Financial freedom

Debt Freedom – My Story

Hi, I’m Kelly, I’m 48 and debt free.

What does financial freedom mean to me?

Well, it’s nothing to do with being rich or flashy.

It means not being beholden to anyone. It means feeling free to make sensible financial decisions for my family. It means being in a position to help others who are less fortunate. It means feeling in control of my financial future.

It means feeling very, very blessed.

I spent the first few years of my young adulthood wondering what on earth I was supposed to be doing. I started a degree and dropped out. I worked a variety of low paying jobs with long hours in order to pay my rent, run my car and eat!

Although I did complete an “at home” small business course (pre-internet days) I really had no idea what my own business would look like or how I could do it.

I got married and had my 4 children when I was in my 20s and early 30s.

When I was almost 30 my husband and I had scraped together enough money for a home deposit. We both worked full time and made many sacrifices in order to save. In 2005 property prices were much lower than they are now so with a deposit of around $100,000 we were able to purchase our first home with a $100,000 mortgage.

It seems like a very manageable amount all these years later, but at that time the struggle was real. As our family grew we made the decision that I would stay home to homeschool our children.

My husband’s wage from his full time job was modest to say the least.

But 10 years later, we paid off that mortgage. Yes, on one wage and with 4 children to clothe and feed.

6 years later we had another mortgage. We had a dream. We wanted to leave the suburban lifestyle we had grown to detest. My husband and I had both lived rurally on farms as children. We wanted that lifestyle again for our family.

In 2016 I started an online business in the hobby/education/design space. Over time this business grew enough for my husband to retire from his job and work at home with me. The business continued to grow so that in 2021 we achieved our dream of obtaining acreage in a beautiful rural location.

Within 3.5 years of our move we had again paid off our mortgage and were completely debt free.

Having lived below the poverty line to now being financially comfortable, I have a lot of helpful financial information to share.

Regardless of where you are at in life – stay at home parent, single, married, empty nester, you will find help and ideas here to work towards financial freedom.

Financial Freedom, The First 3 Steps

by Kelly Leave a Comment

Financial freedom may sometimes feel like an unrealistic and unobtainable dream.

While the journey to financial independence varies from person to person, and there can be many methods and facets involved, I believe there are universal first steps that set the foundation for readiness.

Here’s how to start your path to financial freedom these first 3 essential steps:

1. Know That You Can Do It

That’s right, I want you to not just believe but to know that YOU can become financially free. Many people think it’s something that is reserved for the wealthy or lucky, but countless stories of ordinary individuals prove otherwise (me being one of them!)

Is there anything special about me? No.

No super intellect (college drop out here, you can read my story here 🙋‍♀️), no generational wealth or special prior knowledge, no secret formula.

I’ll be blunt – if you don’t believe you can do it then you simply won’t.

2. Commit to It

Financial freedom doesn’t happen on its own. It’s not something that you hope will somehow be taken care of, or that someone will step in and fix for you.

Once you believe financial freedom is within reach, it’s time to commit wholeheartedly. This isn’t a casual “maybe one day” desire—it’s a focused decision that requires your active participation.

Commitment means creating a plan, educating yourself, and making sacrifices when necessary. It might mean cutting back on unnecessary expenses, building new skills, or creating multiple income streams. Without commitment, it’s easy to fall back into old habits or the sense of apathy that may have created your overwhelming debt in the first place.

3. Be Patient

Financial freedom doesn’t happen overnight. It requires discipline, patience and desire for change. Some months may feel slower than others, but consistency is key to keep moving forward.

Avoid comparing your journey to others. Remember that everyone starts at different points and faces unique challenges. Celebrate small wins—each step brings you closer to your goal.

The time that it takes to become debt free does not matter as much as the fact that you are doing it. Be proud and thankful that you are taking positive steps towards your financial future!

The path to financial freedom starts with the right mindset, a solid commitment, and the patience to see it through. These first three steps—believing you can achieve it, committing to the process, and being patient—create the foundation for success.

Remember, every step forward is progress. Start today, stay consistent, and watch how the small changes lead to a big transformation.

Your financial freedom is closer than you think!

Debt Free in 2025 – A Roadmap to Financial Freedom

by Kelly Leave a Comment

In 2024 our family became debt free. We have been working at this for years and it’s rewarding to now have achieved such a major goal!

