1086: The Budget Mom on How to Erase $80,000 of Debt in Eight Months

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 24 August 2020

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’ve ever felt like budgeting just doesn’t work for you, my guest Kumiko Love can relate. Frustrated by traditional budgeting methods, she created her own technique to pay off almost $80,000 of debt in eight months. And this technique helped launch her business, The Budget Mom. A few years ago Kumiko was struggling to pay down her debt. As a single mom, she knew that she needed to get out of the cycle of making minimum debt payments each month, but she had tried and failed to stick to a budget numerous times. So, she created a method that she could actually stick to. She calls this her Budget by Paycheck method and as she was using it to get out of debt, she started a blog to share her journey. That blog has now turned into a business that just launched its first physical product, the Budget by Paycheck Workbook™. You can learn more about Kumiko on her website https://www.thebudgetmom.com/ and you can follow her on Instagram @thebudgetmom on Facebook @thebudgetmom Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you ready for a Monzo Business Bank Account?
0:03.3	Heather from the Accounter's Growth Club was,
0:05.3	knowing what cash I have is really important and Monzo Business makes it easy.
0:09.8	It automatically puts 20% of my income into a tax pot.
0:14.0	When it's time to pay your VAT, I always know the money's there.
0:17.0	If you're ready for a Monzo business account, apply today.
0:20.0	Just search Monzo Business. Only sole traders or limited company directors in the UK can apply.
0:25.0	Get tax pots with Monzo Business Pro for £5 a month.
0:28.1	Te's and sees apply.
0:29.5	This episode is brought to you by Shopify.
0:33.0	That's what I hear when I make another sale on Shopify.
0:37.0	The all-in-one commerce platform that allows you to start, run and grow your business.
0:42.0	Shopify is revolutionizing millions of businesses
0:46.3	worldwide. So sign up for a one pound per month trial period at shopify.co.uk. UK slash Podcast 23, all lowercase, and take your business to the next level today.
1:00.0	So money episode 1086, a replay with Kumiko Love, also known as The Budget Mom.
1:05.5	You're listening to So Money, with award-winning Money Guru Farnush Karabi.
1:11.2	Each day, get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnuish yourself.
1:20.0	Looking for ways to save on gas or double your double coupons?
1:25.0	Sorry, you're in the wrong place.
1:27.0	Seeking profound ways to live a richer, happier life.
1:30.0	Welcome to So Money.
1:37.0	You go from spending money on things that make you happy to all of a sudden spending for a higher purpose.
	...

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