Apple Podcasts
Google Podcasts
Spotify
StitcherSacrificing the things we love most while saving can be tough. But don’t worry! We can choose to spend money on what we truly value all while meeting our financial goals! In this episode, Jen and Jill are joined by Nika to share her empowering three year debt-free journey including her mindset, hustles, as well as her motivations to finally get out of debt.
Success happens when preparation and opportunity meets.
Sponsors:
- Selfies. We love a good selfie, right? Whether with our besties, friends, or family! We love those selfies when they are in cool places, even though you can’t really see the background. Nevertheless, we still love the idea of taking selfies in a cool place. So, if you want to be able to afford to go to more cool places and take selfies there, start saving for a vacation, a vacation fund, and a high-yield savings account like the one offered by CIT. It’s got over 4% APY so the money you put in there can just sit and be making you money to go on a vacation to take very cool selfies!
Discovering Self-Care in Your Debt-Free Journey
Nika, a public service worker of 12 years, began her journey in 2018 when she decided to address her debts seriously after experiencing setbacks from her consumer loans. Her strategy combined hard work and strategic financial planning, including side hustles like working at an indoor cycling studio and selling personal belongings.
What’s especially lovely about Nika’s journey is that she did not make her entire life about paying off debts. She took breaks occasionally, recognizing that going at her own pace was essential for preserving her mental health during these periods.
Defining Your Strong Why
Once, Nika had over $80,000 in debt from a single income and over $133,000 in student loans—forgiven through the Public Service Loan Forgiveness (PSLF) program. Her other debts included credit card spending, tax debt, and car loan payments, which took her three years to pay-off.
Her inspiring story emphasizes that having a strong personal reason for paying off debts is crucial for staying motivated throughout the process and setting boundaries around expenses without completely sacrificing one’s quality of life.
✨Update on Nika
Since becoming debt-free, Nika has taken her mom on an all-inclusive trip to Mexico—their first-ever travel experience! She has increased her contributions to her retirement and brokerage accounts and is currently on track to max out her Health Savings Account (HSA) for the 2nd year. She is also $1,500 away from saving $10,000 toward a newer car.
Did you find (or discover) any particular strategies or activities especially helpful for managing stress during your debt payoff journey?
For two years, Jen felt miserable, driven mostly by shame and guilt about being in so much debt. What helped her was helping other people around her through blogging—expressing herself, and sharing the things she learned during her journey. While for Jill, finding a radical middle was effective; having a visual to track the payoff relieved her anxiety, and taking a nice walk as well!
Bill of The Week
Thank you Jessie for sharing your bill about needing new running shoes and getting a great deal by going into the shop!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:
✰✰✰✰✰
New listener
I’m absolutely loving this podcast! Jen and Jill make frugality seem possible and they’re fun to listen to. I love that the show notes are detailed and am excited to jump into this podcast and way of life.
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
