These Influencers Paid Off $50,000+ in Debt. Find Out How.
Paying off debt can seem like a slog when you’re
in the thick of it. That’s why it’s so important to keep motivated by seeing
what others are doing on their debt-free journey. The good news is that there
are tons of inspiring debt payoff stories on social media.
If you’re in need of some motivation, check out these five influencers on Instagram.
Founder Amanda Williams was 28 when she hit her
breaking point and realized she couldn’t pay her student loans and car note. That’s
what led her and her husband Josh to take a hard look at their finances and pay
off $133,763 worth of debt in just three years and seven months.
How did she do it? By selling off as many things
as she could, cutting her expenses drastically, and working to increase her
income. She managed her money by sticking to a zero-based
budget — where you take your income and allocate each
dollar a “job” (including savings) so that every penny is accounted for.
While paying off debt, she created her Instagram
account @debtfreesunnyca. She’s also credited with creating the hashtag #debtfreecommunity, which has been used more than half a million times by people who are
actively working towards paying off their debt.
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This is exactly how I pictured debt free life! Buying my dogs a giant banana and avocado toast. 😂 We put $50 in Buddy & Woody’s fund this paycheck and spent $23.35 on a big box of dog bones and two toys. The 65¢ went in the change jar at home that’s almost full. . . That leaves $26 until we get paid again. Both of the hounds are good on dog food. We feed Buddy old man food and Woody still gets puppy food. . . #debtfreecommunity #debtfreeinsunnyca #livingthatbudetlife #firecommunity #daveramsey #debtfreejourney #financialfreedom #debtfree #personalfinance #budgeting #financialsuccess #moneytips #moneygoals #budget #babystep1 #babystep2 #babystep3 #debt #zerobasedbudget #fire #financialindependence #basset #bassethound #giantbanana #cash #cashenvelopes
Miss Wise was in $50,000 in debt from a
combination of student loans and credit cards and decided to take drastic
measures. In 2016, she moved to China to teach English abroad so that she could
take advantage of the low cost of living and lucrative contracts. Her employer
paid for her housing and some meals so that she was able to save more money to
plow towards her debt.
So far, she’s paid off more than $14,000 worth of debt, saved $10,000 in an emergency fund, and paid for an online teaching certification that cost around $6,000. She’s also been able to travel internationally many times since making her move to China.
She openly shares her progress and tips for
handling your finances over at her Instagram account @wisewomanwallet.
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I did it. I officially turned down a trip to Bali, one of my bucket list destinations. It was billed as a lovely retreat with other Black expats at an awesome villa. Here’s the kicker: It was going down on my birthday. 🤦🏾♀️ . I wanted to go soooo bad. But since hearing about the trip, I’ve been on the fence. The last two books I read, The Small Big and Brass Knuckle Finance by @bkfuniversity, both talk about opportunity costs. When you spend money or energy somewhere, you’re not spending it somewhere else. Just a few minutes after turning down the trip, I opened up my current book, Dollars and Sense (Slide 3). BAM! There goes that concept again. . The villa package would have cost $500. The flight: $500. Meals, souvenirs and extras for the week: Probably $500. Total: $1,500. . Guess what else I’ve valued at $1,500—A flight to the U.S (or 15% of my #SockAway10K goal). . Bali trip or a flight home to see my family? Bali trip or more peace of mind? . For motivation, I broke my $10K savings goal into concrete amounts that mean something to me. The first $1,500 I saved is for paying my current U.S. bills for 3 months. $1,500: Flight to the U.S. $2,000: extra savings. $2,200: Chinese rental deposit in case I lose my job and decide to stay in China. $2,800: 3 months of living expenses in China. Total: $10,000. The faster I save that $10K, the faster I can move onto to paying off my remaining debt. . Without having an alternative value for that Bali trip, I probably would’ve bought that package in a heartbeat. . 💡If you haven’t already, consider what things really cost. Are those designer jeans worth a full day’s work with your cubicle mate, Halitosis Harry? Is working that weekend gig worth spending less time with your family? Just #FoodForThought . 📖 P.S. Another great book to read on this topic is Your Money or Your Life. It’ll shake up your thoughts about money big time. . . #YouCanDoAnythingButYouCantDoEverything #opportunitycosts #spending #sacrifice #debtfreejourney #debtfreecommunity
DJ and Dannie are a couple in their 20s who had
a tragic awakening regarding their finances when DJ’s mom committed suicide. When
trying to make travel arrangements to fly to North Carolina for her funeral, they
logged into their bank account and found they were overdrawn by $200. Their
credit cards were maxed out and they were swimming in debt.
