Debt Free Journey Reports

October 2018 Debt Free Journey Report

October held all kinds of surprises for me, but it was still overall a good month! Find out how I had $600 worth of unexpected expenses and still put over $1,115 towards my last student loan!

My Story! If you have been following my story at all, you probably know my story. If not, I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. I gain different followers every month and I don’t want anyone to feel blind as they find my posts! If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 23, single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. But, it wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(s). There were two or three that showed up that month. For that month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Even though I had never needed a credit card, I was determined that I needed them then. I even went on vacation using mostly my credit card. I had racked up a pretty decent amount of money on my credit cards and started picking up extra waitressing shifts to get it cleared. While I have never paid interest on my credit cards, I have definitely gotten close. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $15 book completely changed my life path at the time. Dave describes being debt free as such…

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Debt Free Journey Reports

September 2018 Debt Free Progress Report

My Story! If you have been following my story at all, you probably know my story. If not, I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. I gain different followers every month and I don’t want anyone to feel blind as they find my posts! If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 23, single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. But, it wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(s). For that month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Even though I had never needed a credit card, I was determined that I needed them then. I had racked up a pretty decent amount of money on my credit cards and started picking up waitressing shifts to get it cleared. While I have never paid interest on my credit cards, I have definitely gotten close. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $15 book completely changed my life path at the time. Dave describes being debt free as such a rewarding and achievable thing. In his book, he says it will take work and it will be hard, but it…

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Uncategorized

What is a No Spend Challenge?

Maybe you have heard all of these finance gurus talking about "No Spend Months," but you have NO clue what they mean. Here are a few starting points..

  I have been talking a ton about No Spend Challenges lately, but I have received a TON of questions about them! I have done a few No Spend Months during my debt free journey that have allowed me to get ahead on paying on my student loans. To me, a No Spend Month is like a diet “cleanse” or detox. When you do a body detox, you are attempting to feel better by cleaning out the toxins and excess weight that your body is holding onto. When I do a No Spend Month, I cut out any “fun spending” and look at the fun things to do for free instead. I am cutting out excess spending to see what is more important. During October 2017, I was able to put my whole full time paycheck towards debt and just live off of my waitressing money because I barely had any expenses. In January 2018, I was able to put over $2,500 towards my student loans right after I lost my full time temporary job. These challenges have played an essential role in my debt free journey at a few of the most challenging points since I started. Maybe you have heard people say things like “No Spend Month.” Or, this month I had “15 No Spend Days!” Well here is where it finally all gets explained if you are feeling in the dark! Here are a few of the frequently asked questions to help clear up any confusion! What is a No Spend Challenge? Like I said above, a no spend challenge is kind of like a detox. It is a period of time that you allow yourself to say no and cut out any excess spending. I cut out EVERYTHING. No Restaurants. No extra coffee stops. Not ordering pizza when you don’t feel like cooking. This challenge is designed to get you to think about where your money is going. This challenge does not include bills. When I say that I didn’t spend any money all month, guys. My bills are still getting paid. Money is still going…

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Budget Tips, Money

The Ultimate Guide to Emergency Funds

Pretty much everyone knows that they need an "emergency fund," but where do you even start? Here is the what, where, how much, and how to emergency savings!

