5 Tips to Get out of Debt QUICKLY in 2020! (Simple Living)

today and we want to share our top 5 tips for how you can get out of debt quickly because even though we've gotten into a lot of debt we've also managed to get out of it quickly by following these steps so we don't know everything we didn't do everything perfectly but we just want to share with you what's worked for us and we are by no means patting ourselves on the back because anybody can do this right yeah anybody can do it at any income level at any debt level anybody can do it [Music] well I am gone from the minimal mum if we haven't met before I'm married to Tom and we have four kids ages 5 through 10 and we made a royal mess of our finances duper first married uh yeah like pretty bad I think what it comes down to is that much of us were taught how to handle credit debt paychecks after we graduated from high school that's true and so our parents did the best that they could with what they had but we grew up at least for us we grew up in a different generation and had different opportunities to get into debt than our parents had okay so step number one is you have to hate your debt you have to hate it you have to hate it so much that you want to do something about it I would say for most of us we have to hit rock bottom before we actually get to the point where we're really serious about doing something about it I love I know Tom watches Dave Ramsey's at YouTube videos all the time and what is he asked of people when they come in to do their debt free stream what happened X amount of time ago like it's either okay hey we got it took us 12 months to get that free or two years five years or whatever and he always says okay so what happened 48 months ago because there's always a why yeah there's always something that you got so sick and tired of that you're like I am done with this yeah and I think it was important to remember is that this Y has to be really significant because the temptations aren't gonna go away what got you into debt isn't gonna go in whether it's really enjoying driving new vehicles or wearing the latest fashions or buying stuff for your kids those temptations aren't going anywhere so you have to know the reason you're getting out of debt and it has to be much bigger than all of those temptations that are in front of us all right so step number two is you have to have a plan so for us we did the Dave Ramsey program a couple years into our marriage I bought the CDs for Tom so he could listen to him on his drive and we did really well for quite a while do what happen then Tom got a job and he got a raise and so we were making more money raised yeah so a lot of our pain went away and then we lost momentum with our program but then we did recommit to it once we had another brain point of being so tired of being stressed about money and weary committed to it so the Dave Ramsey program is definitely what we would recommend what do you like most about it watch the debt free screams oh yeah I mean some of them definitely screams will make you freaking ball yeah oh yes you are so proud and so freakin happy mm-hmm for the people and what they did yeah exactly and that actually leads me to step number three and that's just surround yourself with people who are on the same journey as you and so what's so great is that there are thousands of YouTube videos now either by Dave Ramsey himself or other people on the debt free journey there's tons of Instagram accounts and Facebook groups and accounts and so it really helps if you can build your tribe around people that are going through this same process because they're gonna continue to motivate you on the days when it gets hard I think for me what happened was like Don said we started it early on then we fell off the charts pretty hardcore and never look back right we just spent like a typical American and just ignored I would say we had more awareness of the debt we were getting into because it I tried to ignore it oh yeah so anyway we have different approaches just trying to ignore it so I took a different job and I ended up meeting our co-worker who did the Dave Ramsey plan and was on like step six or something an hour and he was younger than we are yeah and I remember thinking people actually do it right so then it was like game on from you know argument if he can do it we're doing this is it we're doing this that's where the that's where the Priuses came from anyway what was funny was that when we talked about when we first started driving the Priuses a lot of people were like are you doing the debt free journey or whatever and because that is one of the steps for a lot of people to downgrade your vehicle we didn't we didn't have vehicle loans at the time we have in the past but we didn't have vehicle loans at the time but I looked at it I thought we got money sitting in the driveway that we don't need let's so he sold make some of that money get rid of day and they've been really cheap to drive and maintain and we knew it was just for a season we know we're going to a point pretty soon where Tom can buy whatever truck he wants to buy and so you heard it everybody heard it so knock down the minute number of this video and you don't feel cool like pulling up to the kids school or different places you don't feel cool but you just remind specially not pretty that made it a little worse but you just keep the blinders on and you stay focused so step number four is to include your spouse in the budgeting and so we had gotten to the point where I was doing most of the bill pain managing in our accounts because it would stressed him out at the time and so I was like I got it and so I managed to keep the ship afloat