Our Debt Free Family

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3 Advantages of Being Debt-Free

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advantages of being debt-free

If you have ever lived paycheck to paycheck you know it is no cakewalk. Oftentimes, people are living this way because they don’t have all of their debts paid off or their cost of living is simply too high. Relieving that stress is only one of the many advantages of being debt-free. Here are some more to inspire your journey.

3 Advantages of Being Debt-Free

Anyone who has decided to embark on their own debt freedom journey probably knows most of the benefits of living a debt-free life. However, here are three perks you may have not considered yet…

  1. You get an instant pay raise. When all of your debts are paid, you’ll have more free income to spend, save, invest, and live your life with. Think about it. Every monthly payment you are making now towards an account will now be yours to spend as you wish. For us, that would mean more than $1,000 in extra cash month to month.
  2. You’re able to have more fun. Instead of borrowing money to go on vacation or biting your nails over the cost, you can stash away money more easily for fun things. You may feel like you are pinching pennies to make these things happen but you are able to freely take vacations and go out to have fun without worrying about where the money is being borrowed from.
  3. The potential to gain wealth is greater. Being debt-free will open more doors for you than you could imagine. You can create a plan to generate wealth for yourself and your family. You might even be able to become a millionaire because you’ll have the freed-up money to start saving and investing. If you are able to build up your net worth this way you are more likely to be able to leave behind a legacy for your family.

Debt Freedom Does Have Some Disadvantages

Believe it or not, not everything that comes with debt freedom is beneficial. There are a couple of disadvantages to being debt-free too.

  • It can have a negative impact on your credit score. You would think paying off all of your debts would have a positive impact on your credit score but it can sometimes have the opposite effect. If you work to pay everything off and avoid debt altogether, your score may go down because you have no way of proving you will pay for things on time. This can make it hard to get a mortgage or loan of any type.
  • You may feel out of touch with the rest of the world. Debt freedom also puts many people out of touch with the things going on in the financial world. For instance, if you are focused on paying things off and stashing money away you may miss a big investment opportunity. It can also make you feel withdrawn from family and friends. While everyone is out on Friday night, you may make the conscious decision to stay in and save money.

That being said, the advantages of being debt-free outweigh the cons every time when it comes to improving your finances. So, don’t let these two things stop you from pursuing your debt-free lifestyle.

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Paying Off Debt vs Saving: Which Is Better?

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paying off debt vs saving

A few weeks ago we talked about how you don’t necessarily have to give up investing to further your debt freedom progress. Another hot debate in the finance community is paying off debt vs saving. Should you be stacking up savings if you haven’t paid off all your debt? Dave Ramsey would say no. Get your $1,000 emergency fund in place and focus on your debt payoff efforts. But which is really better?

Paying Off Debt vs Saving

First, let’s talk about why this is such a hot debate. If you’re an avid Dave Ramsey follower, you know paying off debt to be the number one priority as far as your finances go. This is because once all of your debts have been paid, you will have more money freed up to put towards savings, retirement, and investments.

However, this simply doesn’t work for everyone. I don’t know about you, but $1,000 isn’t enough to cover a huge emergency in my life. With a new addition on the way, I’ve been feeling the push to save more than ever. Of course, part of that is definitely getting some things paid off to have more cash flow in general, but actually saving plays a role too.

So, which is truly better? There is honestly a case for both.

The Case for Saving

When it comes to deciding whether you should be saving or paying off debt, there is a good case for saving money. The more cash you have to fall back on in the event of an emergency or major life change, the less likely you will be to rack up more debt. For example, if you have a few month’s expenses set aside, you are less likely to lean on your credit card in hard times.

Similarly, if you are expecting a big change like we are, saving more money may seem appealing. Again, you will have more money stashed away for when things change for you. In our case, having a baby is a huge change, especially from a financial standpoint. When you are facing something like that, stashing away some extra savings is never a bad idea.

The Case for Paying Off Debt

While you are saving, you could certainly be paying off debt with that money. Many people in the debt-free community would argue that savings could be saving you money on interest, etc. That is absolutely true, but it provides less peace of mind and immediate cash on hand in the event you run into a financial emergency. That being said, there is a case for paying off debt instead.

