Jane and Brad had a goal: get out of debt fast. In fact, they wanted to get out of debt faster than anyone I have worked with before.
I told them the fastest was $8,000 over 10 months. Determined to beat that, they pushed hard and managed to achieve getting rid of $26,000 of debt in just 4 months!
Jane and Brad
Jane and Brad had been earning over $200,000 per annum between them, but along with buying nice things for themselves and their children, they were annoyed to find they had nothing left before the next pay day.
Taking home over $6,000 a fortnight makes it easy to spend it all. It’s difficult to not notice that you’re spending little amounts here and there, or the fact that you’re using a credit card the last two days before pay day.
Over 20% of people earning over $100,000 spend more than they earn. Where Jane and Brad differ is, they decided to change it. Starting with $22,000 of debt, we uncovered an extra $4,000 in the process – so $26,000 was their total to get rid of. Jane and Brad used my tools and activities, and through my coaching they were able to get out of debt fast.
As a result, they now have over $2,000 per pay back in their pocket, more than $4,000 a month that they are using to create their lives the way they want.
This does not mean it all goes to savings, some of the $2,000 a fortnight goes to lifestyle, some to the mortgage and some helps the children with where they are at in life.
“Sitting down with Scott and getting really serious about what we could do, setting a goal and figuring out how we could achieve this took a bit of doing. Money is not the most interesting thing to talk about.”
Despite her initial expectations, Jane was surprised to get through our first few sessions without touching a budget. When we did start working towards putting a budget together, she found them easy to get through and not overwhelming, like she had anticipated.
“I could get to ‘wine o’clock’ on time and I needed it.”
Getting into the habit of changing your spending can be tough, so naturally, discussing with their kids that things would have to be simple for a few months was a struggle. The kids didn’t enjoy this, especially when they asked their eldest to get a job to help pay for University.
The family effort proved strong, and the eldest managed to earn some good money while working part time to save for University.
Changing their habits as a family, such as repairing a broken phone screen for christmas rather than straight away, was key in helping them get out debt fast, which shows with their outstanding result.
“We now have a better idea of what we are doing with our money, some of it is automated, some we use cash for, but mainly, we know what goes where and we only really use the budget when we meet with Scott.”
They were amazed when they finally reached the finish line, but being tough on themselves, Jane and Brad were disappointed it didn’t happen faster. I am very proud of how far they have come, $26,000 gone in 4 months is tough to pull off, but they did it!
“It’s an amazing feeling to be debt free, especially when it happens so fast!”
I’m sure being able to get out of debt fast is something a lot of you want to achieve, and you can! You can take it at your own pace or strive hard to beat Jane and Brads progress – as long as you have the determination to push yourself to achieve your goal.
Grab my free eBook, which you can download below. Let’s get you started on your debt free journey.