Millennials are surrounded by debt, and it seems as if this will be for their entire lives. Student loans, general loans, credit card debts– they all add up. But can Millennials beat the hurdle that is debt and plan their future at a young age?
On this episode of The His & Her Money Show, we have another inspiring story on debt elimination. Today, we explore Andre’s journey towards becoming debt free as a millennial, and how any millennial can start tackling their student loans.When we saw the numbers, we really rose to the challenge.Click To Tweet
Andre came into his marriage without any debt, while his wife had credit card and student loan debt, which lead eventually to money running at an all-time low. We all have things or hobbies we wish to take on, but when there is no financial backing, we have no choice but to remain grounded.
What started their journey to debt freedom was an approach from the book Total Money Makeover that created a clear path to what needed to be done. They created a debt snowball and started to cross them off one by one, and began budgeting. Eating out was cut off and cooking in more was the new pattern, as well as locating more opportunities for work.
Cash budgeting as a team opened up Andre and his wife’s minds, as they worked together and communicated what was necessary and unnecessary. Andre’s great opportunity came as a brand ambassador, which was perfect for his lifestyle and work life as it was only on weekends; it helped increase their income. Andre suggests having two bank accounts: the main one for everything, while 10% of income goes into a savings account, which keeps them organized, keeps temptation away, but builds up over time.
Budgeting is hard, especially if you still wish to go out, book holidays, plan weekend activities, etc. and Andre faced this very challenge. It’s all about compromise. The two of them came together, communicated what they wanted to do and compromised: one weekend they stayed in or worked, while another weekend they book a vacation.
Andre runs a website called TheMillennialsNextDoor.com that helps clients with life and financial goals. He is also running a blog to aid millennials on their journey to debt freedom. After tackling the debt, Andre, with his lovely wife, now have a house together and already have the majority of their debt paid off.
What You Will Learn From This Episode
- How Millennials can eliminate debt early on
- What resources we have to help tackle debt
- What Millennials can do to increase income
Resources Mentioned In This Episode
- Total Money Makeover – Dave Ramsey
- Smart Couples Finish Rich – David Bach
- The Millionaire Next Door – Thomas J Stanley
- Andre’s website – TheMillennialsNextDoor.com
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