When you focus on paying off debt vs saving you will be able to free up more money on a month-to-month basis. For example, if you are focused on paying off your car, paying that off can free up some serious cash monthly. In our case, paying off our car would mean an extra $488 per month. That would make a huge difference. Arguably, once you pay off these bigger bills, you can start saving more quickly. You can also free up more money to put towards other debts, making even more money available month-to-month.

Bottom Line: Do What’s Best for Your Family

Whether you are on team savings or debt payoff, you should always make whatever decision is best for your family. There is no one-size-fits-all for finance. Personal finance is just that: personal. If having more savings in the bank decreases your anxiety when it comes to your financial situation, stash away some extra money. At the same time, if making progress on your debt freedom goals provides you with more peace, focus on that.

Readers, what side of the fence are you on when it comes to paying off debt vs saving?

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Selling Back Some of Our Debt

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selling back debt

With recent career changes and a few months without a second income, we have been looking at ways to improve our finances. Like many other people during the pandemic, we experienced job loss and decreased wages last year. The loss in work pushed us to move sooner and make changes. One thing we settled on doing to help improve our situation was selling back debt that is no longer serving us. Here’s how we are doing it.

Selling Back Debt

You may be thinking to yourself, “There is no debt that serves you.” However, when it comes to the debt we have had to take out to further our careers, it was serving us in a way. You may remember my husband’s tool debt from his time in the shop as a mechanic. When the pandemic hit, the shop he was working for downsized, and he was one of the newest employees, so he was cut.

This put us in a position where we had to continue paying for tools that weren’t being used as well as a storage unit to keep them in. It was a major drag on our finances overall. Eventually, because we no longer had that second income, it became impossible to keep up with the monthly payments. So, we started looking at our options.

At first, we looked at selling the toolbox and some of the tools to help pay off the debt. Once again, the pandemic made this pretty impossible. No one was looking to spend thousands of dollars on a toolbox when a lot of other people were out of work too. Eventually, the account went into collections early this year as we continued to look at our options.

How Selling the Debt is Helping Us

After discussing the issue with the company we are indebted to, they said they would be willing to buy back some of the items he had purchased and subtract the total from the amount owed. While this didn’t completely get rid of the debt we have, it did get the storage bill off our backs. It also decreased the amount we owed by $7,500 when all was said and done.

We didn’t get rid of everything either. They wouldn’t buy back used tools. So, my husband still has everything he needs in the event he wants to return to working in a shop or wants to do some side work as a mechanic. So, the security of having the tools for the job is still there.

For now, it also gets the monthly bill off our plate. Obviously, the amount in collections will still need to be paid off, but the $400+ monthly bill is not weighing on us at this very moment. We can shift our focus to paying off some other items, getting things caught up, and then settling with the collections agency later on in the year. For us, that is a win.

Readers, have you ever sold back debt like we did? 

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Do People Still Cut Credit Cards?

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cut credit cards

I remember growing up and seeing my mom cut a credit card over the trash. That was it – no more credit cards. It seemed to be something I saw regularly in personal finance advice forums and tips sections. “Cut up your credit cards.” But do people still cut credit cards these days?

An Old-Fashioned Idea

Cutting your cards is a fairly old-fashioned idea. As I said, I saw my mom do it about 20 years ago. In fact, they used to cut your card in the store if it was declined at one time (what a concept, eh?). Physically cutting up the credit cards is more symbolic than anything though.

When my mom chopped hers into little pieces over the kitchen trash can, she undoubtedly still held debt on that card. Cutting it up was to get rid of the temptation to use the line of credit. Cutting it up got rid of the ability to dig herself (and the family) further into debt.

Thinking back, I wonder what personal finance guru told mom to do this (or maybe it was my Paw-paw). Either way, it was one of the key things I remember about money in my home growing up. I may get around to eventually sharing some of the others, but this one came up more recently on Reddit.

Do People Still Cut Credit Cards?

So, do people still really cut their cards? Of course, you should cut it up before you throw away an expired or canceled card, but what about an open account?

When I was scrolling on Reddit, I found people are actually still doing this. It came as a surprise to me (just like it does when someone uses cash envelopes still), but I kind of liked it. This is grassroots personal finance to me. It is relatable and, more importantly, it works for some people.

