Second Job Debt Payoff Strategy | Consistency Beats Perfection | Transfer Tuesday Debt Payoff 2020
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- เผยแพร่เมื่อ 2 พ.ย. 2020
- Happy Transfer Tuesday! Today I'm talking about the key things that have helped in my debt payoff so far: having a second income job and being very consistent every single week.
This week I used my extra income from my side hustles toward debt payoff. I worked on both of our two current financial goals - paying off debt and maxing out my Roth IRA. Every single week I'm committed to working on both of these goals.
Thank you for joining me on my debt free journey while I’m paying off $43,000 in debt while also living life, saving and investing too.
My current financial goals are:
1) max out my Roth IRA with $6,000 for 2020
2) pay off the remaining student loan debt balance
Not every week will be a debt payoff milestone but it’s still worth the work to save, invest, and pay off debt! Instead of choosing either to just pay off debt or just invest we have found a hybrid method of investing AND paying off debt that works for us.
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Transfer Tuesday is the day of the week where I share our financial moves to stay on track and motivate others too. Y’all are amazing and have made this series something that is so motivating to me beyond what I could have imagined!
We have multiple financial goals so to keep things interesting and motivational for myself I contribute something every week toward these goals. The more important goals to me get a higher percentage of money going toward achieving them but I still contribute small amounts to all my goals during the month. We all have multiple financial goals and I've found small contributions add up and the consistency of putting money toward what matters to you matters more than doing things perfectly.
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Happy Transfer Tuesday! This week I kept thinking about the two things helping me: consistency and making more money with side hustles (or a side job!). There are lots of debt payoff strategies, what's yours?
My transfer Tuesday win: I maxed out my Roth IRA this week for 2020!!! I'm only 17 (the money came from a part-time job), and I'm super excited to see how that money will grow by the time I hit retirement.
Awesome!! Keep the money in there...don't touch it at all or let anyone persuade you into taking it out for any reason! 😁
Congrats! You are so ahead of the game and are going to be set up really well if you are starting at 17 and do this every year! I'm so proud of you!!
I agree with Cecilia! Keep it in there! Don't pull out for a home downpayment or anything, save that up separately. Let that money grow and grow and grow and grow and grow.
You are so ahead of the game! Wish I’d started this early!
Great job!!!
Consistency beats perfection! Last week we paid off the last $3,800 of my school loans and became officially consumer debt free! Love your channel it keeps me motivated 😄
Amazing! Great job!! 😊
Small this week, but consistency is key. I put $10 towards my student loans so I could color in another box on my chart.
Great job! I love charts for that reason. :)
Consistency beats perfection!
Put $100 to my Roth yesterday 😊
Great job!! 😊
Found an extra $100 to add to my debt snowball! Consistency beats perfection!
Nice work! 🤗
Consistency beats perfection! Your makeup, hair, and outfit is super on point today! You look great! Our payment this week was a tiny snowflake payment of $1.33.
Oh gosh, thank you so much! I wasn't sure about the makeup since I did it at the same time as Penny wanted her makeup done (me too! me too mommy!) so we had makeup play time.
A $1.33 snowflake payment makes me sooo happy. It's too easy to think that amount doesn't matter but it does!
Once I get back home, I will get a second job, cant wait to be debt free! Im still in Puerto Rico dealing with the family emergency, thankfully I have been able to work remotely and still being paid regular salary. Need to start something extra so I can follow your weekly transfer tuesdays!! We just hit $72k consumer debt from a starting $82k in June 2020! Completely agree with you with your investing opinion! keep it up! great progress! Consistency beats perfection!
So happy you've been able to work remotely while dealing with that!! What a blessing to be grateful for during these times. You are doing great with your payoff, a second income would definitely speed it up!
Consistency Beats Perfection! This week I decided to pool together all my miscellaneous savings accounts. I have about $500 to go until I could just pay off my car. Its nothing right now, I only put $200 more into it this week but soon I'm going to pay off my car. That'll be nearer xmas but hoping to have it be my Christmas present to myself! 💜💜💜 Keep going! Good Luck! You are so right you cannot please everyone!
Wow, great job! You are close!
Consistency beats perfection! We decided to switch to multiple goals just as you do! Saving for our goals, paying off debt, and increasing our 401k. It makes me feel accomplished every single time!
Yesss! I love that feeling of accomplishment. Great job!! 😊
I am so excited to pay off my debt! I will be starting a 2nd full time job soon! I'm so ready to leave this behind. It's already done. Thank you so much for this video and motivation ❤❤
Transfer Tuesday Transactions 👏👏 Final 10k chart - Brilliant 🥰 Consistency beats perfection. Keep using your tools & keep growing 🌱 💙
🙌
With my side hustle I am able to send over 600 to my debt and I'm well on the way to pay it off before expected! Consistency beats perfection!
