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Hey..Hey..Hey!!
Today, I am featuring another story in the Debt Free Success Series. This story features Josh and Elisha of The Penny Lounge. I connected with them on Instagram and I consider them as one of my favorites in this personal finance space. I am thrilled that they agreed to be featured on the blog, I’m ready to share their story with you.
Tell us a little about yourself and your family.
In 2006 while attending college, our paths aligned and we started our journey together. After getting married in 2011, God blessed us with our son Josiah in 2016. We are travel junkies who love exploring the world. Josh is a musician (vocalist and pianist) who also enjoys graphic design and is a die-hard Dallas Cowboys fanatic (unfortunately- signed Elisha). Elisha works full time in the Commercial Real Estate industry while successfully managing her stationery business, Page Eleven Paper Goods, and her obsession with interior design.
We are the proud founders of The Penny Lounge where we help individuals gain clarity on Financial Goal Setting, Debt Management, and Budgeting. With our hearts to serve, we desire to equip people with resource that will guide them from Financial Dependence to Financial Wholeness so that they can live authentically without limitations.
How much debt did you have and what did it consist of?
Our journey started off with $87,459.29 of debt. The debt consisted of Student Loans, Credit Card Debt, two Car Loans, & a Home Repair Loan.
What made you decide that you wanted to be debt-free and what steps did you take to reduce your debt?
We’ve always strived to be intentional with our goals but one night we were chatting about money and as the conversation progressed, we noticed that our debt was holding us back. We had been ‘good’ with money, tried to save, had great credit scores, managed check by check. But what we hadn’t paid much attention to was our debt. We spoke about it in such a future tense, in our minds it was always going to be there. But that night, the question arose. So, what if we didn’t have any debt would our goals remain the same? That answer was no and that was the start to our financial freedom journey.
When we think about our why, there are a few triggers that bring value to our journey. As a family, we desire a better life for the generations to come along our path. We want to have the ability to spend more time together and travel the world and therefore, finding the return in time vs money. Additionally, we strive to give more to others graciously; there is a true blessing in being a vessel to somebody else.
In order to reduce our debt, we picked up more hours at work, begin multiple side hustles, and sold things around the house. We took the approach that if we were to hustle hard for a small period of time, it would make a huge difference in our future lives.
How long is it taking you to pay off your debt?
Our journey started November 2018 with an initial payoff date set for November 2020, but currently we are on pace to pay it off early! We currently have only our car loans remaining which total approximately $16,000. We are truly close to the finish line.
What sacrifices did you make to become debt-free and why was it hard for you to give them up?
The debt free journey is an array of sacrifices. In the beginning, it was much harder to appreciate the sacrifices we were making. However, as the numbers started dropping it was easier to stay motivated and on track. There were triggers everywhere and they created constant cravings every day. This made us lean extremely hard on our “Why” to keep us focused. We sacrificed eating out often, Shopping (Quick Target runs also known as semi-shopping spree for the wife), major International travel (temporarily), & being at every social event. The hardest part about giving these things up was that we would have to break habits.
Did you pick up any side hustles or part-time jobs that helped you with paying off debt?
Respondent.com is awesome! I earned $50 from by having a 20 minute conversation. What advice would you give to someone who is currently in debt and doubtful that they can pay it off?
Your mindset is the most important component of the debt free journey. Here are our 4 steps to conquering your debt: Shift your mindset, identify your why, make a plan, and execute. If you are willing to make a temporary sacrifice, then you can achieve debt freedom.
Additionally, we advise to have a support team or accountability partner. The journey is definitely tough at times, so having somebody that can hold you liable to your plan and keep you progressing towards your goal is vital.
You’re absolutely correct! Your mindset will definitely direct your course of action. Now that you’re almost debt free, what are your future goals?
The first goal is to increase our emergency fund to 4-6 months. Once that is fully funded we will further pursue our interest in investing in stocks, real estate and small startup companies. Additionally, we’ll start aggressively contributing to our retirement savings which will help us get a step closer to Financial Wholeness. Our most valued goal would be to enjoy traveling together. We plan to hit the skies and wander the world with our family.
Once you become debt free, “what’s the first thing you’re going to do when you become debt-free”?
Once we reach debt freedom, the very first thing that we will do is…. *cue the music*…have a praise break. Now it is time to start planning our very first debt free trip. Whoooo! We will be celebrating our 10-year anniversary in 2021 and would like to take a 2-week intentional trip. This will be a celebration for the achievements and blessings we’ve had during this marriage!
Tell us where we can find you on social media to learn more about your journey?
You can connect with us on our webpage The Penny Lounge and on the following social media platforms:
Instagram – @thepennylounge
Facebook – The Penny Lounge
Interested in more debt-free success stories?
Elisha and Josh are smashing debt like never before. I hope their interview inspires you to start your debt free journey! Be sure to check out the other debt free stories by clicking here.