in disruptive strategy from Harvard Business School. He was named one of the Top 100 Most Influential Financial Advisors by Investopedia.
- Visit TMG to get your FREE chapter from the upcoming Second Edition of Debt Free or Die Trying.
- LIKE us on Facebook.com/PaychecksandBalances or FOLLOW us @PayBalances and Instagram.
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