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StitcherThere’s no one way to approach a debt-free journey, as everyone’s experiences differ. However, you can find ways to pay off debt without sacrificing what’s important to you—like investments or lifestyle choices! In this episode, Jen and Jill are joined by Akeiva and Meshack as they share their 18-month debt-free journey and how they did it.
Debt-free journey doesn’t have to mean extreme deprivation
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- Summercamp. It’s the thing you were supposed to sign your kid up for in March, but in March, you’re just trying to get through the spring. Then Maycember comes around, and you’re trying to get through the end of the school year. Before you know it, it’s July, and you didn’t put your kid in summer camp. June wasn’t that bad, but it’s July now, and you’re feeling a little bummed with yourself. Don’t be, because summer camp will come next year. If you’re looking for free things to do with your kid for the rest of the summer, head to frugalfriendspodcast.com and sign up for The Friendletter. Because every Monday, we share freebies, from food to activities, that are available nationwide. We’ll also give you ideas for free things you can do!
Prioritizing Sensible Financial Decisions
Akeiva and Meshack, a dual-income couple living a dink lifestyle with no kid, married in 2020 and started their debt-free journey. One day, Akeiva realized how much their debt had grown over the years, and as the financial planner she is, they began to pay more attention to paying off their debts.
Motivated by the possibility of becoming debt-free, Meshack had an emotional attachment to the goal but soon realized the importance of staying grounded and genuinely understanding what makes financial sense, not just what feels good.
Customizing Your Journey
Akeiva and Meshack had around $90K of student loan debt, which they had been paying off for 18 months while also investing for retirement. While it may seem like they knew exactly how to proceed, they still had to hustle multiple jobs to increase their income. Their story is focused on how they could maintain their lifestyle and enjoy life while paying off debt and planning for the future.
For the couple, the key factor that allowed them to reach where they are now was designing strategies that best suit them and making wise financial decisions.
A Good Start Leads to Better Financial Success
Remember, what may work for you may not work for others, but it is essential to get comfortable with your numbers and start from there, whether in spreadsheets, a notebook, scratch paper, or wherever you feel aligned. Regardless, setting realistic expectations and not comparing oneself to others is crucial in the debt payoff journey.
Moreover, celebrating milestones and finding freedom in financial decisions can provide motivation and inspiration. Each debt-free journey is unique, and finding a balance that works for you is the key to success.
✨Update on Akeiva and Meshack
No more DINK lifestyle! Akeiva and Meshack welcomed their first baby girl in December 2023, so they are still on parental leave. Akeiva took a pay cut at the beginning of 2023 when she moved to another job. Despite that, they are still on track and progressing toward paying off the remainder of their student loan debt. They have less than $40,000 to go and plan to be completely debt-free from student loans by June 2026, if not earlier. They are maintaining their investment rate of 15% and continue to travel. They also went on their first trip with their little one.
In what ways do you ensure that you're enjoying life while still working towards financial freedom?
For Jen, values-based spending isn’t about spending less but prioritizing what truly matters—focusing on her highest values ensures she still enjoys life. For her, it is through authentic relationships and quality time that she embraces her personal growth. In contrast, Jill finds celebration and fun in activities that require a lot of money, so she uses sinking funds to allocate cash for debt repayment and their favorite thing to do—travel!
Bill of The Week
Thank you so much Hellen for your bill about the cheery cashier at the discount grocery store named BILL!
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:
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Love this!
It’s a fun podcast that makes it easier to think about money and to make better decisions around it. Two intelligent voices talking about money in a nonjudgmental and fun way. (Also, you improve my English with new words and expressions every episode).Thank you! ❤️
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