When I first started paying off debt, I didn’t want an emergency fund. I wanted to jump straight into paying off debt instead! “Emergencies never happen to me, so why do I need one.”  That mindset is totally wrong, because as soon as you don’t have your emergency fund, you will need it. I am so thankful that I have maintained my savings throughout the journey because I know that I would have needed it. Having a little rainy day fund can be the most important part of getting started on changing your finances for the better. It can also give you a sense of security when your checking account is looking a little low from a large debt payment. In fact, having an emergency fund was one of the biggest things that I credit with allowing me to pay off $15,000 in 2017. At that point in my journey, I was only making about $35,000 a year, but still managed to knock out $15,000 in car payments and student loans.. Let’s start with the very basics. I will caution you with this, if you share finances with someone, this is a topic that both of you should figure out before making any long term financial decisions. What is an Emergency Fund? An emergency fund is really exactly what it sounds like. Extra savings put aside in case of an emergency. Before you start throwing excess money at your debt, it is a great idea to have money in savings to work as a buffer in case something were to happen. If you are following Dave Ramsey’s Plan, he recommends starting with a “baby emergency fund” and then moving into a “fully funded emergency fund” once you have paid off all of your debts. Whether you are following Mr. Ramsey or not, having a little money set aside, just in case is an important step no matter what you are planning to do after that! What is Included as an “Emergency?” This is totally up to you (and your partner if you share a budget with someone else.) Things that…

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Budget Tips, Making Money, Money

Financial Apps You Must Have When Trying To Pay Off Debt!

Do you ever feel like you have a million apps on your phone but you are still searching for the best one? I have been working hard at pay off all of my debt and in the mean time, I have been compiling a list of my favorite tools. There are so many financial tools out there to use that it can be hard to know which tools to use and which ones overlap to do the same things! I have spent a ton of time looking and trying different apps for my phone to get cover all of my needs. Here are a list of my favorite financial apps that have helped me on my debt free journey! Ibotta It is no secret that I love Ibotta. I have shared this multiple times on Instagram. Ibotta is a grocery rebate app. I am all about saving money on groceries. Instead of saving money up front like with coupons, it is a receipt scanning app. The app will pay you for scanning your receipt when you purchase certain items. I love Ibotta because there are a ton of different things on there. Alcohol, produce, meat, frozen foods, and household items can all be found with rebates. Checking it regularly can mean getting cash back on things that you are already getting! When you sign up for Ibotta, you will get a $10 welcome bonus when you redeem your first rebate! (Who can beat free $10!) Acorns Acorns one is pretty new to me, but I have been checking it out lately and I am totally in love so far! It is an investing app for dummies. I have set up my debit cards to round up the purchase so money goes into my investing account when I make a purchase. Acorns also allows you to set up recurring payments. It takes all of the guess work out of what to invest in, because you can just choose your risk level. The app does the rest for you! I have figured out that if I started investing $600 a month (which…

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Debt Free Journey Reports, Money

October’s Debt Free Journey Report

October is so great for fall activities and some of the best foods on the planet. It was also a FANTASTIC month for my debt free journey. I did a NO Spend Month and made sure that I was only spending money on groceries, gas, and prebudgeted things. See here how I paid off $2000+ in one month on a SINGLE income.

Disclaimer: This post may contain affiliate links. This is one way that bloggers make money, but it is at absolutely no extra cost to you if you choose to make a purchase based on my suggestions! If you would like to read more about how this works, check out my Disclosure Policy! My Story If you have been following my story at all, you probably know that I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. I gain different followers every month and I don’t want anyone to feel blind as they find my posts! If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 22, single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. It wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(S). For the month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $15 book completely changed my life path at the time. Dave describes being debt free as such a rewarding and achievable thing. In his book, he says it will take work and it will be hard, but it will be worth it. He has been right.…

Read More Here..

Budget Tips, Money

14 Things that Waste Money, but I Refuse to Eliminate from my Budget

The biggest financial advice I have seen is what items that you should never pay for once you start your debt free journey. Maybe I just don't fit in, but I don't see eye to eye on all of the items that are a "waste" of money. I believe that if it brings ease or joy to your life, why eliminate it! Check out my list of 14 things that I waste my money on!

Lately, I have seen a ton of articles that focus on things you shouldn’t waste money on in your debt free journey. According to these, you should just go cold turkey on everything that is a “waste” of money. There are a ton of things that could be considered a waste of money to one person, but not another. I am all about ways that I can save money. This month, I am in the middle of my #SavvySagittariusNoSpend Challenge. When I am not spending money on anything, it makes it easier to see what I really do waste money on. This isn’t how I am doing my debt free journey at all. There are still quite a few things that I purchase that are on most of these lists. I am always looking for ways to save money, but there are a few things that I am just not willing to stop “wasting” money on. Because I won’t give them up, I have found a few ways to save some money on these things. Your debt free journey doesn’t mean you have to be miserable. Continue to enjoy the life you have, but do so responsibly.

