Since starting this blog in January, I have had the pleasure of meeting some really fascinating people.
You may remember Ron, who shared how he and his wife Thu paid off all of their debt, including their mortgage, in seven years.
Today I am delighted to share the story of Alex and Megan Barker. They are a young couple living in Michigan with their two little girls.
They aren’t debt free yet, but I think you will be inspired by their drive and dedication to reaching their financial goals.
In this video interview, Alex and Megan tell us about their achievements in paying off debt, but they are also candid about the struggles they have faced along their journey. They generously share the details, breaking down their debt amounts both at the beginning of their journey and where they stand now.
They were generous with their time, as well, so I have listed the times for key points in the conversation below:
3:02 – Alex tells how they got started on their journey to get out of debt and how they paid off $11,000 of debt in seven months on a $40,000 income.
4:57 – Alex and Megan break down their debt totals in 2012.
5:41 – Alex shares how he graduated from pharmacy school with less than half of the student loan debt of the average pharmacy student.
6:48 – Alex and Megan break down the additional debt they have accumulated in the last couple of years and why.
8:45 – Alex and Megan tell how much debt they have paid off in the past 2.5 years. (You will be impressed!)
9:05 – Alex and Megan share their debt elimination goal for this year and the key strategy they are using to reach it.
12:10 – Alex shares how he has boosted his income to bring in an extra $2,000 – $3,000 each month.
13:08 – Alex shares how his best money-saving advice isn’t about saving money at all.
14:53 – Megan shares her best money-saving tips including how she keeps their grocery budget under $300 per month for their family of four. (You will want to take notes!)
16:16 – Alex gives advice to married couples starting out on their own debt free journey.
17:35 – Megan offers encouragement to someone starting out on their own debt free journey. (You will love her passion and ideas to help you stick to your plan!)
19:51 – Megan shares her favorite part of their debt free journey so far. (It may surprise you!)
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While watching the video, I wrote down several quotes from Alex and Megan that I found inspiring, but this one is my favorite:
“As long as you stick to your guns, and make it fun, know that there’s an end in sight. And just delay your gratification for just a little bit. You can do it. Anybody can do it.”
– Megan Barker
I want to thank Alex and Megan for sharing their time and experiences with us. They are well on their way to reaching true financial freedom.
If you would like to learn more about Alex and how he makes money online, he blogs at alexbarker.co. He also runs a website that helps future pharmacy students prepare for pharmacy school. On that site he wrote a detailed post about his income as a pharmacist where he breaks down his budget line by line. He agreed to share it with my readers here because it is an inspirational read for anyone trying to be smarter with their money, even if you don’t have a pharmacist’s income. Due to the sensitive information he shares, the post is password-protected. The password to gain access is “pharmacistincome”.
What About You?
Participate in the conversation. What was your favorite part of the interview? What did you learn from Alex and Megan? Share in the comments below.
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Every post I read on here pushes me closer to seriously doing something about our debt. I know I keep reading and talking about it, but hearing about how it’s actually doable on a not-huge income is inspiring.
Yay, Catherine! I am so happy to hear that! That is exactly my goal! Just let me know if you need any help getting started. 🙂
Thank you, I will! I’m sure I’ll be referring back to a lot of these articles once we’re ready to really jump in.
Wow, so cool to hear from others and a variety of situations and stories!
I am glad you enjoyed the interview! I plan to keep these stories coming.
Great interview! I definitely agree it feels much better to buy something outright and not having the debt hanging over my head.
Yes! Definitely! And sometimes you can even get a discount for paying in full up front rather than taking the payment plan option. I love it when that happens!
I like how you did these – with both a video and text with some highlights, great way to format this kind of content! So smart!
Thanks, Pech! I appreciate you stopping by!
Really interesting interview. I definitely agree with them on the point of finding ways to make more money. I’m a fan of diverse revenue streams. Great job, Alex and Megan!
Thanks for watching my first video interview, Marlynn! I feel the same way. At this point with only one income for our household, I feel really vulnerable, especially with our debt. That’s why we’re working so hard to change our situation.
Make it fun – good advice! When I’m being frugal in the kitchen, I like to think of it as Doorknock Dinners meets Chopped, using what’s in the house to make a delicious gourmet meal. Little challenges like that can make being frugal fun.
Absolutely, Bill! I have been doing the same in our home. I would rather get creative and figure out how I can use what we have than add another item to our grocery list. Thinking of it as a challenge is a great way to make it fun.