Life Kit How to pay off your debt, fast
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Feb 18, 2019 Explore extreme debt reduction strategies and the journey of Meredith and Tony paying off $37,000 in debt. Learn how cash envelopes can transform spending habits, the challenges of working extra hours to pay off debt, and the significance of teamwork in overcoming financial struggles.
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Gardners' Debt Struggle
- Tony and Meredith Gardner faced about $40,000 in debt shortly after college with growing family concerns.
- They felt hopeless about handling their student loans on their current incomes but decided to attempt drastic measures.
Set Specific Debt Goals
- Set a very specific and clear financial goal to increase your chances of success.
- The Gardners set a precise goal to be debt-free by age 30, which motivated them.
Use Cash Envelope System
- Use a cash envelope system to control spending and feel the impact of money going out.
- Paying in cash helped the Gardners limit groceries and other expenses significantly.