Hitting Financial Rock Bottom | How We Stopped Living Paycheck to Paycheck
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- เผยแพร่เมื่อ 27 พ.ย. 2024
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Lydia Senn
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Creola, AL 36525
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I had about $13000 and my husband had $80000 in student loans…. We had a scorched earth budget for YEARS and we are debt free 9 years later 🎉 it’s painful, but so worth it. Can you please give more info about VA jobs??
Congratulations on resolving your debt!
Congrats on debt free. For me it was 3 years on March 15th. I now pay off my credit card balances weekly. Never again will I be in debt again. It's like a noose on your neck. Your job and your debt own you with debt. You lose your freedom. Never again. Never.
Girl, you made me cry when you reached out your hand and said "you're gonna make it." Thank you. I needed to hear your story, and I'm sorry to hear how everything piled on you all at once.
I said the exact same thing! ❤
Me, too.
Your amazing I love when you said take my hand. I cried😢I do need to hold a hand.
Inspiring going through this now
As far as I'm concerned, COVID did a number on so many folks finances. I live in Canada and for Stocks, it's RRSP (Registered Retirement Savings Plan), RSP (Retirement Savings Plan). I am an Empath and my cousin calls every week pleading for my help. He's beyond terrible with his finances, he needs to keep up with the jones, and he spends more than he makes. He almost got evicted with a threat of the bailiff coming to throw his stuff out of the apt. I helped him out but he finally got a wakeup call. I told him so many years ago the important of Budgeting and the like but he didn't listen. Dear God, you had strength that most folks would never have.
Everyone who has a partner,a real husband or wife,a real human besides you that has the same mindset is the real treasure!!!!!!
I feel so alone.
A husband is different than a "partner." Many modern women have missed out from their own actions
@@jburch1544goes both ways. Many modern men aren’t worth the headache they bring.
so true...
I filed for bankruptcy back in 2009. It taught me to have a budget. And then I got Dave Ramsey book which taught me to use the envelope method and zero based budget...which has helped me to pay all CASH for my car..Whooohoo...😅😊😊😊
Great job!
Dave Ramsey’s teachings saved my financial life and future. I am ever so grateful I paid off my house and would never use credit cards or borrow money…ever! ❤❤❤
Can you please share which Dave Ramsey book you’re mentioning here?
Yes please what is the book? thank you in advance
@fujidenzo_kid4147 the Money makeover is fhe Book....
When you say in your video “take my hand ..it’s gonna be okay” and you look straight into the camera your incredible compassion and sincerity is so overwhelming I wanted to cry. I have always loved you and your videos and your wise beyond your years wisdom. But this video just shows what an incredibly beautiful soul you have. Thank you for sharing your life’s experiences with us.❤
Thank you so much.
About the vacuum... that is what mom's do.
The only way I'd go back to my 20s is if I had the knowledge I've gained. It was a very scary time, indeed! Great video. Take care, Linda 🦋
Thank you for encouraging and empowering people to get out of debt. I see many people in YT comments who feel helpless and hopeless and out of control. They’ve given up. When folks such as yourself share their stories it can really help others take back their power. Being debt free is so important for financial success. The more people who believe in themselves and make it happen, the better and stronger we all become as a nation.
It's so important to share our stories to de-stigmatize debt. Share your story and situation with someone you trust. If you feel comfortable doing so, say you have credit card debt, student loans, or some other kind of debt. Talk about what you're concerned about. Jumpstart chats and commiseration, which can lead to suggestions and solutions. Or at the very least, moral support-and the reassurance that you are not alone. Because as the numbers show, you’re not.
When i am faced with something hard that i dont want to do, i always tell myself - ,,choose your HARD" - there will always be a Hard thing to do. Do you prefer Hard today or Hard tomorrow. I like your journey ...😊
100% agree
My debt wakeup call was when my husband became disabled after brain tumor surgery and we had 3 little kids at that time. Something in my brain switched and I stoped spending money. Payed of credit card and cancelled it. Done. There was no tomorow... No Pay check that would come. My husband never went back to work. He can't.
@@Zuzia-l5b prayers for you guys
❤
This is one of my all-time favorite videos of yours! So well done and full of great ideas. It helps hearing other people’s financial journeys, thanks for being so candid!
Wow, thank you!
"Take my hand it's going to be okay. It's going to be okay." **chef's kiss** Sharing our stories helps de-stigmatize debt, thank you for sharing yours Lydia!
We are finally debt free minus our mortgage and normal bills .. Its so freeing My house is almost paid off as well
Thank you for sharing!
I think my wake up call came this past year after finishing grad school. It was more of an emotional rock bottom than a financial one.
I took inventory & realized that part of the reason I wasn't where I wanted to be was because I was enabling others not to have to improve themselves or be responsible. I started saying no and really setting healthy boundaries. I may not be where I want to be right now but I'm sure as heck of a lot closer than I was a year ago. ❤😊
Congrats on your hard work. Making changes is never easy, but sounds like you are on a better path!
