Only 5 years ago Lauren Dahl found herself $87,000 in debt. Today, she’s debt-free, and she’s sharing 5 of her getting-out-of-debt secrets with us! How’d she do it?
Unconventional Debt-Reduction Strategies with Lauren Dahl…
“Flash back to 2007. I had just moved to Utah from Colorado and started a new job at an advertising agency. I had a master’s degree, a satisfying career and a good salary. Life was good, right?It would appear so, but upon closer inspection, you would see my $32K+ in credit card debt, $55K+ in student loans, a 560-ish credit score and a penchant for $500 shoes. Really.
Up until that point, I’d always told myself, ‘You can pay it off later when you make more money.’ But you know what? The more money I made, the more I spent. (Isn’t it funny how that seems to work?) Something had to change.
So, how am I now free of credit card debt (with a 780+ credit score to boot)? Here are 5 of my most successful getting-out-of-debt strategies:
1. I canceled all my magazine subscriptions and cable.
2. I used public transportation.
3. I analyzed past spending habits.
4. I wouldn’t buy anything over $50 without thinking about it for a week.
5. I realized being financially smart is never embarrassing.
Once I changed my mindset, I became more embarrassed for the person who thought they needed an $80 t-shirt than I was for not being able to (or wanting to!) afford one. I realized that all the people I was trying to impress didn’t matter.
Lauren Dahl is a marketing professional turned stay-at-home mom and part-time freelancer. She lives in Salt Lake City with her husband, daughter and two cats. During the rare moment she’s not chasing a toddler, she designs knitting patterns, sews hand-made clothes and works on perfecting her pizza recipe. Her family’s “someday” financial goal is to move to the French countryside – just a train’s ride away from Paris (for her) AND world-class bouldering (for her husband). She blogs at Lauren Dahl.
What are your go-to strategies for keeping your finances in line, and what are you currently focusing on in your get out of debt mission?
If you have a story about how you paid off a ton of debt or if you have another great money related story that would help others send me an email at: firstname.lastname@example.org (please note that credit or lending companies will not be considered for inclusion; only real people with real stories will be considered! :)
P.S. Ready to get out of debt ASAP? Check out the Spending Fast Bootcamp!