The only debt we have been willing to take on is a home mortgage. We have never used credit cards and always lived a frugal lifestyle, living within our means and saving for important purchases. Using these principles, we have been able to pay down our mortgage and have reached a new level of financial freedom.

Debt freedom is such a wonderful feeling and I want you to be able to achieve it too!

Debt Free in 2025: A Roadmap to Financial Freedom

As we approach a new year, many of us are setting resolutions, and one of the most powerful goals you can set is to become debt-free by 2025. Personally, I don’t make resolutions, but I do have a lot of goals and am constantly working towards them.

Living without the burden of debt opens up a world of financial possibilities, promotes a simple lifestyle and reduces so much stress! For me, one of the best things about debt freedom is the ability to give more to others and improve their lives as well.

Here’s a comprehensive roadmap to help you achieve this goal, particularly if you have multiple sources of debt.

Step 1: Assess Your Current Financial Situation

Before you can tackle your debt, you need a clear picture of where you stand. Take some time to have an honest look at your true financial situation, even if it’s difficult to face:

List all debts: Include credit cards, student loans, personal loans, and any other obligations.
Calculate total debt: Add up the amounts owed to see your total debt load.
Review interest rates: Identify which debts carry the highest interest rates.

Step 2: Create a Budget

A budget is helpful for managing your finances effectively. Here’s how to get started:

Track your income and expenses: Use apps, spreadsheets, or good old-fashioned pen and paper to see where your money goes.
Identify areas to cut back or change: Look for non-essential spending that can be reduced, eliminated or reassigned.
Allocate funds to debt repayment: Designate a specific amount each month to pay down your debts.

Step 3: Choose a Debt Repayment Strategy

There are several strategies for paying off debt. Here are two popular methods:

Debt Snowball: Focus on paying off your smallest debt first while making minimum payments on larger debts. Once the smallest is paid off, move to the next one. This method provides quick wins and can boost motivation.
Debt Avalanche: Prioritize debts with the highest interest rates first. This method saves you money in the long run by reducing the total interest paid.

Choose the method that resonates with you and fits your financial situation. You could even do a mix of the two if you can afford to. For example, make extra repayments on the debt with the highest interest whilst also hitting your smallest debt in order to eliminate it.

Step 4: Increase Your Income

Besides decreasing spending where possible, the other reliable way to get in control of finances is finding ways to increase your income. This can significantly speed up your journey to being debt-free:

Side hustles: Consider freelance work, selling unwanted or un-needed items from your home, start an online business.
Ask for a raise: If you’ve been performing well at your job, and if it’s appropriate, discuss a pay increase with your employer.
Monetize skills or hobbies: If you have skills in crafting, tutoring, or consulting, explore ways to turn them into additional income streams.
Start an online business: There are so many online opportunities and many of them can be started while still maintaining a job.

Check out My Story to see how I increased our income to such an extent that my husband retired from his job in his early 40’s, we paid off our first mortgage, saved for our dream property and are now completely debt free!

Step 5: Build an Emergency Fund

While paying off debt is crucial, it’s equally important to prepare for unexpected expenses. Aim to save at least $1,000 as a starter emergency fund to avoid falling back into debt when emergencies arise. Even in our days of living below the poverty line as a family, we still had an emergency fund.

Step 6: Stay Motivated and Accountable

The journey to becoming debt-free can be challenging, but staying motivated is key:

Set milestones: Break your goal into smaller, achievable milestones and celebrate each one.
Join a support group: Connecting with others on the same journey can provide encouragement and accountability.
Follow others who are or have been on a debt free journey
Visualize your goals: Create a vision board or write down your financial goals to keep them front of mind.
Have fun: Did I just tell you to have fun?! Sure I did! Believe it or not, the process to debt freedom can be fun! Ticking boxes, getting loans paid down, seeing progress and eventually achieving financial freedom? Now, that’s my idea of fun 🤩

Step 7: Educate Yourself

Knowledge is power. Take the time to learn about personal finance through books, podcasts, and online resources. Understanding financial principles can help you make informed decisions and avoid falling back into debt in the future. It can also be super inspiring to read other people’s stories and learn more about how they did it.

Becoming debt-free by 2025 is a realistic and empowering goal. By assessing your finances, creating a budget, choosing a repayment strategy, increasing your income, building an emergency fund, staying motivated, and educating yourself, you can take control of your financial future. Remember, the journey may have its ups and downs, but the reward of financial freedom is worth every effort. Start today, and take one step closer to living a debt-free life!