by BLACK ENTERPRISE Editors
‘It’s really a mindset.’
It may take some discipline, but achieving that zero balance will provide a feeling of relief.
“I was desperate. I didn’t want to get out of the army with my debt,” Doluony told GMA. “I wanted to just focus on taking care of myself and taking care of my kids.”
Doluony was able to adopt several strategies from the class to turn her financial situation around, which included habits of understanding the need to adjust your financial situation, preparing and anticipating weekly and monthly spending, and finding avenues for extra income.
Tracking spending patterns was one of the habits Doluony shared, noting the importance of knowing where every dollar in your bank account is going. To assist with this, she used Ramsey’s EveryDollar budget app, which helped organize her expenses into different categories, including housing, transportation, and other personal purchases.
“It’s really a mindset,” Doluony said.
Additionally, Doluony shared that she tackled her high-interest debt first, while paying the minimum amounts on other debts. Money left over from each month would go toward the loan with the highest interest rate.
Diversifying her income was another habit Doluony added to her financial discipline. She added that she took on extra nursing shifts at a hospital, sold things around her home that she did not need, and resold items she purchased from Goodwill, eBay and Facebook Marketplace to earn extra income.
“I learned to change my mind from consuming to, you know, just really building wealth,” she said.
Now, Doluony is debt-free and wants others to be inspired by her success in achieving financial freedom.
“After I paid all of that off, I found a sense of relief,” she said. “It doesn’t matter where they are or where they come from. I believe whatever you decide to do for your life, it will come to fulfillment.”
“State your plan,” said Doluony. “Plan every week, plan your month out, plan your meals.”
Source: Black Enterprise
