1130: How to Stay Motivated With Debt Repayment by Jordann with Making Sense of Cents on Personal Finance Inspiration

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🗓️ 13 April 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jordann with Making Sense of Cents shares how to stay motivated with debt repayment. Episode 1130: How to Stay Motivated With Debt Repayment by Jordann with Making Sense of Cents on Personal Finance Inspiration Michelle Schroeder-Gardner created Making Sense of Cents in order to help improve her own finances. With diligence, she was able to pay off $38,000 in student debt in 7 months, kept track of progress, and helped readers along the way. She's currently touring North America and living out of an RV. You can learn more about her and see her monthly income reports at MakingSenseOfCents.com. The original post is located here: https://www.makingsenseofcents.com/2013/03/how-to-stay-motivated-with-debt-repayment.html Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's a minimalist Monday edition of optimal finance daily episode 1130
0:05.0	How to Stay Motivated with Debt Repayment by Jordan with Making Sense of Sense.com
0:11.0	And I'm Dan, I'm reading to you the best personal finance blogs on the web each and every day and today's
0:17.0	post is from a guest author on making sense of sense.
0:21.0	So I'm going to keep this intro nice and short for you today and let's get right to
0:24.2	the post as we start optimizing your life.
0:27.6	How to stay motivated with debt repayment by Jordan with Making Sense ofC.com
0:37.0	When I graduated from university I had a lot of debt. I paid for my school myself
0:42.0	and although I'd worked every summer and managed
0:44.7	to save a good portion of my earnings, I still somehow managed to rack up $26,000 in student
0:50.4	loans. After graduation I bought a car. I wasn't a complete dummy about it. I didn't buy a new one, but I did still manage to spend around $12,000 on a lightly used VW golf. So I went from University student making no debt payments to
1:05.0	recently graduated entry-level worker devoting 25% of her paycheck every month to
1:10.7	debt.
1:11.7	I had $38,000 worth of it weighing on my shoulders. Then I got this crazy idea
1:17.0	that I was going to pay it all off. This idea came to fruition from the best possible intentions. I knew that my job wasn't overly
1:24.5	secure and I didn't like the idea of having so many debt payments to make should I ever
1:28.8	lose it. I also knew that I didn't want to be over 30 and still paying off my student loans.
1:34.0	I started scheming ways to put more money towards my debt in order to shorten my total time to debt freedom.
1:41.0	The progress was slow going at first and still is and I quickly found myself
1:45.0	losing motivation. The problem was I wanted to be out of debt now and I didn't want to
1:49.7	wait three or four years for all of this sacrifice and extra payments to pay off.
1:54.5	Staying motivated was tough, but I'm happy to say I'm still on track with my debt repayment.
	...

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