Sam D. Miller

Marketer and YouTuber based in Atlanta

I’m ready to be debt-free already!

I started this blog way back in the end of 2014. Now, it’s already halfway through 2015 and I feel like I’m still right where I left off. Things keep coming up that keep pushing back my ability to tackle my debt, such as an impending wedding, car repair expenses, travel expenses, and overspending in general.

Normally, spending the amount of money that I do would be no huge deal, if I didn’t have any debt to my name. But I still have debt, approximately $85,000 of it, and I can’t stand it. I spend so much time pondering the state of my financial situation rather than actively doing something about it. Why? Because I feel stuck. Maybe you feel the same way?

I feel stuck since there are still a handful of wedding expenses that will hit the budget, and it just doesn’t seem to make much sense to be fired up about getting out of debt when a wedding (and all of the expenses that have to go with it) are still coming down the pipeline. And at the same time, the bills are getting paid, my fiancée and I’s jobs are secure, I’m getting a promotion and with it a raise, and things are overall going very smooth. But I don’t want to be in debt. I don’t want to wait a conservative 4 years or something ‘reasonable’ to be out of debt. I want to have it paid off THIS YEAR. Is it possible? Yes. Would it be a crazy thing to achieve? Absolutely.

Pinching pennies is one way, but there has to be a better way, a way to get out of debt fast. If you’re also struggling with debt, hang in there and keep pushing towards the light at the end of the tunnel. I’ll race you to it!

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5 responses to “I’m ready to be debt-free already!”

  1. Howto$tuffYourPig Avatar

    It’s tough getting out of debt! Don’t overlook the small things. When I sit down with people to assist them with their debt, their focus is on the larger items. Think small. Keep your home life small. Keep your wedding small. In general…keep your life small. Save and look for deals where ever you can. You would be amazed at how much money can be freed up when you start tracking your spending by the dollar. You may find that you need some lifestyle modification to get ahead of it. Good luck!

    1. Thanks for chiming in! Yes, the little things do add up. For me, a lot of wasted money is spent eating out. You’re absolutely right about the need for a lifestyle change. It’s hard work!

  2. Good read, and I hope things work out well for you. Interestingly, I was reading something today that may or may not resonate well with your situation. Here is an excerpt from a book that im currently reading called ‘Men , Women and Money’ by Kevin O’Leary (Mr. Wonderful from Shark Tank):

    “But maybe you’re reading this and thinking the single lifestyle is not for you. After all, there are strong economic incentives to get hitched. It is more expensive to live alone. And studies do show that married couples who stay together build more wealth by the time they reach retirement.

    So lets now assume you’ve had the hard financial discussions, signed a rock-solid prenup, decided you want kids, and there-fore want to marry the love of your life. So why did you go and lose your financial mind over the wedding? Who are those four hundred people on the guest list? A horse-drawn carriage? A chocolate fountain? Seriously? And no one’s even going to listen to that quartet playing during cocktails. No wonder the average cost of a North American wedding is $27,000. This figure never fails to stop me in my tracks. It varies by a couple of thousand dollars depending on where you live, but that, dear reader, is insane.

    Beyond the colossal amount of money spent on weddings, it’s the timing that kills me. When you’re young — say, thirty years old or younger — its the worst time in your life to throw $27,000 away on a single day. Remember, time is your greatest asset at that stage in life. People who overspend on their weddings are the same whiners who tell me afterwards that they can’t save enough money for a down payment on a house or pay off their credit card debt. Think about what else that money could do for you. If you invested a lump sum like that at the age of thirty and it earned only 3 percent a year, adding nothing to the principal, it would be worth more that $75,000 after thirty-five years. At 6 percent compounded interest, that same $27,000 would be worth more than $207,000 when you retire!”

    Im looking forward to reading your future posts and seeing your progress. Stay positive my friend

    1. Thanks so much for sharing this! Big fan of Shark Tank and Mr. O’Leary. We’ll come in around 10k all together for our wedding (incl. Honeymoon) with about 125 guests. A lot higher than our goal of 5k. We make enough to cash flow it but it’s certainly halting our debt payoff these past six months or so.

  3. budgetwhisperer Avatar

    You can do it. Just stick with it and be grateful you have the means to have the wedding. It took me 5.5 years to pay off $104.616 using the Dave Ramsey plan. This was 1.5 years longer than planned, but every dollar that was not put to debt was intentionally spent without regret. The delay in the debt free date and the journey has been totally worth it.

    It has been 8 years since I started the baby steps and I would do a thing differently.

    Keep it up.

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