That is so awesome!
Consistency beats perfection! Added $240 to car and house sinking funds this week. Tfs.🙂
Great job!
Consistency beats perfection ! I paid off my signature loan with my bank and two credit cards today ! I still have more debts to crush, but I’m excited for the small wins ! I’m excited to finally be apart of the Transfer Tuesday crew 😊
Fantastic! Great work this week!! 😊. Definitely celebrate and appreciate your wins!
Mary, You are so fun to watch! You continue to rock this! So great to see you getting closer to no debt! I have watched you since your debt was $43,000 and you have been such an inspiration to me and for many others! Keep up the great work! 🤗
Awww thank you!!! I really appreciate this. I forget that some of y'all have watched since then because I had wayyy less subscribers back then. Thank you for following the whole journey!
Consistency beats perfection! Agree with this so much and love following you to calm our nerves that a debt journey can look different for everyone and their plan of attack.
Yesss! I've seen people succeed in a number of ways and want everyone to take a breath and realize the right path is the one that works for you and you stick to.
I love your transparency and the organized efforts to get debts paid down before moving onto the next big goal. I'm following a similar model with my work right now so I can totally relate!
Consistency beats perfection. So excited for you Mary!!!!
Yay! Thank you!
Great job! On Tuesday’s I love checking to see if you have uploaded your transfer Tuesday video.
CONSISTENCY BEATS PERFECTION! 🙌🏻
Yay! Thank you!
I love how your IRA has grown You are doing such a great job on all your goals!!
Thank you!!
Consistency beats perfection. I get paid monthly and don’t have a side hustle. However I do weekly savings challenges which are going well. I’m also now seeing the benefit of sinking funds and no longer have that feeling of dread in the run up to Christmas x
There are soo many ways to make progress... you found one that works for you!
I looove sinking funds. Have you watched my video on that?
Consistency beats perfection! Made another student loan payment and I am under 12k!
🙌 Great job!! 😊
People think I'm crazy for having a second job but I like both of my jobs :-) Great video, Mary! Keep going. You're a Rock Star 🎸
You rock! Second jobs can actually be pretty fun. I don't have a "normal" second job now that I've got a kiddo but I've usually had multiple jobs thoughout life... with the second job being a more fun one.
Thank you!
Yay!! Love Transfer Tuesday! I made 3 payments to my Capital One Credit card, now with a balance of ZERO! I also made a payment to my HOA for $1000 😬 it is very late. Thanks for the motivation!!
That is awesome! Great job!! 😊 Congrats on the zero balance!!
October was great for me! I paid off one debt that was on my credit report of $473. I also paid off my smallest student loan with a final payment of $1,137. I did have to dip into my savings to do it. However, I'm totally okay with that. I will have all the money in my short term emergency fund replenished by the end of this month so no loss. Oh and I also changed the address for my car insurance and voila, my car insurance dropped $600 for the 6-month period.
Consistency beats perfection! Not much this week, just the bi-monthly $65 sent to my future house fund, which I had actually forgotten was coming out. Just trying to keep myself from spending right now, and make it to my first paycheck from work
That is awesome! I’m so excited for you. Keep it up! 👍🏻❤️
Thank you!
Omg thanks for the mention! I’m so excited finally getting my second bursary of 2000 and putting it straight to my loan, I would love to invest soon too
Of course! So happy you commented and are consistent!
I’m almost to $200 in my Emergency Savings! Not a huge amount but I’m excited that I’m actually doing this! Short term goal is $1,000.
Consistency beats perfection! Great video as always.
Yesss!! Thank you!
Consistently beats perfection! I had 3 paychecks in October as well, the extra payment helps keep me feeling positive about my debt payoff. Every paycheck I automatically take money out and put it into my savings for Christmas and birthdays. On my off weeks I look at my budget and I squeeze an extra debt payment out of it. It's hard to wait 2 weeks to make another payment, but the little payments in between keep me feeling like I'm moving forward, even if it's only $50.
Love that!
Great job, so exciting.
Thank you!!
Consistency beats perfection! Paid myself $300 from side hustle and added it to emergency fund.
Great job Lynne!!
@@PenniesNotPerfection Thanks! I just went through my financial goals for the next month, quarter, year and 5 years and while it stressed me out, it gave me things to look forward to and areas to be aware of that I'm overspending while also planning for Christmas. I seriously want to get to 3 months savings in my emergency fund.