Credit cards for me, personally, were never a huge thing to triumph. The majority of our debt is medical debt, student loans, and car notes. Credit cards never came into the picture much. I hold about a $500 balance on one card. So, whether or not I should cut credit cards never entered my mind, but it could be beneficial for some individuals.

Should You Cut Your Cards?

If you do not trust yourself not to swipe the card, by all means, cut it. However, you should not cancel or close credit accounts if you can help it. That can damage your credit and keep you from doing things like buying a home or starting a business.

In short, if you think cutting your cards will make it easier for you to control your spending and wrangle your debt, do it. There is nothing to ever be lost from seeking debt freedom.

Readers, have you cut credit cards?

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What Are The Biggest Things People Struggle With Paying Off Debt?

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Struggle with paying off debt

Upon entering the debt-free (or rather the debt freedom-seeking) community, I realized there are a lot more people who struggle with paying off debt than you may realize. There are thousands of personal finance influencers online and Instagram profiles documenting financial success. Seeing all of this success made me start thinking, do people really have a hard time paying the debt off, or are we each struggling to find the right path for our own family?

Do You Really Struggle With Paying Off Debt?

First and foremost, there is no doubt paying off debt is a struggle. There are so many things that stand in your way of being debt-free in this consumer-driven society. However, if you are paying off your credit card in full each month, but still holding on to auto loan debt, your focus may be misinformed. What most people are struggling with isn’t making the payments themselves but lacking a plan.

So, the thing to ask yourself is do you struggle with paying off debt or do you struggle with one of the following?

  • Organization and/or planning: You struggle with putting together an attack plan for truly changing your finances.
  • Resolve: You struggle with setting your mind to the idea of being debt-free. You have to set yourself up for success by making up your mind.
  • Impulse: You struggle with controlling impulses that impact your finances (i.e. shopping, addiction).

It seems that oftentimes before people face their debt they need to face the above issues. Really, people don’t struggle to pay off their debt. They struggle with rehabilitating the behavior that got them there in the first place.

Things to Do

So, that is really where you start if you want to get off on the right foot on your debt freedom journey. You take a look at your actions, bad habits, and a sincere look at your finances. Consider some of the following tips to help you get started.

  • Redefine your relationship with finance. Make sure you know what your goals are and remember money isn’t everything. Talk to your friends and family about your financial situation and what you are doing to improve.
  • Get help. There are debt counseling services available. If you struggle with impulse-control or shopping addiction, therapy is also something to consider to rehabilitate your relationship with money.
  • Continue doing things that make you happy. If there is one thing I have learned throughout my own journey it’s that if you are not happy day to day you will not meet your goals. You need to budget some money for fun things and things you enjoy to stay on track.

When it comes down to it, there are families with a single income paying off six-figure amounts of debt on Instagram, Reddit, Facebook, and just about any other social site out there. How? They have made the decision to really do it. They made a plan, resolved to stick to it and work through any issues along the way.

So, readers, do you really struggle with paying off debt, or are you struggling with something else?

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How to Buy Someone Else’s Debt

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how to buy someone else's debt
Becoming debt-free is usually the goal of most people visiting Our Debt Free Family. However, there are circumstances where you may need to know how to buy someone else’s debt. For instance, if a loved one fell on hard times and you wanted to help them get out of debt, you’ll need to know the steps to take to help them.

Why Would You Buy Debt?

The why behind buying someone else’s debt can be difficult. Sometimes people buy debt from others to make money. Lenders can earn money through interest on debts they pay for others. For example, if you purchase someone’s debt as a lender, they will be paying you the money back with interest. This can be risky though, especially if you don’t know the individual.

Another reason you may buy someone else’s debt is that they are someone you care for and they need help. Many people do this for people in their family, especially children or elderly parents. No one wants to watch their loved ones drown in debt. In this case, you can purchase their debt, or pay it off, but there may be no way to hold them accountable for paying you back (if desired).

How to Buy Someone Else’s Debt

 


So, how do you buy someone’s debt?
You can take responsibility for someone else’s debt through a variety of different channels. Depending on the type of debt involved, buying someone’s debt can be extremely easy.

