Could you join the debt rebellion?

This post brings us to the end of this blog series, but I hope for someone it’s just the beginning of a new adventure.

Each of our stories started in a different place – a visit to an old fishing buddy, sitting on a bench overlooking a lake, a conversation on a mission base in Asia. And our victories have taken us all on different adventures in new places. Maybe your story starts with reading a blog series that you saw on social media.

If reading this blog has stirred you in some way, our hope is that you’ll take that first step forward. The step from thinking “could this be me?” to “that will be me, I’m ready to begin the journey.” There is no perfect formula to get you from saddled-in-debt to debt-free, but there are a few tips we can give to get you started.

1. Set a high, yet attainable goal for being out of debt.

Setting a number and a time frame can only help you in this journey. It helps you to know that this season of sacrifice won’t last forever, and it will also help you know how much you need to pay and when. If you’re looking at student loan debt, perhaps $100,000 or less, your finish line should probably not be more than 5 years away. If that number is less than $50,000 I would recommend giving yourself 3 years to do so. If your time frame is too long you’ll find yourself drifting in and out of the “debt priority mindset” which is essential to getting out of debt.

If you’re looking at a mortgage or a much bigger debt, I’d encourage you to shave years off of your commitment to the bank. It’s easy to see our 30-year loan monthly payments as attainable without recognizing the amount of interest we will pay in the end. Add 30 years to your age and ask yourself if you still want to be paying off your house when you’re ______. Commit to giving an extra $500 each month to your mortgage, or more if you can. You could be buying yourself an entire decade of freedom from the bank and saving tens of thousands of dollars in interest.

Be careful that your goal is not too lofty. Look at your income(s) and dream big about how much of it you can put towards debt, but don’t overbook yourself. Getting out of debt isn’t worth losing relationships, foregoing all interests or neglecting your health.

Your goal should exceed your current payments, but it should not eliminate fixed expenses that are necessary for your personal health and the health of your family.

2. Check out different resources!

Dave Ramsey’s Financial Peace University is a popular program for getting out of debt. He brings a lot of wisdom (and success stories) to the table and I believe his method works. None of us followed it exactly, but a few of us used some of the principles he laid out and found them very beneficial. I believe he also has a podcast and a Youtube channel that you can check out for free.

Research different blogs and books written by people who were or are in a similar situation. Debt rebels are everywhere and we love seeing others succeed!

3. Widen your horizons

As almost all of us shared, getting out of debt requires creativity and sacrifice. If you are unwilling to make significant changes in your lifestyle or plans this will be very difficult to accomplish. I did not want to move to a new city, but I’m not sure I would’ve accomplished my specific goal had I not done so. Natalie probably wanted to have free nights and weekends like all of her friends, but she spent a lot of that time earning extra dollars doing odd jobs. I doubt Travis was living the dream in a dark oil tanker.

This adventure begins with saying “I’m going to do this, what is it going to take?” That will look different for every person, but it will no doubt change your lifestyle significantly. (The good news is, the change is temporary and not always bad!)

Here are a few ideas if you’re wondering how you could get started:

• Reconsider your housing situation. Are you willing to move in with a relative to cut down on rent costs? I spent a year and a half living in my cousin’s basement rent-free and that was a game-changer. It probably saved me at least $10,000 in that time span. Is your apartment awesome, but too expensive? Maybe time to downsize. Get a roommate, or three? Is your house a dream, but not realistic in your current budget? Could be time to move to a smaller house – and you’ll probably be able to afford that bigger house later with much less stress!

• Teach English in a foreign country. Countries in Asia compensate foreigners very well to teach English in their schools. This is becoming more and more popular for college graduates looking to make more money while they get to live abroad. You do not need a teaching degree to be hired in most countries, although if you do have one you will likely be compensated more. They usually cover your housing, insurance, and travel expenses, leaving only your food and lifestyle expenses. If this interests you, I highly recommend checking out this Kindle Single, written by a young lady who paid off $80,000 in 4 years by teaching English in Hong Kong. And bonus, you get to travel!

