Why Paying off Debt is Important & Attainable – EP 268

Listen on Your Favorite Podcast Player

It’s never too late to start making your goals for the new year! We’re here to inspire you to make paying off your debt one of your financial goals for 2023. In this episode, your Frugal Friends Jen and Jill reiterate and emphasize some of the reasons why you should get out of debt and that it is not just to ease your financial burden but also, your overall well-being. 

Making better decisions means you make fewer impulse purchases.

#FrugalFriendsNote

Sponsors:

  •  Leveling up. I think this is similar to a glow-up or experiencing success and achievement… not sure. I’m just an elder millennial trying to make it out here in this influencer world. Either way, leveling up sounds good and we think we have a way YOU can level up (your finances at least) with The One Week Spending Makeover!

  • The One Week Spending Makeover. On January 2-6, we are hosting a free one-week challenge with daily live lessons in your inbox and in an exclusive pop-up Facebook community. The goal of this challenge is that in 5 days or less you have a clear picture of your past spending, a foundation for your values-based spending, and a plan to improve and implement spending that makes you happy, not guilty. There will be prizes, free pdf downloads, and so much more. If you want to kick off your 2023 financial goals with a bang then join us for the one-week spending makeover at frugalfriendspodcast.com/makeover.

17 Reasons Why You Should Get Out of Debt – Benefits of Being Debt-Free

Who doesn’t want to be debt free? Moneycrashers’ article takes a holistic approach with the different reasons why you should pay off your debt under a variety of categories such as financial, mental, physical, and relational benefits. 

What Jen + Jill have to say:

Being debt free means it opens to better or at least more rewarding job prospects and more free income (more money). Other than that Jen shares how it gives you a better credit score, helps your cognitive function, and can become an element to make your relationships with other people better. 

Jill puts emphasis on the overall impact of paying your debt as an individual such as it puts you at a lesser risk and stress. Remember that paying off debt is not a goal that is worth sacrificing every aspect of our personhood, you must remember to take care of yourself as well. 

Personal Finance Statistics

The data presented by Debt.com on personal finance stats in an average American household may help us reflect on our daily expenses and how we can get rid of our debt for the coming year!

What Jen + Jill have to say:

Getting out of debt is more attainable than we may think as in the data presented that only 1 in 5 people (20%) facing financial hardship is under the poverty line and makes less than $40,000 per year. Jen and Jill surprisingly adds that despite only 30% of Americans that have a long-term financial plan, anyone is most likely to budget if you make at least $75,000 per year. 

Why paying off debt was important to us and when did we realize it was possible to pay it off

Debt was an emotional and mental burden for Jen, making her push this responsibility aside. Not until Jen met her fiancé that he made her realize it was possible to pay off her debt as they have put everything on the table and assessed the numbers.

Meanwhile, Jill never felt comfortable ‘owing’ people something but seeing the bills that accumulated for the first time, reality hit her. It was overwhelming to the point it made her sick to her stomach but as her wage increased, it became apparent that she could actually pay off her debt quicker than she thought she could. 

Bill of The Week

Thank you Samara from Rhode Island for sharing your bill about family members named Bill!

Thanks so Much for Listening!

Thanks so much for listening! Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win:

✰✰✰✰✰
Coupons Cash Back

I have been saving the past 6 months so I could do a lump sum for my car insurance.

Usually when I pay my insurance I have to use my checking account, but when I did the lump sum I was able to use my credit card. I was already saving so I have the money to pay it off but now I’m getting cash back on this big payment I was already making!

Brittany

Congrats! Thanks for listening and if you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.

Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉

More To Explore