Many of us want to get out of debt and not be in that compromising situation, but either lose motivation or just don’t know how to start eliminating debt. When we get into relationships, disputes about finances and budgeting can cause rifts and tension, while the debt is still looming behind and growing. How can we work together in a relationship to become debt free?
On this episode of The His and Her Money Show, we have a lovely couple, Ben, and Faneisha, who tackled a $47k amount of debt in just six months. At the beginning, Ben had a $4,800 debt to manage but had worked it off before the marriage; however, student loans and credit card debt started adding up into a large sum.
When we got married, I knew we became one!Click To Tweet
Ben and Faneisha decided to work together to tackle the debt and manage their finances. Ben was motivated to eliminate debt as soon as it appeared and he didn’t wish for flashy or expensive things. This led to him initiating a Debt Snowball, gradually crossing off what was not needed; eventually, they noticed some change. Faneisha at the start knew that extra money was a big plus and started selling old or no longer useful clothing and items on Instagram, social media, etc.
The first step to tackling their large debt was saving. As Ben and Faneisha were saving up for their marriage, they wanted to tackle some of the debt first, and both had been saving for a while. The next step was bringing in extra income; it never hurts to earn a little on the side and anything extra went straight to the debt. Budgeting is always a must and communication was crucial as sacrifices needed to be made; however, Ben and Faneisha are natural savers, so it wasn’t as painful as when somebody loves to spend.
What do we want for our future and what do we want for our future goals?Click To Tweet
The chemistry between them is what made becoming debt free happen so soon, as both Ben and Faneisha were already working on their individual debt, and they both knew material or resources that would help them go even further. Communication was a key benefactor as compromises were made. As both were talking constantly, honesty became a large part of their interaction and it drove them to a better solution.
You can do it, and the first thing you have to do is START!!!Click To Tweet
Ben and Faneisha have been married for over a year now. Ben works in construction while Faneisha runs a fantastic lifestyle blog called Fo Alexander. The biggest motivator for them is seeing their debt load go down, $47k is a large sum, but after a month, it’ll be $35k, then $20k, and now the debt doesn’t look that big.
What You Will Learn in This Episode
- How Ben and Faneisha tackled a $47k debt in less than six months!
- What you can do to save money, improve your finances and stay motivated
- Why communicating with your partner/spouse helps you become debt free
- Don’t give up; keeping moving forward!
Resource Mentioned in This Episode
- Total Money Makeover by Dave Ramsey
- They That Wait – by Faneisha Alexander
- FoAlexander.com – Faneisha Website
- Faneisha’s Youtube Channel
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