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How I Ditched Debt My shiny nickels
Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market, we're proud that the guidance we offer as well as the advice we offer and the tools we develop are objective, independent, straightforward -- and completely free. So how do we make money? Our partners compensate us. This can influence the products we review and write about (and where those products appear on the website) however it in no way affects our recommendations or advice which are based on many hours of study. Our partners are not able to promise us favorable reviews of their products or services. .
My Ditched Debt Story: My Shiny Nickels
Written by Anna Helhoski Senior Writer | Consumer finance, economic news, trends as well as debt for students loan and debt Anna Helhoski is a senior writer who writes about economic news and developments in consumer finance at NerdWallet. She is also an expert for student loans. She joined NerdWallet in 2014. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. She was previously a reporter for local news from the New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She has a bachelor's degree in journalism from Purchase College, State University of New York.
April 4 Apr 4, 2017
Many or all of the items featured on this page come from our partners who pay us. This affects the products we write about and where and how the product is featured on a page. But this doesn't affect our assessments. Our opinions are our own. Here's a list of and .
In this series, NerdWallet interviews people who have triumphed over debt using a combination of commitment, budgeting and wise financial decisions. Their stories may even inspire you to .
My Shiny Nickels blogger Laura Dobbins and her husband, Randy, on a trip to Paris, a vacation they could afford following their getting out of debt.
In the year 2011, Sacramento, California-based IT manager Laura Dobbins, her husband and kids lived in an upscale home with all the trappings of wealth -- but their finances were a different story. They were in nearly $40,000 of debt and had charged so much onto their cards, that Dobbins could not afford an airline ticket for the business trip.
She realized that they need to alter their lifestyle. Dobbins and her husband Randy began to save instead of spending and paying off their debts. They also remodeled their home, and in less than 2 years had become debt-free. She now provides money-saving tips and provides details on her debt-payoff methods on her website . Here's the full story.
What was your total debt at the time you started your repayment journey?
Laura Dobbins 2011: $39,685 in total which includes $17,000 in credit card debt, $15,000 of auto loan debt and $8,000 of personal loan debt.
What is your current total debt?
In 2013, became debt-free. Today, still zero.
What led you to end up in credit?
In a strange way, it was in the year that I received my first big promotion and salary increase. This doesn't sound like logical thinking from afar. You get more money, but you're then in debt? While it might sound odd it's "yes." Suddenly we were in the position of having all this money and even though we were in a perfectly sufficient home in a lovely middle-class neighborhood, we decided to put that extra income towards a larger and more luxurious house in a more upscale neighborhood. With that came the "need" for more furniture and a professionally-designed new backyard and an SUV just like the neighbors had, a gardener, and ... well, you get the idea. Instead of actually being wealthy, we were financing the look of it. Every month. The spiral downwards of debt begun.
What triggered your decision to get out of the debt?
The realization that I couldn't get the $400 plane ticket to a business trip I was planning. For so long, we have paid down the credit card just enough to have some available credit for any unexpected expenses that might arise. That pattern finally ended the day my boss told me to travel into St Louis for work. I went to our credit card account and found that we had available credit for $90 (and the balance was $52 on our bank account). We'd been able to hide our financial situation from everyone for a very long time, but it was bubbling up into the open. And it was terrifying.
What steps did you take to reduce your debt? What were the resources or services you use?
We knew the first thing we had to do was end the cycle of having debt "rescue" our. So before we paid down any debt, we set up a $1,000 emergency fund.
We also realized that to pay down the debt we accumulated in the shortest time possible, we had to free up more money. It was not the moment to relax and give a mere $50 to our debt each month. It was a "hair's-on-fire and call the firemen" financial crisis, so we had to make a major move. Literally. We sold the huge house in the suburbs and relocated to a little 1,000 square foot home in a working-class neighborhood. This change alone saved us over $2,500 a month. (I'll run the numbers on your behalf: It's a savings of nearly $30,000 annually.)