  • Debts can be paid by pulling out a new loan and co-sign on it. To do this, you’ll just need to provide the information you would normally provide for a loan or credit card application. Then simply sign the loan or credit card agreement to “buy” the debt.
  • You can also use a credit card to pay off someone else’s debt. If you have good credit and can get a good interest rate, transfer the debt to your card to pay off.
  • Determine if the debt is old or new. Older debts may need you to be added to the account as a guarantor. Once you are added to the account, you can “buy” or pay off the person’s debts. To do this, you will need to contact the creditor directly.
  • For accounts in collections, you will need to contact the collection agency directly. You won’t be able to be added to the account but you will be able to make payment arrangements with the agency over the phone to pay the debt off.

Things to Consider Before Buying Someone Else’s Debt

Before you jump into buying someone else’s debt, there are a number of things to consider. Don’t forget that co-signing for someone’s ability to pay makes you responsible for paying when they cannot. This means that if your personal finances change you will still be held accountable for the debt you bought.

It is also important to remember helping others better their finances is best done through teaching and support. Simply buying someone’s debt helps them with their finances immediately but not in the long-run. Instead, consider helping them pay off their own debts and learn good saving habits.

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How Brian Paid Off $30,000 in Student Loan Debt His First Year Out of College

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Paid off $30,000 in student loan debt

Any time someone chooses to seek debt freedom and succeeds in it is amazing to me. Dave Ramsey’s “debt-free scream” is always a heart-warming celebration to see online and speaking to people who have paid off debt always inspires me. Brian Meiggs’ story is yet another inspiration. He took the time to participate in a quick Q&A to share how he paid off $30,000 in student loan debt.

How He Paid Off $30,000 in Student Loan Debt

When it comes down to it, Brian was able to pay off his student loan debt by pure determination. When he graduated, that was his sole focus. He did not want that debt to have a hold over him for 10+ years, as it does with so many other graduates. Here is how Brian Meiggs got started on his journey and led him to debt freedom.

paid off $30,000 in student loan debtQ: Tell me a little about yourself. What inspired you to seek financial freedom?

A: My name is Brian Meiggs and I’m an entrepreneur who spends most of my time building finance-niched websites from the ground up and making them profitable. Some of my recent projects include My Millennial Guide, Saving Junkie, and SavingExpert.

I’ve always been a hustler. In college, I bought used iPhones and flipped them for a profit. I had a few corporate finance jobs after college, but I found myself bored and without a purpose. I knew I didn’t want to work a 9-5 until I retired so I looked for a way out. I started a blog and eventually, it took off, and now I do it full-time. I enjoy every moment of it and the freedom it brings.

Q:  How much debt have you paid off?

A: I graduated from college with around $30,000 in student loan debt. Being a 23-year-old, that is a lot of money. I spent so much time building a rock-solid budget and maximizing my income in order to tackle this debt. I paid off all of my student loans within one year of graduating college. It was so liberating.

Q: How long had it taken to get to where you are financially?

A: It definitely took me a while to start making my desired income. I thought back and reflected, “man, I’m really doing it!” What helped me reach my income goals was looking at other bloggers who were making anywhere from $10,000 to $30,000 per month. I figured if they could do it, why can’t I?

It wasn’t until my 3rd year of blogging that I felt comfortable with quitting my day job. I was working as a Credit Risk Manager making around $85,000 per year. Once the income from my blog was making me more money per month than my job, I felt comfortable quitting.

I have a funny quitting story, but that’s for another time. Now, I’m making more than six figures per year with all my websites. I simply enjoy the financial independence and not the money itself.

Q: What was the key to your success?

A: My success came from looking at other bloggers who were successful and trying to make my website better. I’m at a tipping point where if I really want to grow, I’m going to have to hire a full-team to help with management. I really enjoy running everything myself but if I want to continue to grow, this needs to happen.

Q: What is the most important part of your finances?

A: The most important part of my finances is continuing to maintain the lifestyle I am currently living. I’m not opposed to splurging on things that I want or saving every penny. I recently purchased my dream exotic car (BMW i8) and I have no regrets about it.

Q: How do you stay debt-free now?

A:  Staying debt-free is done successfully by spending less, finding additional sources of revenue and scaling that up, and having a budget that I actually follow.

Q: What is something you wish you could tell your younger self about money?

A: Money is passive. It comes and goes and while it can make you temporarily happy, creating memories and experiences whether solo or with friends and family, that’s more valuable.

Q: What is your favorite quote?

