Meet Marcia, a mother to twin boys who has decided she's done with debt and is taking on the challenge to pay off her consumer debt and student loans to create a better future for herself and her children. In her story, she shares why she made the decision to become debt free and what steps she's taking to make this goal a reality for her.
"I thought about giving me and my boys a better life. I wasn’t able to do that with debt to my name."
What was your "enough is enough" moment?
2017 was my “enough is enough” moment. I struggled so much while in nursing school, and I knew once I started my career I never wanted to struggle like that again. With a bigger income now, getting and staying financially afloat is the goal!
How much debt do you have in total and how much debt have you paid off so far?
I have $31,000 of debt in total including my student loans. I’m still on my financial journey and so far I have paid off three of my credit cards for a total of $900. I am now working on my student loans.
How much income are you earning as you accomplish paying off your debt?
I just started working as a nurse. Though I haven’t worked a full year as a nurse, by the end of a full year with my hourly pay; I’ll bring in annually $60,000.
What specific things do you do to save?
I cut out all unnecessary spending. I’ve always lived pretty frugal, but now I’ve cracked down even more. I bought planners and calendars to help keep me organized. Visually seeing my due dates for my bills helped keep me on track. Also, sort my paydays into categories. Budget every dollar.
How do you keep yourself motivated?
My motivation was remembering why I started in the first place. Remembering the struggle I went through, and never wanting to backtrack. I thought about giving me and my boys a better life. I wasn’t able to do that with debt to my name.
How do you manage the days where you just wanted to go out and spend money?
My twin’s kept me grounded. Knowing they needed my funds more than a night of fun was a big help. I knew I’d be taking from them if I selfishly spent the little money we had on myself.
What would be your money advice to your 21-year-old self?
SAVE, SAVE, SAVE. Work as much as you can, but save even more. I was so careless when it came to money. I’m so ashamed at how much of a great position I was in and allowed myself to spiral down the staircase to debt.
What steps are you taking to ensure you meet your ultimate debt payoff goals?
I save more than ever now. I keep a strict budget/spending limit. I think that’s super important. For every dollar I spend, some type of investment has to come with it!
I plan my weeks according to my spending. Saturday’s are grocery shopping days. And I plug in my bills so if it falls in accordingly with my pay schedule. Ask if you can change your payment days until you are properly caught up on your bills. That helped me a lot.
What advice would you give anyone reading this looking for encouragement?
Set a goal, a realistic one. Ask yourself who and why are you on this journey. Make monthly checklists to help you stay on track. It’s not easy, but it’s obtainable. Picture yourself not living paycheck to paycheck. That alone should be enough motivation.
Thank you so much for sharing your journey with us Marcia. We look forward to an update in the near future! To keep up with Marcia email any questions or comments here.