We also began eating out less often and found more economical ways to spend time together as a family. With the extra money we earned every monthly, we took care to pay down the debt by using the "snowball technique." We began with our smallest account balance on a credit card of $1,500 to score a quick psychological win right away and then paid the other balances, starting with the smallest and ending with the biggest. When we paid each debt off, the money that used to go toward paying the monthly debts was applied to the next debt on the list. This "snowball" of money that was going toward the debt each month increased like crazy.
How have your lives changed to the better since you stopped paying your debts?
We're happy. Truly, wonderfully, down-in-your-soul happy. When all debts were paid and home expenses were low that we had enough money to spend on things that mattered most. Turns out the huge suburban house didn't make us happy, but traveling all over the world did. We can save a good portion of our income and still be able to spend money when it's needed.
A few many years back, my husband was unhappy with his toxic management job. With some of the cash we'd saved up, we bought our first business , which was an important part of our husband's lifetime goals. His job was cut, is now the sole boss, and he loves it.
Getting out of debt gives more than just an euphoria of freedom and opens doors to opportunities you've never imagined.
How do you tackle your debts and begin making payments to pay it off
The method Dobbins describes is best for people who require small victories to pay off bigger debts. However, the approach, in which you prioritize paying off high-interest debts such as credit card and payday loans before lower-interest ones such as student, mortgage and auto loans can assist you in paying off your debts quicker and reduce interest. This tells you how long it'll take you to wipe out each debt one at a time.
For a better way to manage your debt You should think about debt consolidation which combines multiple debts into one new one with a lower interest rate. Two options for debt consolidation include a . Use a to estimate your interest rate.
Anna Helhoski is a staff writer for NerdWallet the personal finance website. Email: . Twitter: .
Author bios: Anna Helhoski is a writer and NerdWallet's authority regarding student loans. Her writings have appeared in The Associated Press, The New York Times, The Washington Post and USA Today.
On a similar note...
Dive even deeper in Personal Finance
Do all the right financial moves
If you have any queries concerning where and how to use legit payday loans no credit check, you can contact us at the webpage.
Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market, we're proud that the guidance we offer as well as the advice we offer and the tools we develop are objective, independent, straightforward -- and completely free. So how do we make money? Our partners compensate us. This can influence the products we review and write about (and where those products appear on the website) however it in no way affects our recommendations or advice which are based on many hours of study. Our partners are not able to promise us favorable reviews of their products or services. .
My Ditched Debt Story: My Shiny Nickels
Written by Anna Helhoski Senior Writer | Consumer finance, economic news, trends as well as debt for students loan and debt Anna Helhoski is a senior writer who writes about economic news and developments in consumer finance at NerdWallet. She is also an expert for student loans. She joined NerdWallet in 2014. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. She was previously a reporter for local news from the New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She has a bachelor's degree in journalism from Purchase College, State University of New York.
April 4 Apr 4, 2017
Many or all of the items featured on this page come from our partners who pay us. This affects the products we write about and where and how the product is featured on a page. But this doesn't affect our assessments. Our opinions are our own. Here's a list of and .
In this series, NerdWallet interviews people who have triumphed over debt using a combination of commitment, budgeting and wise financial decisions. Their stories may even inspire you to .
My Shiny Nickels blogger Laura Dobbins and her husband, Randy, on a trip to Paris, a vacation they could afford following their getting out of debt.
In the year 2011, Sacramento, California-based IT manager Laura Dobbins, her husband and kids lived in an upscale home with all the trappings of wealth -- but their finances were a different story. They were in nearly $40,000 of debt and had charged so much onto their cards, that Dobbins could not afford an airline ticket for the business trip.
She realized that they need to alter their lifestyle. Dobbins and her husband Randy began to save instead of spending and paying off their debts. They also remodeled their home, and in less than 2 years had become debt-free. She now provides money-saving tips and provides details on her debt-payoff methods on her website . Here's the full story.
What was your total debt at the time you started your repayment journey?
Laura Dobbins 2011: $39,685 in total which includes $17,000 in credit card debt, $15,000 of auto loan debt and $8,000 of personal loan debt.
