Today, I have a great article from Carrie Willard. Carrie is a homeschooling mom of 7 kids aged 2-18. She encourages moms to simplify the mundane to make more time for the sublime on her blog: http://www.CarrieWillard.com. Her newest ebook, The Temporary Tightwad, explains how to radically reduce your spending in order to meet a life-changing money goal. Below is her article.
In October of 2015, my husband and I paid off our last debt and joined the ranks of the proud debt-free. We did this in five years, with only one full-time income. During that time, we experienced health challenges, hospitalization, and the birth of three additional children. How did we manage to pay off so much debt with all that responsibility? I’m glad you asked!
Where the Debt Came From
First, let me backtrack a bit and tell you where the debt came from. Neither my husband nor I are big spenders. Frugal by nature, neither of us had expensive tastes or poor spending habits. So what was the debt?
In 2008, like so many others, my husband experienced a huge dip in income. His previously successful business was cut by about 75% during the recession. Expenses he handled with ease before (rent and utilities on a warehouse, paychecks for three contractors, a work vehicle) suddenly became impossible to keep up. He found himself selling off assets and defaulting on his lease just to pay his personal bills. [Read more…]