I ended up in £90K debt after taking too many holidays

A woman has revealed how she got into debt worth almost £90,000 after rewarding herself with luxury holidays and moving into a luxury flat.

Louise-Marie shares her journey to financial freedom YouTube The channel she boasts has hundreds of subscribers.

first

She recently revealed how she fell victim to the ‘creep lifestyle’ whereby you earn more but spend more.

“The end result is you have to live on paycheck because you’re in a cycle,” she says.

Louise-Marie explains that after moving to San Francisco from New York, she and her husband landed much better paying jobs and started living the high life.

“As time goes on, we forget our financial goal is to invest in real estate,” she said. our apartment

“But even though our pay went up, we lived on paycheck because we didn’t have a budget, we didn’t have an emergency fund or a sink fund.

“If we have an unexpected event like a job loss or a family emergency, we’re mostly unprepared for those.”

And the couple have faced a state of emergency as they lose their jobs, with debts of up to £86,000.

But with a few minor tweaks, Louise-Marie was able to pay off her £36,000 debt in just six months – here she reveals her money-saving tricks…

Stop using credit cards

“I know this sounds obvious but it’s something we don’t even notice.

It doesn’t seem like it will make any difference but it does, it makes it impossible for you to increase your debt.

We didn’t cancel our credit cards because it hurt our credit score, instead we put them away safely. We don’t even carry them with us so we can avoid all the temptation of using them.

If we don’t have cash we won’t buy it

Challenge of the year don’t buy

We decided not to shop for the whole year, we didn’t buy anything but shoes for my son.

Even a 30-day challenge can make you a little extra.

Create a minimal budget

This year, we are truly committed to simplifying our lives and creating a minimalist lifestyle has helped us get rid of the unnecessary to focus on what is important to us and bring us back to life. give us financial freedom.

We wanted to focus on saving more, we got rid of any unimportant expenses so we could save more money and pay off our debt

Find cheaper alternatives and eliminate costs you don’t need.

Plan

Have a plan for how you will pay off your debt. For us, we’re doing the snowball effect, this is where you tackle the smallest bill and you build your way up.

For us, it’s a good starter to pay off debt and it gives us motivation

Maximize your earnings

There are many ways to maximize your income, if you are working don’t be afraid to teach your manager and ask for overtime

Try tidying up your house because you will get rid of all the things that are taking up space and you don’t need and a lot of things you can sell. “