but we weren't getting ahead and so we had to get to a point where both of us were equally involved with our budget and the where we were spending our money and that made a big difference with us being on the same page with it our finances have always been joined but when I got looking at our finances all the time and budgeting together I freaked out right like I just didn't know how much it cost to run a household really like the how many bills get paid I would pay bills and he was like where did my whole paycheck go on like it costs money to live but I would turn into a CD guy and I'd be like okay what is that what did that cost of why is it here who paid for it and why is it here and I'm like this is why I don't follow or I'll be like what do you want to do it all than you do it all you know in that last I c'mon yeah we're super great so I couldn't believe I mean we cannot encourage you enough to take this seriously and to do this journey because I cannot believe how much stress we were headcrab I talked about this I can't believe how much stress we were living with by having debt and you know wallet loans credit cards car payments medical bills it was overwhelming and I know how it makes you want to stick your hand head in sand and not look up and just not even look at it makes you feel like there is nothing you can do that will ever get you out of that hole I remember writing out all of our debts that are renowned mortgage I remember writing them all off or initially and going why I've been trying no way there's no way we're gonna get to that no way and so what's good to remember is that somebody has more debt than you and somebody's had oh yeah more debt and watch the debt free screams a lot of people have more debt a lot of people make way less money than you and they've gotten on a debt they've made a bigger mess with their finances and they've gotten out of debt so there's literally no situation that is hopeless and it really is encouraging if you listen I mean cuz you'll hear people are like I have a million dollars in student loans but it's like you can't liquidate student loan oh so I knew what we had for student loans between the two of us right and then I watched some debt free screams and I was like what you have how much you and and their income wasn't what they paid him off and I was like okay there's something to this all right so step number five is to just get started out of what you owe pick out a plan that you think you can stick to and even if your spouse or other people in your household are not completely on board yet you do what you can do with what you have and just get started and it is gonna be alright you say it's worth it and I love what I remember one time when I switched I transferred colleges and not as many of my credits transferred so I thought I should only have a year left of college and when I talked to the career counselor he's like you everybody year and a half left and like what like how you know and it it was really defeating it at the time and never what he said was the next year is gonna pass anyways whether you decide to keep moving forward with your degree or not and so the next year the next two years are gonna pass anyways but you get to decide whether at the end of that next year you're gonna either be out of debt or you're gonna be so much more closer towards being out of debt so you get to decide what this so yours gonna look like you have to stay focused because when you first start out it feels like you're getting nowhere but as soon as you start building some attraction yeah it starts getting fun and you think okay where else can I squeeze some bucks out of this thing because we're going for this and fully expected that the first week that you commit to it that like something like the washing machine catastrophic is women recommitted our washing machine stuff ever we had friends and they had just recommitted and they needed new tires on their van because they got a flat tire and so just know life is still gonna happen but you'll get through it and then you'll be able to keep going and it'll build your confidence in yourself all right well it's worth it it's one of the best decisions up next to simplifying our house it is it's one of the best decisions I've ever made so we'll link to some of our do go hand-in-hand after they totally go handy and if you have been simplifying it definitely makes it go a lot easier too so we'll link to some of our favorite Dave Ramsey of resources down below be sure to leave questions whatever questions you have again we're not experts and they sorted we just like to share what worked for us and then we will do a separate video on how we budget now Tom's spreadsheet and if you're into spreadsheets me I'll show you my calendar know that I use it so so much calendars not accurate enough yeah and that's fine right and we're different in a way but that's okay so and if you have gotten out of debt please share that down below we are on step number three of the Dave Ramsey I'm very curious yeah yeah so we're on the third stuff now I'm saving up our emergency fund and so leave it down below where are you at or if this is something that you know it would make a big difference for your family leave that down below too and we will cheer you on and encourage you and with you accountable so alright we hope you subscribe so that we can spend more time together a thumbs up is always appreciated and what was it with you again soon bye-bye

Channel: The Minimal Mom

Views: 222,282

Keywords: minimalism, family minimalism, minimalist, the minimal mom, the minimalist mom, minimalist home

Id: xp-zmdt8m48

Length: 11min 3sec (663 seconds)

Published: Thu Dec 12 2019