What is your current total debt?
In 2013, became debt-free. Today, still zero.
What led you to end up in credit?
In a strange way, it was in the year that I received my first big promotion and salary increase. This doesn't sound like logical thinking from afar. You get more money, but you're then in debt? While it might sound odd it's "yes." Suddenly we were in the position of having all this money and even though we were in a perfectly sufficient home in a lovely middle-class neighborhood, we decided to put that extra income towards a larger and more luxurious house in a more upscale neighborhood. With that came the "need" for more furniture and a professionally-designed new backyard and an SUV just like the neighbors had, a gardener, and ... well, you get the idea. Instead of actually being wealthy, we were financing the look of it. Every month. The spiral downwards of debt begun.
What triggered your decision to get out of the debt?
The realization that I couldn't get the $400 plane ticket to a business trip I was planning. For so long, we have paid down the credit card just enough to have some available credit for any unexpected expenses that might arise. That pattern finally ended the day my boss told me to travel into St Louis for work. I went to our credit card account and found that we had available credit for $90 (and the balance was $52 on our bank account). We'd been able to hide our financial situation from everyone for a very long time, but it was bubbling up into the open. And it was terrifying.
What steps did you take to reduce your debt? What were the resources or services you use?
We knew the first thing we had to do was end the cycle of having debt "rescue" our. So before we paid down any debt, we set up a $1,000 emergency fund.
We also realized that to pay down the debt we accumulated in the shortest time possible, we had to free up more money. It was not the moment to relax and give a mere $50 to our debt each month. It was a "hair's-on-fire and call the firemen" financial crisis, so we had to make a major move. Literally. We sold the huge house in the suburbs and relocated to a little 1,000 square foot home in a working-class neighborhood. This change alone saved us over $2,500 a month. (I'll run the numbers on your behalf: It's a savings of nearly $30,000 annually.)
We also began eating out less often and found more economical ways to spend time together as a family. With the extra money we earned every monthly, we took care to pay down the debt by using the "snowball technique." We began with our smallest account balance on a credit card of $1,500 to score a quick psychological win right away and then paid the other balances, starting with the smallest and ending with the biggest. When we paid each debt off, the money that used to go toward paying the monthly debts was applied to the next debt on the list. This "snowball" of money that was going toward the debt each month increased like crazy.
How have your lives changed to the better since you stopped paying your debts?
We're happy. Truly, wonderfully, down-in-your-soul happy. When all debts were paid and home expenses were low that we had enough money to spend on things that mattered most. Turns out the huge suburban house didn't make us happy, but traveling all over the world did. We can save a good portion of our income and still be able to spend money when it's needed.
A few many years back, my husband was unhappy with his toxic management job. With some of the cash we'd saved up, we bought our first business , which was an important part of our husband's lifetime goals. His job was cut, is now the sole boss, and he loves it.
Getting out of debt gives more than just an euphoria of freedom and opens doors to opportunities you've never imagined.
How do you tackle your debts and begin making payments to pay it off
The method Dobbins describes is best for people who require small victories to pay off bigger debts. However, the approach, in which you prioritize paying off high-interest debts such as credit card and payday loans before lower-interest ones such as student, mortgage and auto loans can assist you in paying off your debts quicker and reduce interest. This tells you how long it'll take you to wipe out each debt one at a time.
For a better way to manage your debt You should think about debt consolidation which combines multiple debts into one new one with a lower interest rate. Two options for debt consolidation include a . Use a to estimate your interest rate.
Anna Helhoski is a staff writer for NerdWallet the personal finance website. Email: . Twitter: .
Author bios: Anna Helhoski is a writer and NerdWallet's authority regarding student loans. Her writings have appeared in The Associated Press, The New York Times, The Washington Post and USA Today.
On a similar note...
Dive even deeper in Personal Finance
Do all the right financial moves
If you have any queries concerning where and how to use legit payday loans no credit check, you can contact us at the webpage.
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