Debt-Free Journey: 7 Tips | Paying off $120K of Debt in Under 3 Years

I share how my husband and I paid off $120,000 of debt in under 3 years and the 7 tips that helped us in our debt-free journey. If you are someone who is also on your debt-free journey or trying to build financial literacy, I hope this video motivates and encourages you!

If you haven’t yet, please LIKE this video. It really helps the YouTube algorithm as I’m growing my channel!

Thank you so much for watching.
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0:13 — why I decided to make this video
2:44 — our money situation
5:05 — 7 things that helped us in our debt free journey
5:15 — track what you spend
6:30 — pay above monthly minimums and use the snowball method
9:04 — live below your means
10:53 — control the content you consume
12:35 — increase your income
13:41 — don’t give up!!!

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Resources mentioned:

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Tags:
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[This.Is.-Mandie]

I had to come back and comment bc this is one of the only videos that’s not full of fluff but actual advice and it is appreciated.

[justwait]

The thing that motivated me the most to not buy bs stuff while getting rid of debt was the mentality that youre paying more for everything you buy while holding high interest cc debt.

Each dollar you spend is a dollar you arent using to pay down that 30% interest card, so essentially youre paying an extra premium on everything until you clear the debt. Also the longer the debt persists, youre losing the ability to invest those dollars and the compound interest they could earn so it becomes an even bigger loss.

[imanjones]

Im African American. My parents were not wealthy but we had everything that we needed as My parents worked really hard and had decent jobs as compared to others in our inner city neighborhood. My parents did not get an education past high school, however they encouraged my sister and I to do so. Long story short, my debt is mainly college debt, however I dint regret it because if not I wouldn't have the career that I have today. However, I'm learning that it's not about your career or job but about your creativity in what you can do outside of your job. My daughter is 11, and I'm teaching her now about financial matters. This week I will include her in our actual budget. I want her financially literate by 13.

[tigerbarksdale]

I can't wait to be debt free. Debt is no fun. Congratulations to you and the family.

[lofiwiara]

I just started my journey to debt-free life. Thank you for this video. 💙💙

[SugarMamma]

Paying off an incredible amount of debt in 3 years take so much savvy strategy. Love that you are advocating for an approach beyond consumption discipline and scarcity.

[davidblane]

2 years after you posted and THIS is exactly what I needed to kickstart my Get Out of Debt Journey! Thank you.

[WellBehavedWallet]

Great tips! Especially appreciate the idea of watching the content you're consuming. SO important to be a part of the right conversations!

[WelcomeToMyHead]

I love how articulate you are! Thanks for making this video!

[rolande]

Glad I stumbled on your channel. I appreciate this video so much. Thank you!

[AlanJLopez-gjgf]

This is what I needed to hear tonight. Thanks so much for your great energy & info. Today is a new day financially 🙏

[misanthropicleo]

Stacey Flowers is a woman who shared her debt free journey on youtube, and it was so inspiring to me. I am glad to see another woman on here because, like you said, we're few and far between.

[misseyespy]

Hi Jenny thanks looking forward to getting more motivated thank you

[itsthemintbunny]

This was so motivating ♥️ Thank you for this! You are so helpful!

[augustaborn]

Thank you for the snowballing thing. I currently have debt spread across 6 credit cards. I will use this strategy to begin paying them off.

[BudgetsWithELMA]

Great video! You explained everything very well!

[bujin]

6:50. The snowball method is not based off of the payment size, it's based off of the principle size. So let's say you have a $3, 000 debt, a $10, 000 debt, and a $50, 000 debt. You pay minimums on the $10k and $50k debts, and put everything you have toward paying off the $3, 000 debt first, regardless of what its payment size is. Once it's paid off, you then take the amount you're saving from the first debt, plus the extra you had, and then add it to what your minimum is on your next largest debt, and pay it off. Rinse wash and repeat. You do it like this because you will be able to pay off the lowest principle amount the fastest, thereby increasing your total extra monthly cashflow sooner. In this way, the payment size is snowballing.

[breezybre]

So glad there is no back ground music. Thanks!!!

[Mydesktable]

👑 you dropped this. Thank you so much for making this video!!!!

[gissellplasencia]

Thank you so much for sharing, it is definitely helpful