It may take some discipline, but achieving zero balance will bring a way of relief.
Army veteran and single mother Nyajuok Tongyik Doluony shares how she paid off hundreds in debt, a goal she set for herself in 2020.
According to Doluony had $87,000 in debt, five-figure bank card bills and automotive payments before she decided to enroll in a course led by local finance guru Dave Ramsey.
“I was desperate. I didn’t want to get out of the military with my debt,” Doluony said. “I wanted to focus on taking care of myself and my kids.”
Doluona was in a position to use several strategies from the category to enhance her financial situation. These included understanding the necessity to adjust her financial situation, preparing and forecasting weekly and monthly expenses, and finding ways to earn additional income.
Tracking spending patterns was one of the habits Doluony shared, noting how necessary it’s to know where every dollar in your checking account goes. To help with that, she used Ramsey’s EveryDollar Budget Appwhich helped her divide her expenses into different categories, including housing, transportation and other personal purchases.
“It’s really a mindset thing,” Doluony said.
Additionally, Doluony said she tackled her high-interest debt first while she paid the minimum amounts on other debts. The money left over from every month went toward the loan with the best rate of interest.
Doluony was in a position to use $17,000 of the 60 days of paid leave she had accrued since leaving the Army to pay for her debt with the best interest.
Diversifying her income was one other habit Doluony added to her financial discipline. She added that she picked up extra nursing shifts on the hospital, sold things across the house she didn’t need and resold items she bought at Goodwill, eBay and Facebook Marketplace to make extra cash.
“I learned to change my mindset from consumerism to, you know, just building wealth,” she said.
Doluony is now debt free and needs others to be inspired by her success in achieving financial freedom.
“After I paid it all off, I felt a sense of relief,” she said. “It doesn’t matter where they are or where they come from. I believe that whatever you decide to do in your life, it will bring you fulfillment.”
“Give me your plan,” Doluony said. “Plan your week, plan your month, plan your meals.”
