Financial frustration could be defined as low income, lack of savings, or debt. It could be student loans and credit card debt, or maybe you’ve had hardships in other parts of life and your spending is out of control. I feel that more and more Americans are financially frustrated… more than would ever admit to it. We’re all striving for the American Dream, right? 😉 It could be from falling on difficult times, from choices made, or a combination of the two. Being financially frustrated is emotionally draining. It could even start as simple as having low income and you end up spending out of control because you don’t know WHAT to do or HOW to fix the situation. We’ve definitely been guilty of that one from time to time.
We are financially frustrated, although I don’t like admitting it either. Multiple items in that first paragraph affect us. In Erin Odom’s book, More Than Just Making It, which is the inspiration for this blog series, she writes, “Sharing our financial details started us on a journey of financial freedom.”
If you are financially frustrated… how long can you handle the emotional stress of living this way? For us… We’re at the end. We’re emotionally tired, and we are ready to make changes – despite how uncool or radical they may be. We are ready to go from financial stress to financial success.
“Regardless of your financial situation, there IS hope.” Join us on our journey to financial freedom… where we are learning how to be More than Just Making It.
What We are Personally Doing Now to Gain Financial Freedom:
- We are reigning in our spending. Our budget is set. It is strict, and we are holding each other accountable in our spending as we stick to it each month.
- We are selling our house. We have family that is generously giving us a place to live when our house sells so that we can save money.
- While we would love to follow the rule of “live off of only one income”, we only have one income so the next step would be to live off of half of that income. Can we do it?! We’re going to try! When our house sells, this will eliminate our mortgage and the cost of utilities – which most likely makes up about half of our income.
- Pay off our student loans. Between the two of us, we have about $28,000 in Student Loan Debt. That number makes me cringe, but when our house sells, it will be our only debt. We plan to chip away at it month after month until it’s gone.
- Our intentions are to live off of half our income, put a quarter of it towards student loans, and a quarter of it towards savings for a future down payment.
- We actually have an even bigger goal to pay cash for our next house… whether that means building one and doing it a little at a time or a tiny house, or just whatever we can do. I don’t know if this will be possible, but it sure would be nice!
From Financial Frustration to Financial Freedom
More Than Just Making It