Budget Tips, Money

How To Use The Debt Snowball to Get Out of Debt Quick!

  Imagine yourself looking at the money in your bank account. You have no monthly housing payment. No student loan payment. Your car is paid off. All you pay for monthly is your phone, utilities, food, investments/savings, and your “want” list. You must think that I am crazy. But this is my goal by 25. Debt paid off. House paid for without a mortgage. Money in the bank. Many people love the idea of being debt free, but once they start looking at their bills, they have no idea where to even start. Or, they are so overwhelmed with just the monthly payments that they can’t even imagine paying more on any of the debts. Whatever your case is, if you want to be debt free, you will find a way to do it! I am on a one person income and slowly but surely working my way to being debt free! If you are a Dave Ramsey follower, then you have heard of the Debt Snowball. Some people have heard of it other places as well. In my opinion, it is one of the best ways to keep the motivation to get debt free! The snowball isn’t directly Dave Ramsey’s, but it is the system that he uses in his Financial Peace University. The other day I read a Dave Ramsey quote on Instagram about the “Debt Snowball” that said “It isn’t about the math, it is about the momentum.” If it were about the math, you wouldn’t be paying 25% on credit cards to get the 2% cash back points.  This is such a good thing to keep in mind when starting out. Don’t get caught up in the fear of paying a little more interest of some of your bigger debts when you could completely pay off some of your smaller ones. The whole purpose of the snowball is to clear smaller debts to give you more money towards your bigger ones, like a snowball rolling downhill. There are definitely other methods to paying off debt, so do your research and do what is best for you.…

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Budget Tips, Money

7 Steps I Took to Pay off $7000 in 7 Months

If you have followed me at all, you have heard all about my debt free journey. Maybe reading about my story has made you curious. Maybe you stumbled upon my post about Why You Should NOT Start Your Debt Free Journey and it inspired you, or at least got you thinking. Maybe you have no clue what I am talking about when I say “My Debt Free Journey.”  Or you simply want to know how I have paid off $7,250 since the beginning of the year. It is crazy that this has been my life for 7 1/2 months because I feel like it was just yesterday that I started this journey. But some days it feels like I have been at this forever. I have poured my whole life into doing everything I possibly can to speed up the steps. I read some great inspiring stories about how people trade in their brand new car for a 10 year old car and they are able to pay off debt super easy.I am so happy for them, but that isn’t my story at all. All of my debt is student loans and I live in an apartment, so nothing big to sell here. There is no acquired money from relatives, just from working a lot.  I am not married, so I don’t have anyone else’s income to live off, just my own. This year has taught me a lot about myself. I have learned that I have a lot more determination than I originally thought. I can also go days without getting more than 5-6 hours of sleep. This year has been a long one, but I am taking it step by step. I am 22, not married, and no kids. Here are my 7 steps to start paying off your debt: 1) Read Total Money Makeover You can start your journey without this step. I actually tried it a few times before without actually reading the book. But let me tell you, once I read the entire book in just a few days, I was hooked. I couldn’t get…

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Debt Free Journey Reports

June’s Debt Free Journey Report

My Story If you have been following my story at all, you probably know that I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 22, single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. It wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(S). For the month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $14 book completely changed my life path at the time. Dave describes being debt free as such a rewarding and achievable thing. In his book, he says it will take work and it will be hard, but it will be worth it. He has been right. There have been days were I have completely questioned my sanity. I sometimes wonder why I don’t just make minimum payments forever like everyone else. “Sometimes, you have to like like NO ONE else, so someday you can LIVE like no one else.” – Dave Ramsey