Don't stress too much! You really ae doing a good job. Planning all those goal periods is so smart!
@@PenniesNotPerfection Thanks!
Consistency beats perfection. Great video as always.
Appreciate it!
Consistency beats perfection! I took a side job and taking the money and putting $200 towards my credit card. I am so excited for this because last week I was able to pay off one of my loans and today a big payment to my next debt. ♡♡♡ GO TRANSFER TUEDSAY!!!
Great job!! 😊
Picked up a third job to tackle my parent plus loans. I have a long ways to go but not giving up!!!
Wow, you are a machine! Great job!
Can I join the comment club? I've been watching you for years it seems. We don't have any debt (YAY) but we are saving up for a house and today I transferred $471 to our savings on a Tuesday!
We invest as well for retirement and with liquid funds. Consistency beats perfection for sure.
YESSS! Comment club!!!!!
House savings is a huge goal and exactly what Transfer Tuesday is about! In fact it is probably one of our next big goals I'll be working on because we want to move to a bigger (slightly) house.
Great job! 👏👏
@@PenniesNotPerfection Thank you. I don't know why I felt it was only for those who were getting out of debt.
I am so proud of you!!
Oh gosh thank you so much!
Great job! We met with our financial advisor this week and the outlook is so much better than it was just 3 years ago. My husband is 7 years older than I am and the plan was to continue working 7 years after he retires but it looks like I’ll be a man who can retire in his late 50’s which is so exciting. I love my line of work so I more than likely will continue working but it will be because I want to and not because I have to. I have a coworker who is 67 years old and he cannot retire, I feel bad for him but it’s the motivator for me to not be in that situation.
Ohhh that's good news! And yes I know too many people who can't retire until like 70 so I definitely don't want to end up in that position. Working until you are 70 because you love your work and want to is so so different than having no other options.
My husband and I have been utilizing cash envelopes and sinking funds since 9/1/20 and we now have paid off $1k in debt thus far. Due to the cash envelopes, we have knocked out the 2 smallest debts we have and are currently working on the only credit card we have a balance on. Our Christmas fund is almost fully funded as well! Stumbled across your channel and I'm wanting to participate in your Transfer Tuesday as well!
Great job! Cash envelopes can be so useful!
so glad you stumbled across and joined us!
Love it! Consistency beats perfection!
💪🏻
Consistence beats perfection!! Batch filmed a few YT vids today, so that will help!🙌🏻🔥
Yasss! Great job! I wanna do some fire related videos soon, it’s been bouncing around in my head.
Consistency beats perfection!
👏👏
I think a lot of people watch Dave Ramsey and automatically think it has to be his way or no way. While it is a phenomenal plan to be debt free, it doesn't always work for everyone. I don't think there is anything wrong with being inspired by him, or even you and doing what works for your household. Great job!
Yss! Totally agree. His general plan inspires me but I also do understand math enough to know that investing for 12% or 20% returns is going to be better than paying down debt that's 3% or under. There is a mental aspect for sure which is why I balance both in a way we feel comfortable with right now.
Staying consistent has been one of the main things that have helped me, even when it felt like things weren’t progressing. 🥳I’ll be debt free in two days and I’ve been selling everything like a maniac these past few weeks to knock the balance out. $10 here and there adds up!
Consistency is so important when it feels like nothing is happening! You've done so well! What site are you using to sell stuff? I have a pile I need to sell soon.
Moving. Just sold our house and bought a house this week, official as of today! I cannot wait to get back to my side hustle qhwn this is all settled so I can make money and start paying down our new mortgage that I dont even have yet!! Until then itll be a whole lot coasting by, staying home locking down so our city gets back to a decent covid % with lowered paycheques due to days off and lots of extra expenses I'm glad it's time to stay home and lay low! Wont evwnnget caught up in christmas fever as we cant even decorate because we have to pack lol!
Thank you for sharing 😊 Inspired
Consistency beats perfection😉
👏👏
just subscribed to this dude. cool channel
@@amandastuart5712 thank you Amanda
Consistency beats perfection!!! It really resonated with me what you said about when you've been paying off debt for a while you just want to get it done. I've only been on the debt free train for about 9 months or so, but I'm down to my last debt and honestly, seeing my budget be down to the wire is so draining. I'm contemplating paying off my debt earlier just to have it done with. Thanks for doing these videos so we don't have to feel alone.
Exactly!! So glad you resonated and these videos help. It really is draining to month after month see your money all headed toward debt.
Maxing out the Roth is #goals! TFS this :)
I'm hoping it's possible by April!!
