Debt, debt and more debt! It so hard to cross the finish line when there is so much debt in the way, especially if it’s not just your debt to overcome. Many couples either have one of their spouse’s debt to pay off, or both of them have debt. It doesn’t always end well. So how can a couple reach debt freedom?
On this episode of The His & Her Money Show, we have an amazing couple taking us through their story on how they became debt freedom in two years’ time! They say two heads are better than one, and Kim and Omar definitely got their heads together to tackle a $48,000 debt and bought a ticket to the freedom train. And right now, debt free and living the dream, they both are running a website together: www.thinkingofsomeday.com.
You can enjoy life now and plan for your future, both at the same time.Click To Tweet
Omar hustled straight after college and with his first real job paid off some of his debts, but still got hit hard by life. He didn’t give up, got part time jobs and destroyed his debt.
Kim’s car loan was a great demand from the start, however, Omar knew straight away that Kim was there for him and he’d be there for her, to have her in his life, so they both took on the debt together. Kim and Omar, unfortunately, lost someone close to them, however, they were given the life insurance and were blessed with the chance to honor their loved one to live a better life.
To change their lives around, Kim and Omar constantly stayed motivated throughout the relationship and tackled the car payment with ease, however, the student loan debt was the challenge. In order to beat this debt, baby steps are a must. From cutting back, no free spending and thinking wisely about money definitely helped, as they didn’t work extra hours as that would result in less time together, which neither partner really wanted.
You need a reason to fight a little bit more!Click To Tweet
This involved a very cheap apartment, living way below their means, and in the end, there was a huge amount gathering and not only did it clear the debt but opened up doors. A combination of a budget and cutting back helped the happy couple to get married, even while they still were in debt!
Pay days are extra fun now!Click To Tweet
Omar is an IT consultant while Kim is a nurse, both hard workers who brought their heads together in order to dig their way out, and now have a business together and now they have a house to themselves.
What You Will Learn In This Episode
- Focus on your WHY – Why are you doing what you are doing, don’t give up
- How can couples stay together and remained focused
- Budgeting – how can you cut back enough
- Work – do you need to work overtime in order to make more
- How can you endure when life hits you hard
- Reading – what to read, where to go, and why it’s important to read on money management
- If they can do it, then you can do it
Resources Mentioned In This Episode
- www.thinkingofsomeday.com – Kim and Omar’s website
- Total Money Makeover – Dave Ramsey
- The Millionaire Next Door – Thomas J. Stanley
- The Richest Man in Babylon – George S. Clason
- The Money Or Your Life – Joseph R. Dominguez
Thank You For Listening!
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