"You can't fight what you can't see." This!! It was so terrifying to go through the process of identifying each and every debt, but it was also empowering, in a way. I wasn't living life with my head buried in the sand, and while confronting the consequences of poor financial decision-making/planning was a humbling experience, I could recognize where I needed to improve my relationship with money (a continual process to this day, even a year or so later), and how I could go about paying off my debt without missing out on living life.
My 20s were SOOO much better than my 40s have been. I would go back in a heart beat
I feel that I'm alot smarter in my 50s than I was in my 20s
Your story is heartbreaking and the good ending is heartwarming. Keep sharing your story. Your future is in your own hands.
Love your story, Lydia. I'm having a rough time now. I have credit card debt, student loans, and I just lost my job. I don't have an emergency fund, because i used it last year for car repairs. I'm applying for jobs and getting interviews, but I haven't been hired yet. I just filed for unemployment, but haven't received my first check.
Stay strong. Hope things are going better for you. ❤❤❤ 🙏🏼
This is all great advice. Your story sounds like so many people who live on the edge and you are proof that if you want to get out of it, you can. You just have to get off the spending treadmill. Congrats on your success. :)
The most meaningful stories are the hardest ones to tell. Thank you for sharing such a personal journey. It will no doubt help others who are struggling with the same issues. ❤😊
I hope so.
Your story is really inspiring. Life m served you lemons at the time, and you have made a lemon pie, cake and a lemonade.
You inspire me to stay debt free. My husband and I were served our fair share of lemons, but we were debt free and our experience is far from yours. We have got our child 5 min before pandemic, at the same time I went on maternity leave and my husband stopped working because his workplace at airport was shut down due to pandemic. He was receiving minimum payments and stayed employed. BUT, we had no debt and had huge savings combined with a possibility to keep our expenses very low. My husband returned to full time work only 2 years after beginning of pandemic. And I have found out that I have nowhere to return to after my maternity leave because my company was hit hard with pandemic.
And we had a blast, a lot of family time, walks in nature, long sleeps with a baby… and all that we got just because we had a buffer.
And this is thanks to my husband who is frugal man who is always insisting on saving.
👏👏🍋🥧🍋Wonderful, helpful comment!! Thanks for sharing your encouraging, inspiring success story of frugality & perseverance! I've always loved the sayings about🍋making lemons into lemonade (even sometimes about a serious situation)-- To me, these "lemons" sayings are NOT trite (as some claim): they're motivating & practical, w/enough of a "lighten up a little" message so that I don't "awful-ize" a difficulty, but instead problem- solve how to manage it.
This was so helpful! I’ve watched your videos/channel for years. Can’t believe you had me tearing in a financial video 🥲👊
Keep up the good work ❤
Thank you
THis was sooo good Lydia. Thank you for sharing this. It just resonates and made me tear up a little. I appreciate everything that you do. That making a list is so true. We need to do just sit down and write it all out and do the hard things and not tip toe around debt and our circumstances. Just thank you for all that you do.
Thank you so much! It's hard to make that list, but sometimes we need clarity.
Thank you so very much for sharing this. We are a long way from this now but we were certainly there in our 30's.. we got there through our 20's and didn't stop to take the time to see our debt.. we just went along.. we eventually went to the bank and asked for help.. I Hope since you have a YT channel this will help someone else..I will refer this to others if they share their struggle with me.. It was a very scary time.
It is so scary
Good to see you this week Lydia!
The key thing is to close out all your debt accounts if you do consolidation loan. Something that happens a lot is a consolidation loan is taken out and all the debt that's freed up gets charged right back up and you have both debts now.
Great video! Yep, I agree you have to do what you have to to get thru!! I was laid off work due to lack of snowfall this year (winter tourism industry). I started collecting pop/beer cans that I’d find on my walks with my dog. And people would save me them too! I’ve made $225 in about 4 months which has been very helpful. All our little efforts help!
We had single income with four kids and used my husbands 401 k like a bank … every 2/3 years we would pay off a loan to the account and then turn right around to take out another loan ( mostly for credit card debt) too many kids not enough income .. and we never ever budgeted … and we got calls from debt collectors .. it was awful … took me till i was in my 50s and we sold our house of 16 years with substantial increase in worth to get out of debt … and trying DR a couple of times before it stuck … now in our 60s we are completely mortgage and debt free BUT we lost a lot of time and money .. we will be fine but wish so much we could have gotten it together in our 30s not our 50s … glenda
Thank you for sharing. I’m 35 (will be 36 in June), single, no kids, and I will hopefully be debt free this summer (less than $5k to go) if everything goes the way I want it to. Whenever I do take on debt again, it will only be for a home. But right now, I’m focusing on investing and maxing out my retirement accounts. Although it took longer than you would’ve liked, I’m glad that you and your husband can enjoy your lives not worried about money. 🫶🏽
Wow.im sitting here just turned 50 a few days ago.im in a similar situation now.i didn't plan on being still in debt 😢
😊😊😊
I hear your story! It seemed like my life just kept going along in my younger years from one life crisis or challenge to the next, I spent so myth of my time, energy and money fixing those crisis that I never saved money for retirement….all of a sudden I found I was sixty….and the reality of wanting to retire at some time in my life hit me…and I had almost nothing saved, knew little about investing or 401ks so I started reading and learning putting little bits of money into my 401 k and starting other types of investments, a crisis or two still came along to deal with, but my retirement savings became a priority….finally at age 68 I was able to retire….i have a decent Social Security income, and a small widows pension that pay for almost all my monthly expenses!
