• Personal Finance Basics

Can you tell us a little about yourself?

I’m a single mother of 2, I work 3 jobs and struggled to get back on my feet after my divorce. I decided to go back to school and get a better paying job; it was hard, but it was worth it. I now earn great money and am debt free with savings in the bank. You know you’re comfortable financially when you go to the grocery store, buy what you want and don’t worry about keeping track of how much you spent at the checkout. 

How much debt did you have? Can you talk a little bit about how you got the debt?

I was in over 100k worth of debt, some from credit cards, some from personal loans for cars and my children’s schooling.

What did you try to do to clear the debt before working with us?

I began working 3 jobs at a time to try to pay off as much debt as I could. I also had to start paying things off with one credit card then another then refinancing which was an endless loop of debt.

What made you decided you were going to get debt free?

I had a moment when I realised that the debt was piling up and unless I got a better paying job, I would never get out of debt. The only way was to go back to university and improve my job prospects. So, I did that, I knew it would be harder before it would get better, but I also knew the hard work would pay off.

How did you stay motivated?

My children motivated me every day.

What have you learned along the way?

That no matter your circumstances, asking for help and explaining what has occurred will always help you.

What advice would you give to people with debt who don’t see a way of getting debt free?

Ask for help and evaluate what is a need and what is a want.

Is there anything you’re going to do now that your debt-free that you couldn't before?

I’m saving for a house deposit. I have managed to save 25k to date and should have a good deposit by the end of next year.

Do you have any final words of wisdom for the readers?

Make yourself aware of your needs and stick to a budget that includes a little bit of savings for a rainy day. Make a 5-year plan, take a second after each year to see what you have achieved so far, you’ll be surprised how motivating that is.

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