Consistency beats perfection! I have been consistent to maximize rebates, savings, and cash back on the things we need to buy anyway. It all adds up - I needed new glasses and earned 9.96 back on my order. That money goes straight into my "super secret savings" account.
That stuff definitely does add up! It's what we are using to help with Christmas this year! Great job!! 😊
Consistency beats perfection!
I just paid off my last credit card!
Congrats! That is amazing! BYE CREDIT CARDS!
Consistency beats perfection. Y'ALL. I am STRUGGLINGGGGGG. I gpt back to work in August ONLY TO BE RE-FURLOUGHED as of November 1st. I have a baby Emergency Fund and my husband is still working, but I'm panicking a bit. Hoping to be back to work before the year ends, but we'll see. I'm considering applying for seasonal positions, but it's hard because companies know that as soon as my job calls back more people, they'll be screwed. I have November and most of Decembers mortgage covered without dipping into EF, but 2020's been a crazy ride
OH NO they already furloughed you?!?! I'm so so sorry!! I know some industries and companies are still struggling. How does unemployment work with that?
I would still apply for seasonal positions! I've worked multiple seasons with a full time job and they always worked around the schedule so I wouldn't worry too much about those companies... they are used to working around schedules for lots of people/conflicts/changes/people quitting. I would try to find something even if it's just to keep you busy and that should take some of the anxiety away even if it's just a bit of help money wise since unemployment no longer has the extra cares money.
@@PenniesNotPerfection yes already refurloughed. I can apply for seasonal positions, but if I make over the unemployment amount, I get nothing from them (which is fine) its just a cruddy time. Thankfully I already did the majority of my Christmas shopping.
Man, what a crappy trap that is! Sorry it happened to you so quickly after going back. Have you thought about looking for another full time job entirely? Could you do some stuff like dog sitting or baby sitting that's less formal than a seasonal job? Glad you did the shopping already!
Today was the first day with the new job arrangement!! All the payments will be done this Friday after I’ll receive my salary 🥳 So I’ll have news to share next Tuesday 😉😉 but very happy and proud for you!!
Yay!! So excited for you with the new job! 🥳 I'm excited for your comment next Tuesday!!
Consistency beats perfection! Couldn’t be truer! This week we got a surprise deposit of $600 from the government and it went straight to paying down the credit card! Woot woot!
Oooh yay surprise money! Great job!
Consistency beats perfection! 🤟🏼
You already know!
Woot woot!!! And what a sweet hubby to mention Transfer Tuesday!!
He is the best!!
I picked up a side job last year during the holidays to help pay more towards my debt, and I enjoyed being able to put more towards it each month. The down side of it was that I started feeling "mom guilt" missing out on time spent with my son. So this year, I have been trying to find ways that work with my schedule better, such as photography and trying to be more consistent with my TH-cam channel in hopes of being able to make a little from that as well.
Ohhhh man I feel you are the mom guilt. I've felt it even just doing TH-cam because I still have times where I'm doing this instead of being present with her, though I've tried to get it down to just mornings and lunch breaks. It's hard!! I do think having it be a "work from home" thing helps though because I'm more present. I used to only do side jobs that were at stores mainly. I think I might need to do some videos about jobs and side hustles from home!
Consistency beats perfection. $200 extra to roth today.
Great job! 👏👏
We reached our financial goal of have $30,000 in our fully funded emergency fund of 6 months on Tuesday 11/3. Bill. It’s actually over 8 months since we no longer have a mortgage.
Wow, congrats!! That is so exciting. You must have very few worries now.
@@PenniesNotPerfection yes, and no. We have replace our windows in the house so that’s our next challenge. Thank God our mortgage is paid off. . I’ve found that to stay debt free you are always saving for something. Lol.
So true, it never ends
Consistency beats perfection
Yesss!!
Who do you invest your Roth with? Do you have a financial advisor? I’m torn on wether to get one or not.
I use Vanguard. I don’t have an advisor. But my personal situation isn’t yours so maybe you would feel better with one.
Consistency beats Perfection! (well except for if you're consistently throwing away money on something stupid - haha)
HAHAHAH, well, the right kind of consistency. ;) But it does show consistency in either direction makes a difference!
COINSistency beats PAYCHECKtion!!! One penny at a time.
🤣
My transfer Tuesday: had an unexpected 925 dollars inflow so put towards my last credit card. I have 975 of credit card left! Started around 6k a few short months. Will be done with credit card debt next month! So excited. I never thought I would get here..
Great job!! 😊 So excited for you!!!!
Doing something beats doing nothing
Always!
You look so cute!!
Oh thank you!
Consistency beats perfection!
Consistency beats perfection!
Yesss!!