• Consider a physical labor job instead of the office. A lot of us are given this idea that if we don’t start climbing the corporate ladder at age 22 we’ll never reach the top. A lot of young people are taking unpaid internships just to get a foot in the door. But we live in an economy where the elevator up is too crowded and thousands of high-paying labor jobs are waiting to be filled. (I have a relative who owns a cement company and can never find enough help even though he offers housing and high wages). I felt like I had way more options and connections at 25 than I did at 22 – and that was after working in a restaurant for 3 years.

• Get a side gig in a restaurant/bar. This is a good second job that can bring in a few hundred dollars a week and is usually flexible with those already working full time.

• Open an Etsy shop! Do you have a hobby you can monetize? It’s easier than ever to post and advertise via social media.

• Look at your transportation costs. How much money are you spending on your car every month? Parking, gas, insurance, payments, etc. Could you ride a bike to work? The bus? Get a ride with a co-worker? Maybe your car payments are too high and it’s time to trade in for a simpler model.

• See if your boss is willing to give you a raise or more hours/responsibility. If you are a good employee (one that isn’t texting through your whole shift) odds are your boss will want to keep you around. It’s worth asking! You could say “Hey, I’m trying to pay off my student loans and considering getting a second job to help with that. Is there a way I could get a raise or more hours here so that I can focus more on this job?”

• Find a need in your community and meet it! Do you already own a snowblower? Cha-ching! You can’t imagine how many old ladies (sorry mom) would pay you $20 to clear their driveway. Mowing lawns, babysitting, day care – it doesn’t need to be an extravagant business idea.

• Sell things you don’t need. “Toys” is no longer just a word to describe things that kids have. A lot of adults invest their money into fun gadgets or vehicles that they hardly ever use. Do you need two motorcycles when you’re the only driver in the house? Look through your closets – you might have a few hundred dollars worth of designer clothing you don’t wear that someone else wants. Have a garage sale and put 100% of the proceeds towards debt.

4. Establish an accountability team

Surround yourself with people who know what you’re up to and who are wise with money. Yes you will have friends who inevitably tempt you by their spending habits, but make sure you’re not the lone wolf in a ravenous pack of spenders. From day one I made my intentions pretty public (I keep a blog) so that people knew what I was up to. This was so when the urge to “go to Hawaii for a month!” popped up I had enough friends and family to be like hey, no way girl. That’s not gonna get you there.

There will be days when it’s hard to be the low-spending friend constantly simplifying, but eventually your friends will catch on. If your friends can’t respect what you’re trying to do and continually try to pull you into their over-spending habits, maybe it’s time to try make some new friends that can be on your team. The whole point of friendship is to help each other become the best versions we can be and friends who care more about their impulses than your growth probably aren’t the best to have around.

In closing, I want to encourage you by sharing what life post debt marathon is like.

Any time you establish a new set of habits over a long period of time, they will likely stick. A few years ago I gave up eating sugar for 6 months and over time candy and cookies just didn’t sound good to me anymore. It’s because my tastes had changed and I learned not only to enjoy healthier foods, but to prefer them.

I believe it is the same with wise spending habits. Putting things on credit cards and overspending might feel fun at the time, but after you’ve given that up for a year or two you realize how vain of a pursuit it is. There is way more enjoyment to be had in purchasing an item or taking a vacation that you’ve saved up for in advance. And then after you buy it/return home, it’s already paid for!

The good news is that once you are out of debt you will have more financial freedom to do things you couldn’t before. For some that means taking vacations or eating out or finally buying a house. But you will also have a new set of habits that make those things a “treat” and not an assumed purchase. Even though I have more money now to go eat out I actually prefer to cook at home because I’ve found it to be a life-giving activity. Most of the hobbies Travis and I have are either free or cheap and it’s simply because those are the things we enjoy doing.

After coming out victorious in your battle with debt, I guarantee you will not quickly want to bury yourself in more debt. Not only did you earn a zero balance, but a new set of skills and perspectives that will help you stay above the line as you move forward with your life.

So as you ponder if you could be the next warrior in the debt rebellion, my simple question for you is this: why not you?

What better time than now to take hold of your finances and start moving in the right direction? There is no debt too deep or situation too dire that you cannot start moving towards freedom.

It’s time to take that first step, go for it!