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Budgeting & Saving

Here’s The Budget One Woman Used Before And After Paying Off $32,000 Of Debt

It was very difficult for me to reveal this information and I tried to be as open as possible without completely eliminating my privacy. Here’s the story on Business Insider about how I budgeted for my debt payoff. 

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In 2011, LaTisha Styles decided it was time to pay off her $22,000 of credit-card debt and $10,000 auto loan.

The process took her three years and one month.

“In November of [2011], I moved to my own place in the city, single and without children,” she remembers. “I took a job with an investment adviser and slowly began the process of paying off my debt.”

At the time, her debt was delinquent (meaning she hadn’t been making payments), since she had graduated college without a job and went to live with her parents outside of Atlanta, Georgia.

On the day she was offered her new job, she sat down and created a budget, using a basic spreadsheet and working with Clearpoint Credit Counseling Solutions to manage her consumer debt.

Here, she shares an average monthly budget from 2013, when she was furiously paying down her debt, as well as one from 2014, the year she paid it off. Note that these are averages taken from a year’s worth of spending, so a single month isn’t represented, and the budget was created for her after-tax income. Continue reading on Business Insider.

 
Or, watch this video first about my debt payoff strategy.


 

Originally posted 2015-01-07 13:00:09.

By Young Finances

LaTisha is the founder of Young Finances, which teaches simple finance for millennials. She is a millennial lifestyle and money expert helping clients take an existing skill and turn it into an online business.

What started as a financial blog to hold herself accountable while she paid off debt of over $32,000, transformed into a self-development journey allowing her to create a life by design and not by default.
She encourages her audience to blend smart money habits with a dash of the royal treatment as she believes nothing should be too lavish. Her work has been featured in notable publications including Forbes, Fast Company, and Business Insider.