Episode 95: Paying off $105K of debt in 35 Months w/ Kate from Living That Debt Free Life

Episode 95: Paying off $105K of debt in 35 Months w/ Kate from Living That Debt Free Life

Debt can feel insurmountable and even debilitating at times, especially if our debt reaches the 6-figure mark. This is exactly where Kate from ‘Living that Debt Free Life’ was at prior to tackling $105K of student loan debt, and she’s got some great insights and tips in her story to help the rest of us on our debt payoff journey. Regardless of the reasons we find ourselves in debt we hope Kate’s story will provide encouragement and motivation as you work towards your own financial goals!

Sponsors:

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  • Love: It’s valentine’s day and you wanted to hear an episode about frugal date nights or having money conversations with your partner. Too bad. I’m giving you what you need, not what you want. Because I love you. Real love makes us do things that are hard but necessary for the betterment of those around us. Love, if you’re not struggling a little, you’re not doing it right.

Notable Notes:

We got to ask Kate all the questions about her debt free journey, including:

  • Your debt wasn’t from overspending or financial crisis, it was completely student loans. What was your breaking point to commit to paying off your debt?
    • Painting the kitchen cabinets – this was the proverbial ‘final straw’ to realizing the financial burden
  • What are some things you did to get the ball rolling on debt payoff? Expenses you cut, extra work, etc.
    • Cut the family YMCA membership
    • Sold things around the house
    • Every month do a 15 day no-spend challenge = 6months out of the year
  • Let’s talk marriage! How was your spouse with paying off these loans that weren’t ‘his’?
    • Supportive but he does not feel as much ownership; much of the burden and weight of responsibility was felt by Kate
  • How did you maintain motivation over those three years of debt payoff?
    • Made visuals to track progress
    • Create a ‘Chain of Debt’ – paper chain – each representing a dollar amount
  • What’s the best piece of advice you have for someone starting their debt free journey?
    • Learn to be disciplined

BILL OF THE WEEK – thanks Kate for sharing your ‘bill’ which was a playbill for the lion king on broadway!

Lightning Round

What we’re looking forward to buying or DID buy once we became debt free:

  • Kate- 
  • Jill- Saving! Seeing the pendulum swing from being in debt to putting all that money towards savings excited me!
  • Jen- First thing we bought when we became debt free was a cruise! It’s the only we way we can travel in order to not have money arguments on the trip!

Get more from Kate at: 

Wrap up:

We’ve got a new way to enter our monthly giveaway!

  • Share this episode on facebook or social media, tag us in it and you’ll be entered to win a $10 amazon gift card! We’ll pick 1 winner for every 5 tags at the end of the month.
  • ALSO you can still enter by leaving us a review on iTunes or Stitcher, screenshot the review and send it to frugalfriendspodcast@gmail.com. We’re just adding a new way to win!

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