A: “The root of joy is gratefulness”  – Brother David Stiendl-Rast

Q: Is there anything you would like to leave readers with?

A:  I just wanted to thank you for reading my story and learning a bit about me. I would say the best way to invest is in yourself. Never stop learning or teaching yourself new skills. Every day you should be better than the day before. What do you want in life? Go out and get it. Perseverance is failing 19 times and succeeding the 20th. 

Closing Thoughts

Looking at the success in Brian’s story and how he paid off $30,000 in student loan debt, I thought to myself, “Man, I wish I had done that!” Could you imagine starting out your adult life with absolutely no debt? Hopefully, sharing his story inspires other young people to consider doing the same or taking similar approaches to pay off debt and focus on financial freedom.

Readers, what do you think about Brian’s story? How would paying your student debt off immediately impacted your finances? Was it ever a possibility? 

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Debt-Free and Never Looking Back: How Scott Paid Off $72,000

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Paid off $72,000

Last week, I had the pleasure of sitting down and chatting with Scott Maderer of Inspired Stewardship. Scott and his wife have paid off $72,000 in debt and, since then, they haven’t looked back. Seriously, no credit cards, no mortgage, nothing! Here is a look at Scott’s amazing story and how becoming debt-free helped him regain control of his life.

Scott’s Story

During our chat, I found out that Scott and his wife paid off all of their debt in just about two and a half years. Here are some highlights from the discussion…

  • Scott began seeking debt freedom because he was finding himself depressed because of his finances.
  • They don’t currently stick to a strict budget, but they spend next to nothing on entertainment (thanks to an extensive DVD collection, which he will talk about).
  • He and his wife will never carry debt again. They don’t even have a mortgage now.
  • For Scott, having a plan but being able to roll with the punches has been vital to his success.

I’ll let you give the full interview a listen below.

How Scott Really Paid Off $72,000

In one part of our chat, Scott talks about what has led him to be successful in his debt-free journey and what has kept him free of debt since. For him, there was a “never again” moment where he knew he would never want his finances to have such a stronghold over his life, especially his debts.

This is key for many people to maintain their finances after reaching their debt freedom goals. Having that moment where you realize you truly do not want to hold debt anymore and you don’t want to put yourself in that situation ever again can be life-changing.

If you would like to learn more about Scott or reach out to him about his story he has set up a special page for Our Debt Free Family readers here. 

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Why is No One Talking About Shopping Addiction and Bankruptcy?

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Shopping addiction and bankruptcy

There is no doubt that your finances can have a hefty toll on your mental health and vice versa. I have been talking to more people about their money for the blog and just to make talking about finance a norm with friends and family. While discussing personal finance with them, I’ve noticed something many people aren’t talking about: the correlation between shopping addiction and bankruptcy.

On an even broader note, many people don’t seem to notice the correlation between mental health and finance either. But don’t be fooled. Both addiction and mental health can have a profound impact on your financial situation and leave you stuck.

A Correlation Between Shopping Addiction and Bankruptcy?

I know a few individuals who have filed for bankruptcy. That is absolutely terrifying to me, but for many people who have filed, it doesn’t seem to phase them a bit. In fact, almost all of them have open, recurring debts for things they don’t really need. Programs like Afterpay and Klarna have only exacerbated this issue.

Even though they have filed for bankruptcy, which means they are holding much more debt than they could ever pay off for the foreseeable future. This has to be proven with documentation and, even then, you still may have to forfeit assets and pay off debts for another five years before they are erased.

However, filing for bankruptcy is doing nothing for the impulse control disorder that leads to compulsive shopping. For individuals with these control problems, bankruptcy offers them a clean slate to shop even more with new credit.

Are You a Shopping Addict?

While it is not formally recognized as a mental condition, shopping addiction is a real problem for many people. Luckily, it is manageable with therapy and direction from professionals. You may have a shopping addiction if any of the following applies to you…

  1. You spend a lot of time thinking about shopping and planning purchases. We aren’t talking about meal planning and budgeting here.
  2. It becomes evident that shopping interferes with other parts of your life (i.e. your financial future).
  3. Whoops! You go over your budget fairly often and rely on credit regularly.
  4. Your debt and finances as a whole are just entirely too complicated.
  5. There are secrets you keep about shopping.
  6. You have found that shopping gives you an almost euphoric high.

