Hello! Today, I have a great debt payoff story from Sarah. Sarah is a Southern California mom of 3. She blogs over at Let’s Talk Mom Business about the budgeting and frugal living strategies she and her husband used to crush $100,000 in debt while living on one income.
Shortly after having our second child 6 years ago, my husband and I decided that we wanted to get serious about paying off our debt.
We had been making our monthly payments, but we weren’t really making any progress. Some months we were even adding to our total debt by paying for unanticipated expenses on our credit card.
I am a stay-at-home mom so we were living on one income, and we knew that carrying such a large amount of debt was dangerous, especially without much of a savings.
We outlined a strategy to budget by paycheck using a zero-based budget, and I created a budget binder to help us track our finances.
This strategy helped us pay off $100,000 in 4 years on a single income while growing our family (and we’re NOT rich!). [Read more…]