In less than three years, the couple paid off $130,912. They were able to do it by selling off a cars and the RV they lived in for nine months, drastically cutting back expenses, and aggressively paying off debt. Their Instagram account, @penniestowealth, shares bite-sized tips on how you can improve your financial situation.
View this post on Instagram We did our budget meeting last night and realized that we finally crossed the $100,000 net worth mark! . It might not be that significant to some people, but for us it's a huge accomplishment. We started with less than nothing so it's almost unbelievable that we've been able to get here today. . No matter where you are on your journey, stick with your plan. It might not always seem like it's working but one day you'll look up and realize your whole life has changed! A post shared by DJ & Dannie – Debt Free (@penniestowealth) on Jan 31, 2019 at 2:04pm PST
Kat started her Instagram account @phoandfinance to
chronicle her debt repayment journey. In two and a half years, she and her
husband paid off $149,000 worth of debt. They were able do so by creating a
strict budget, cutting any expenses they could, and staying put in their 650
sq. ft. apartment. Her family has also adopted a minimalist lifestyle,
purchasing only things they truly value.
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We are almost in the $10K's. We will be transitioning from bi-monthly pay to bi-weekly. I'm excited for 3 paychecks month and getting pay every other Friday again. • So many changes around our household and this will change the way I budget for sure. However, by being one month ahead, the transitions will be less daunting. Hoping everything will fall into place and we can establish a routine again. • Next paycheck, we will be in the 4 digits and under $10K mark at last. I thought this day would never come! ___ #debtfree #debtfreejourney #debtfreelifeispossible #personalfinance #babystep2 #minimalist #changingourfamilytree #studentloandebt #sixfiguredebt #goaldigger #budget #minimalism #financialfreedom #debtfreecommunity #minimalism #livelikenooneelse #debtfreelife #ynabcommunity
Since 2017, Kate and her family have been
tackling their $104,901 student loan debt, and have about $19,000 to go. Since
they started their debt free journey, they’ve been able to put over 53% of
their income towards their debt. How? By cutting out on expenses like eating
out, earning money doing side hustles, doing no-spend challenges, and
implementing a zero-based budget. On her Instagram account @thatdebtfreelife, Kate
openly shares her financial goals each month and side hustle income.
View this post on Instagram Have you guys ever heard of @charliefinance? I’ve been using it lately and it’s pretty cool!! You connect your bank account to it, and it reviews your spending, sends you alerts and information about your spending habits, and gives you tips. It also helps you avoid late fees or overdraft fees. This isn’t a sponsored post—just another tool I’ve been experimenting with that I thought I’d pass along to you! I also had to screen shot this, because it’ll probably never say I’ve spent nothing like this ever again (unless it’s the first of the month!) A post shared by Kate | That Debt Free Life (@thatdebtfreelife) on Jul 7, 2019 at 10:43am PDT
Dubbed America’s number one money couple, Talaat
and Tai McNeely paid off $30,000 and an impressive $330,000 mortgage in five
years all while living on a middle class income. Their philosophy is that
couples can strengthen their marriage and money together. In addition to their Instagram
account @hisandhermoney, their website offers videos, blogs and podcasts to help you manage
your finances as a couple.
View this post on Instagram Click the link in our bio to watch the full episode. A post shared by His and Her Money (@hisandhermoney) on Jul 1, 2019 at 8:38am PDT
Learning how other people have paid off their
debt could give you some great ideas about how to embark on a debt free journey
of your own. We hope these accounts inspire you to join the #debtfreecommunity!
The post These Influencers Paid Off $50,000+ in Debt. Find Out How. appeared first on Freedom Debt Relief.