If you find yourself agreeing with more of these than not, you may want to seek help in getting your spending habits under control. You can also attend anonymous groups for addiction that allow you to connect with others who have gone through similar situations. Once you have a handle on how to change your habits, create a plan to move forward with paying off your debts.

This will ensure you break the cycle of shopping addiction and bankruptcy.

Mental Health and Personal Finance

Shopping addiction isn’t the only mental health issue impacting personal finance either. Addiction in general can have a wicked effect on a person’s finances. Additionally, mental health conditions, such as depression, anxiety, and cognitive disorders can also have a serious impact on the way you spend, save, and accrue debt.

In general, poor mental health can make it extremely difficult to manage and even earn money. Then, once you realize your finances are not in order, your anxiety about your money will just increase. Things can quickly start to seem overwhelming, even impossible.

Final Thoughts

All of these things can be helped, can be treated, and need to be talked about. The problem is, many people want to skate around the issues with bandaids or temporary fixes. That is why this week I’m asking why is no one talking about shopping addiction and bankruptcy?

Talk about money, debt, mental health, and hard issues with your close friends and family. Removing the stigma around these topics can help everyone heal and do better.

As always, if you or a loved one is suffering from substance abuse, addiction, or mental health issues, call the National Mental Health Hotline at 1-800-662-HELP (4357). They can help direct you to professionals that can better assist in dealing with the problem at hand. 

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Should You Take a Loan From Family to Pay Off Debt?

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loan from family

Being in debt is exhausting. So, when an opportunity arises to knock out a big chunk of it (or even all of it), it is hard to turn it down. If a family member or friend offers you a loan to pay off, you should think twice though. Taking a loan from family can sometimes be more harmful than helpful, even if it makes you debt-free.

Is it a Loan or a Gift?

First, before making the decision, determine if the money your family member is offering you is a loan or a gift. The best way to do this is simply asking, “do you expect this to be paid back” or “when do you need me to pay you back?”

How your family member responds to these questions can help you decipher if this is a gift or a loan. If it is a gift, by all means, take it and pay off your debt. Loans from family members, on the other hand, can add additional stress and, more often than not, leads to fighting.

Downfalls of Taking a Loan From Family

Before you take a loan from family, consider the following.

  • You aren’t learning anything. When it comes to the cycle of debt, you are not doing anything to improve your situation. Instead, you are borrowing even more money.
  • Finances can put a strain on any relationship. At the very least, borrowing money from someone is going to make things a little awkward, especially if you can’t pay it back. It is likely they will be examining every penny you spend before you do too.
  • What would happen if you couldn’t pay it back? Of course, you may start out with every intention of paying them back, but things can happen. The loss is much greater on an unpaid loan from a person than a financial institution.
  • There is a general lack of clarity with personal loans like these. You aren’t typically signing any paperwork and most family loans are agreed upon face-to-face in words. There is no way to track the agreement, increasing the risk of someone in the situation feeling wronged.
  • Tax issues may arise if it isn’t handled properly. Loans and gifts have different implications when it comes to taxes. Be sure that all parties involved are taking the steps for taking out a loan outlined by the IRS.

Potential Benefits

All of the above considered, taking a loan from family does have some perks. It is just determining whether or not these potential benefits outweigh the ways it could go wrong. That being said, you can benefit in a few ways if you’re willing to risk the downfalls.

  • You will save money on interest. Loans from family or friends don’t typically come with interest rates attached to them. In the long run, that will save you money.
  • Taking a loan from family can help you avoid predatory lenders. If you really need the money and are looking at high-interest loans anyway, taking the loan from family may be the better option.
  • There will likely be more flexibility in paying them back. Family and friends are more willing to work with you than banks will be. Just be sure you are honest and communicate with them.

Closing Thoughts

My one piece of advice for anyone considering this is to be sure you get everything down in writing. In the agreement include the following:

  • Parties of the loan
  • Amount borrowed
  • Interest rate (if applicable)
  • Repayment date
  • The monthly payment amount.

At the end of the day, I wouldn’t recommend taking a loan from friends or family. For me, I cherish those relationships in my life too much to add any financial stress to them. I can see the benefits of doing so though.

Readers, have you taken a loan from family before? Was it a good decision?

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