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!
- iHeart Podcast Network. You may notice something a little different about the show. That’s because we are over the moon excited to announce we have joined the iHeart Podcast Network. What does that mean? Well it takes a huge load off of us because iHeart is taking care of all of our advertising. We still have final say in our advertisers so you’ll never hear a rando ad that we wouldn’t read ourselves but you will hear more ads. This will allow us to focus more on the show and bring you guys more free and low-cost resources that we know you love! So we hope you are as excited as we are about this move and know the impact that it has for Jill and I and our families.
Kate is a former lawyer who paid off $105K of student loan debt (in 35 months!) and left the practice of law to live her best life.
Paying off $105K of debt in 35 Months
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. It involves cutting the family YMCA membership, selling things around the house, and a 15-day no-spend challenge every month (which translates to months 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? Kate made visuals to track progress. She also talks about creating 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.
What we’re looking forward to buying or DID buy once we became debt-free
- 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 way we can travel in order to not have money arguments on the trip!
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Thanks Kate for sharing your bill which was a playbill for the lion king on broadway!