According to the Federal Reserve Bank of New York, Americans now owe around $1 Trillion in credit card debt. This is the highest number since the New York Fed began tracking this information in 1999. As a country, we’re buying more than we can afford and it’s showing. So how can we as a society rid ourselves of this high-interest debt while still enjoying life? Can we become debt free while still enjoying life?
To help us answer this difficult question, I’ve invited Author Allison Baggerly on the show today. She's the Author of the new book, Money Made Easy: How to Budget, Pay Off Debt and Save Money.
Overview: Become Debt Free While Enjoying Life w/ Allison Baggerly
Allison Baggerly reviews the following:
- Why it can be so difficult to make financial progress
- Easy ways to make and save more money
- How a budget can be the best financial move you can make
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Key Takeaways
Here are my top three takeaways from my conversation with Allison Baggerly.
Give Yourself Grace
While we understand the realities of inflation, most of us have never felt inflation like this. Food prices are out of control and general costs of goods and services are a whole lot more than they were last year or the year before. But our income may not have kept pace with it.
In short, realize this is a crazy time. You might not hit big goals super fast. Take your time. Celebrate the small wins when they come and give yourself some grace in the process.
Become More Intentional With Your Money
If you’re reading this post, you more than likely want to improve your family’s financial situation or you are goal-oriented in general.
Take this moment to become more intentional with your money. Because inflation is so high, we have more of a need to take a deep dive into our budget to see what we can adjust.
Find some ways to reduce your expenses without killing your joy. My favorite tactics are negotiating those recurring bills (or switching providers altogether)! We switched from Verizon to Tello and cut our bill nearly in half!
Make More Money Starting at Work
If you want to make some more money, start where you’re already making money.
I’m all about the side hustle or finding ways to grow a small business of your own, but that can be overwhelming for busy parents.
The easiest and quickest way to more money is through overtime, commissions, bonuses, or pay raises at your current place of work … or finding higher paying jobs in the field of work you’re already in.
Exploring your options here could add thousands or (in Allison’s case) tens of thousands of dollars into your life.
Guest Bio – Allison Baggerly
Allison Baggerly is an author, podcaster, money coach, and founder of Inspired Budget. As a former teacher, Allison blends her talents for teaching with her passion for personal finances to help others learn how to start budgeting and build a life they love.
Allison and her husband paid off over $111,000 of debt on 2 teachers' salaries while growing their family. During the process, she learned how to take back control of her money, stay consistent with paying off debt, and stop emotional spending once and for all.
Allison has been featured in notable media outlets such as Forbes, Business Insider, and Parents as a budget expert who gives women a step-by-step process to break free from the grueling paycheck-to-paycheck cycle. Her book, Money Made Easy, offers a variety of solutions to help you write a budget that works, pay off debt, and have a better relationship with money.
Guest Resources
Allison Baggerly (Website)
Money Made Easy (Book)
Podcast Resources:
- Make My Kid a Millionaire Course: Want to make your kid a millionaire? Learn more about my course!
- Family Wealth + Happiness Guidebook: Get the 10 steps to young family wealth and happiness for free by signing up for our bi-weekly newsletter. This 39-page PDF gives the tools, guidance and resources to achieve your own version of family financial independence.
- MKM Coaching: Looking for someone to walk alongside you on your financial independence journey? Grab your free 15-minute consultation today.
- Corporate Financial Wellness Presentation: Contact me to discuss how I can support your company's overall financial wellness.
- Recommended Resources: You won’t reach your financial goals without the right tools. Here are my suggestions!
Carpe Diem Quote:
“Success is its own reward, but failure is a great teacher too, and not to be feared.” – Sonia Sotomayor
What do you think of the advice from Allison Baggerly? Do you think you can become debt free while enjoying life?
Please let us know in the comments below.
