We Paid off $50,000 in 15 Months Living Broke on Purpose!

We paid off $50,000 in 15 months by living Broke On Purpose. www.livebrokeonpurpose.com

With June officially over were now embarking into the second half of the year. Every six months I like to take the time to sit down and go over the list of goals I wanted to accomplish within that particular period.  Going over what I’ve accomplished, what I’m still working on, and what I’ve yet to bring into fruition helps me to plan out my goals for the remainder of the year as well as shows me where I’ve been slacking. It’s kind of like sitting down with the Broke on Purpose Financial Worksheet Kit and planning out your financial goals. By writing out short-term, mid-term, and long-term goals, you can always go back and revisit the plan to make sure you’re on track. You can also do this with your budget weekly. Create a written budget at the beginning of the month and check back at the end of every week to make sure you’re staying on task. Since living Broke on Purpose we’ve paid off over $50,000 in just 15 months to which we owe all to faith, teamwork, and hard work.

Often people ask me how do I predict how much money we’re going to pay off every month since part of the money I bring in is from my side business can vary from month to month since I’m technically self-employed. The truth is we can only predict how much we’re going to pay off from our written budget of guaranteed money coming in for the month and anything beyond that is a faith walk. For instance, because we paid off all our credit cards (besides the one we rolled that Student loan interest over into), and paid off both our cars we’ve freed up a good bit of money in our budget. Using the debt snowball method we’ve rolled all the money that was going into those payments towards the student loan next on the list while paying the minimum on the others. So, from the snowball, we’re able to pay an add’l $1500 on our student loan. Anything we can pay towards the debt after this is money I bring in from working as a Digital Media Influencer, which again varies from month to month.

This does not deter us from writing the vision of what we would like to pay off every month. We know we can pay $1500, but we write down that we’re going to pay an additional $2000 or $25000. Once we’ve written the number down we trust that God will provide, and we don’t worry about it beyond that. Sometimes we make our goal, and sometimes we don’t, but God always provides allowing us to knock out our debt.

We paid off $50,000 in 15 months by living Broke On Purpose. www.livebrokeonpurpose.com

June 2016 PayOff Report

This month living Broke on Purpose we were able to pay off $4515, which is the most we’ve been able to pay off so far this year! We were able to achieve this goal due to receiving Windfall Money. Windfall Money is money that unexpectedly comes in. It can come in the form on an inheritance, surprise bonus at work, or even the lottery. Our windfall came in the form $1600+ check from the bank due to overpayment in our escrow account. When we received the check, the first thing I wanted to do was run and throw it at our student loans, but after speaking with my Father, we decided to hold on to it a bit to make sure the bank hadn’t made some error. Once received paperwork that everything was in the clear we took out 10% for tithing and paid the rest towards our student loan.

The debt we’re currently working on is a Student Loan Interest Balance Transfer, where we transferred accumulated interest onto a 0% credit card so that we could get control of it (read more about that here). We went into June with a starting balance of $17674 on the balance transfer and our balance for the beginning of July is $13,160. Our goal for July is to bring that balance down to below $10,000 by the start of August. One of the reasons I feel we are so successful living Broke on Purpose is because we have Faith, and we practice some serious teamwork. Our goal is to pay off a total of $45,000 by the end of the year. So far for the 2016 year, we have paid off  $20,718.

 Since we’ve been living Broke on Purpose these past 15 months we’ve paid off a whopping $50,124!

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17 Comments

  1. July 1, 2016 / 2:13 pm

    That is fantastic! Debt is the worst thing for a marriage and a life. We’re doing pretty well, but I can’t imagine being under a ton of debt.

  2. July 1, 2016 / 5:58 pm

    Way to go with getting out of debt. I’ll be so glad when I do and hopefully it will be in my lifetime.

  3. July 1, 2016 / 7:24 pm

    This is so awesome! I love the feeling of paying off debt. I can’t wait to finish paying off my student loans.

  4. July 1, 2016 / 11:02 pm

    This has been my goal everytime. I’d rather pay off debt than have savings in the bank that hain nothing of interest.

  5. July 2, 2016 / 2:01 am

    That is so great! Good work! I am still paying off student loans myself and I know how hard that is!

  6. July 2, 2016 / 3:19 am

    It always feels good whenever you have just paid off your debt. I just finished one last month and working on finishing the next.

  7. Michele D
    July 2, 2016 / 8:17 am

    Wow! That is amazing! I wish that I could save enough to get my debit down. You guys are awesome!

  8. July 2, 2016 / 1:45 pm

    This is awesome. I’m really working on paying my debts down and building my credit score. Thank you for sharing. 🙂 – Yolonda

  9. Jeanine
    July 2, 2016 / 2:44 pm

    That is pretty awesome! We don’t really have much debt but I can imagine how amazing this must feel! I think it’s pretty incredible and would too live broke on purpose!

  10. July 2, 2016 / 5:34 pm

    That is amazing. I wish that we could do the same. I need to up my blogging game so that I can pull in more income.

  11. July 2, 2016 / 10:31 pm

    Congratulations!! We worked hard to pay down our debt and had all credit cards paid off last year. Then, we had some serious car repairs.

  12. July 3, 2016 / 4:00 pm

    I applaud your commitment to living broke on purpose in order to reduce your debt. Over $20k paid off already is a great accomplishment and you should be proud of yourselves.

  13. July 4, 2016 / 9:13 am

    That is awesome! Congratulations on that one. That is definitely something to be proud of. Bet you breathe a sigh of relief. 🙂

  14. maggie branch
    July 5, 2016 / 7:32 am

    I am so proud of you guys! THis is a huge accomplishment and you should feel so relieved! My husband and I are slowly but surely paying down debt and building credit so that we area able to purchase our first home. It is hard stuff!

  15. July 5, 2016 / 9:29 am

    Congrats on eliminating so much debt! I bet that makes it a lot easier to rest easy.

  16. July 5, 2016 / 5:09 pm

    That is amazing! Congratulations and you’re on your way to being debt free. I would like to check on tha worksheet and maybe apply it into our budget as well.

  17. Gennelle Rottare
    July 7, 2016 / 3:03 pm

    Congratulations! I’m in the process of paying down my debt and have been successful being consistent, but there always seems to be something that comes up. Plus I have a travel addiction lol. God has been good and I’m slowly working at it. It’s so hard though since I just want to be done paying it off but I have to remember to not put too much down so I’m not consistently going into debt. So happy I found your page to help me on this process!

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