My Debt-free Journey

Hi, my name is Jill and I have two lines of credit to pay off.

I had a balance on one of my lines of credit before I began my business, but when things didn't go as planned and I lost two key clients early on, I started relying on my other line of credit. Interest rates were low and everything was going to turn around, right? Wrong. I decided to go back to work full-time to get back on my feet, financially speaking.

But you know what happens when you haven't made much and then start making a lot of money? That's right, you spend it - like crazy! I look back on some of my decisions and just shake my head. There was absolutely no reason I couldn't have gotten out of debt while I was at the Court. My position was even extended, giving me yet another chance to make a dent. However, I bought what I wanted when I wanted and also took three trips in 20 months! Money in; money out. Oops.

Last fall, I got frustrated with my finances. I have always tracked my expenses, but when I really looked at my income and what I was spending, I couldn't believe that I was barely making it each and every month! I only had about $100-$200 of wiggle room per month, and more often than not, I was spending more than I made!

I started making cuts where I could. Here are some of the things I've changed:

• I reduced my internet package.
• I removed extra cable channels and packages.
• I started growing my hair longer and stopped buying salon hair products.
• I drained my other bank accounts.
• I transferred as much as I could from the higher interest rate line of credit to the lower one.
• I removed additional health coverage from my personal health insurance that I wasn't using.

None of these changes made a massive dent on its own, but when you add them all up and look at the savings over the last six months, I saved approximately $500! Another blessing was a friend of a friend who was a former mechanic that did some much-needed work on my car and saved me at least half the cost I would have paid at a shop. God helps those who help themselves, doesn't He?

Over the winter I took a finance class through my church that used Dave Ramsey's teaching called Life, Money, Legacy. It was a very eye-opening and incredibly challenging five-week series. Here's the first message:

Others in the class talked about larger items they could sell, but I had nothing like that. I've downsized multiple times over the last few years and really didn't have anything to get rid of that I hadn't already sold or given away. It was time to make a budget, revise the budget, stick to the budget and live within my means.

The first major idea I had to let go of was my plan to go on a 45th birthday trip in the spring of 2019. I really wanted to go to northern England for a couple of weeks. I even looked into volunteer options for room and board, but I just couldn't justify spending money I didn't have (and couldn't afford). I had to let go of that dream. There will be another time - when I can pay for it!

"The rich rule over the poor, and the borrower is slave to the lender." - Proverbs 22:7

Stay tuned to follow along with my #debtfreejourney.