Eliminating $200,000 in Debt: My 3-Year Journey to Financial Freedom

It all started when I graduated college with a degree in marketing and landed a well-paying job in my field. I was making good money, but I also had a lot of student loans and credit card debt from my college years. I knew I needed to do something about it, but I didn't know where to start. That's when I stumbled upon Dave Ramsey's financial program and it changed my life.

Dave Ramsey's program is based on the principles of living below your means, creating a budget, and paying off debt using the debt snowball method. The debt snowball method is a way of paying off your debts in order of smallest to largest, regardless of interest rate. This helps to create momentum and a sense of accomplishment as you pay off each debt.

I started by creating a budget and living below my means. I cut back on unnecessary expenses, such as eating out, shopping, and subscriptions. I also made sure to save some money each month for emergencies

and for my long-term financial goals. By living below my means, I was able to free up more money to put towards my debt.

Next, I made a list of all my debts and arranged them in order of smallest to largest. I then focused on paying off the smallest debt first while making minimum payments on the rest. Once the first debt was paid off, I moved on to the next one, and so on. This helped me to stay motivated and see progress as I paid off each debt.

I also made sure to have a consistent income stream by picking up a side hustle, which helped me to earn extra money to put towards my debt. I also negotiated for a raise at my full-time job, and also took on freelance work in my field to increase my income.

In addition to budgeting and the debt snowball method, I also made sure to be mindful of my spending habits. I avoided taking on new debt and made sure to pay off my credit card balances in full each month to avoid interest charges. I also avoided impulse purchases and made sure to think about each purchase before making it.

It wasn't an easy journey, but with hard work, determination and a clear plan, I was able to pay off $200,000 worth of debt in 3 years. It was a huge accomplishment and it changed my life in so many ways. I now have a sense of financial freedom and security that I never thought was possible.

Paying off debt is not easy, but it's worth it. It takes time, discipline and hard work, but the reward is worth it. It's important to have a plan, stay motivated, and make changes to your spending habits. Remember that it's not a sprint, it's a marathon, and you will get there if you stay committed and consistent.

In conclusion, paying off $200,000 worth of debt is not impossible, it takes a plan, commitment and discipline. By living below your means, creating a budget and using the debt snowball method, you can achieve financial freedom and security. Remember that it's a marathon and not a sprint, and with the right mindset, you will get there.