154: Confessions of a Former Spender: How Allison Baggerly Paid off $110K in Loans on a Teacher’s Salary

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 7 December 2020

⏱️ 77 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving.

As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one.

It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born!

After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance.

Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe!

In This Episode We Cover

The importance of setting budgets early on in life (and keeping up with them)
Changing the “how much do I have to spend” mindset into a “how much do I have to save” way of thinking
Why you need to own your relationship with money
How to have financial talks with your partner (even when it’s awkward)
Why you need spending allowances so you can enjoy your money
Why investing isn’t a linear path, but a rollercoaster (and why the dips don’t define you!)
Refusing the mental trap of “I can’t be rich” while being at a low-income job
And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow154

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Transcript

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0:00.0	Welcome to the Bigger Pog as Money Podcast,
0:02.1	turn number 154, where we interview Alison Bagnerley
0:06.1	from Inspired Budget, and hear her story of debt payoff
0:09.7	on two teacher salaries.
0:12.0	It's a roller coaster ride.
0:13.3	It's not just this straight up journey.
0:16.5	And I think that what people don't realize is that there are going to be ups
0:20.0	and there's going to be downs, but the downs don't define you.
0:23.1	Whenever you hit a struggle, it is for a season.
0:26.5	And I always tell people that coming to,
0:29.3	you know, my inbox and they say, I'm going through really hard time right now.
0:32.0	I say, this is a season when you're willing to live and live in a season of sacrifice
0:36.8	for a period of time, you can live in a season of abundance for the rest of your life.
0:41.5	And that really helped us get through.
0:43.6	I saw it as our season of sacrifice so that I could reach that season of abundance.
0:49.0	Hello, hello, hello. My name is Mindy Jensen.
0:51.0	And with me, as always, is my scholarly co-host, Scott Trech.
0:54.7	Oh, I like that. What an informed and educated intro Mindy.
0:59.6	Scott and I are here to make financial independence less scary,
1:02.6	less just for somebody else and show you that by following the proven steps,
1:06.8	you can put yourself on the road to early financial freedom and get money out of the way
1:10.5	so you can leave your best life.
	...

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