I am a single mother who paid $ 102,347 in debt – as I did it

Commitment to our readers

The Gobanking Council's editorial team is obliged to bring you impartial reviews and information. We use data -controlled methods for evaluating financial products and services – Our reviews and reviews are not influenced by advertisers. Further information on our editorial guidelines and our methodology for checking the products and services can be found in the methodology.

20 years
Help you live, richer

Trust from
Millions of readers

Debt can feel like a shadow that never leaves. It interrupts your sleep and transforms any unexpected invoice into more debts. And for many single parents, the weight of the debts is even more overwhelming. The balance between work, childcare, household costs and repayments for debts can have the feeling of hardly making any progress.

Courtney B., a personnel worker and a single mother of three years, was in this situation not too long ago. It is now debt-free and shares practical steps that she took to tackle over $ 100,000 in less than four years.

She became real about her numbers

One of the greatest challenges that many people face in combating debts is recognition of how much they owe. Courtney confronted her financial reality head -on. She pulled her statements, exposed herself to all the balds that she owed, and made a simple table to pursue her debts.

“At the time, $ 102,347 stared at me. I took a deep breath and decided that it was time to take control,” said Courtney. When she realized her financial situation, she clarified what to do next.

She chose the debt -Avalanche method

When deciding on how the debts should pay off, Courtney decided on the debt-Avalanche method, a strategy for repaying the debts with great interest before switching to lower debts. “It felt slowly at the beginning, but to see my credit card debts, motivated me to continue,” she said.

While most people prefer debt balls for small victories, the Avalanche method saved their thousands of interest.

She has reduced her expenses

Courtney checked her monthly expenses and lowered unnecessary to release money for debt payments. It eliminated discretionary expenses such as food, unnecessary purchases and canceled unused subscriptions.

“If it is not rented, eating or an invoice that the lights stopped, it was cut.” By cutting back, Courtney was able to lead hundreds of dollars to her debt repayment every month.

It increased her income

While cutting back, it helped to increase your income, made the biggest difference. Courtney started a freelance writing page. She was able to write after her children went to bed. She also delivered food at the weekend. “Sometimes I felt exhausted, but I always remembered why I started.”

It channeled every wind case towards debt

It is tempting to give unexpected money, but for Courtney she has undertaken to set every windfall – tax reimbursements, bonuses and gifts – for her debts. “It was tempting to spoil yourself, but I always thought I would rather have a new phone or a step closer to freedom?”

She celebrated small milestones to stay motivated

The payment of six debts in debt can feel like an endless meal, which is why Courtney found smaller milestones on the way to possibilities. Every time she paid $ 5,000, she planned a little pleasure for herself and her children's etwas fun but still budget-friendly. “That reminded me of why I did it all,” she said.