Can you pay off debt when living on one income?

It's the dream, right? To be debt free. To be at peace with your bank account and to not worry when the next emergency will turn into a crisis. 

Recently a viewer on the Five4Five YouTube channel asked me to talk about paying off debt while living on one income. 

Our family officially became debt free in February. I am not going to lie. At times it felt tough. And then it felt freeing. That's the only way I can describe it. 

But I want to be up front with you about everything. I don't want give anyone false information or sell anyone a bill of goods. I don't want to tell you things that "worked for me" when I didn't actually do them. I say all of this to say that when we went from two incomes to one income that one income had increased. 

It was livable... if we made some changes. When Jason got a new job it was my hope to stay at home, but I knew that in order to do that we would have to really starting punching out debt in the face. 

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Here are some things that we did:

1. Get on a budget. Sit down and make a budget. Write downeverywhere you are going to spend money over the course of the month and stick to it. 

If you fail the first month don't give up. If you fail the first three months, don't give up. You will get there. 

Jason and I have fallen off the wagon so many times I think the wagon ran us over a few times. But you will get there. Just stick with it and you will get there. 

2. Get bare bones. Jason and I implemented a no spending challenge. This really showed us where we were wasting money and where we could tighten up. 

But before that we cut back everywhere we could. We limited our trips to save gas, we meal planned to save on groceries , we didn't go out to eat, we quit buying clothes, we cut out cable and renegotiated lower bills. We use the library and Netflix for our entertainment and we simplified life. 

All of these things over the course of a few months add up huge. 

3. We set goals. This is huge. And one I didn't think about before Jason mentioned it. But setting goals really helped us to solidify our savings and debt goals. I wanted to stay home as long as possible with my babies and Jason really wanted to buy us a house. 

With these goals in mind we kept trucking, we kept saving and we kept moving forward. 

You can pay off debt by living on one income. It's not always easy, but it's not a complicated equation. It takes intention, planning and dedication. But it can be done. 

What about you? What are you working toward? LEAVE ME A COMMENT.