@@sallyprzybil2404 glad to hear your doing ok but sorry about the widow pension … something but I am sure you would rather he was here ! Prayers for you and yours that you continue to do well !
You have been such an inspiration to me over the years! Look how far you've come 🎉 I've been able to become debt free and you have helped with that ! ❤❤❤❤
That is awesome!
I can’t thank you enough for telling us all your personal woos..just so it can help someone out here..like me💖 you are a true blessing. You do definitely have a story! God bless your family. Thank you again. I will try your words of wisdom. 😊
Thank you so much!!
The very best episode ever! Thank you so much for being vulnerable and sharing your story
Thank you so much!
You are just the sweetest soul… 💕
Thank you. I’m not 😂 but thank you
I believe this is one of your best videos. Thank you for sharing. Hope someone that really needs help finds this video. You’re an awesome lady!
Thank you
As always, thank you. Why are we so afraid to feel awkward? Usually does us good!
I’m right there with you Lydia ! Wouldn’t go back to my 20s if you paid me
Lydia returns to her roots. Yours is a relatable and inspiring story and even though i've been watching you for years, it was great to hear it now that you've made so much progress. It was thanks, in part, to you that I've made progress too and I know you've helped so many other followers. 💗
Great inspiration. Thank you. I don’t see the credit interest lowering request script that you mentioned in the video. That would be super helpful.
Oh and about my 20’s no not me either. Might be tempted for a second if I could retain the school of hard knocks knowledge I have learned. 🥴
It's in the description below the Achieve hash.
Awesome video, thank you for sharing.
That's crazy that giving birth cost you $8,000. I just had a baby a month ago, it cost $252 in hospital parking, and that's it. Which included a 2 week stay in the NICU for my baby. I'm no longer paycheck to paycheck, but I don't know if even I could swing a surprise $8000 bill with only 9 months to prep. Good on you! Overtime while pregnant must have been exhausting 😴
Tip, for hospital parking for you or family member in hospital. Ask the nurse or payment person at the desk if you can get a family parking special rate. (or whom to ask) Often times instead of $22 a day you can get $8 a day special rate. This is a good tip we learned and saved us hundreds of dollars that you need while going through a hospital stay or visit. Pass this on to loved ones and friends, it helps alot.
I love your honesty and genuine advice. I’m 55 now I was married at 21 with our first baby at 22 / it’s been tough but there is light at the end of the tunnel. You’ll make mistakes, bad things will happen but you’ll get there I promise you all who are struggling right now. X
Thank you for talking so openly about this hard time in your life. To whomever that is struggling right now: It will get better. Just keep at it and you will succeed!
I love the way you in such a convincing way "pour" out your reassurance to us viewers 🥰
I cloth diapered my first 3.
Love this! Also I love your lipstick color!
Thank you!!
Hey girl! I love your channel and will always support but do you know of any channels where they are in the thick of paying off their debt like you were in the past? I think that would really inspire me too💯
Honestly not any more. So many channels that started while paying off debt seemed to have quit making content.
Girl I love your personality. I’m not having that issue but sometimes I watch these kind of videos to scare me a little extra so I don’t make similar mistakes.
Our rock bottom was quite as rock bottom as your and husband but it was not good. The thing was on the day of hitting the bottom our mortgage was paid off we paid off our home 4 months before the crash. Anyway, our debt amount was more than the total amount of our original mortgage and that sucked. We went full scorched earth, slammed on the brakes, over night changed our attitude and went after it hard. Took a while, almost 5 years but that is history now. I think that we had some luck but we also had some unexpected mishaps we had to replace our boiler and water softer and well pump but did that without any new debt. We were living paycheck to freaking paycheck 10 years ago. Today we have zero debt and have a saving rate of 50% on basically the same income. We have enough money set aside to buy a new car but will wait until our car dies. And we have a 10 month emergency fund. At the end of this fantastic video, you Lydia say "it's exhausting". I used that exact wording to describe our 5 years of debt payoff. Funny thing is 2 years debt free and saving/investing, we still live like we did in our journey, frugal for certain but the money we were using to pay off debt now goes to our future so that feeling of exhaustion has been replaced with a feeling of freedom and happiness.
To me. being swedish, paying 11.000 dollars just to give birth is crazy. your medical system in the US is crazy. I payed nothing when I gave birth to my daughter and we had to spend a couple of days in the hospital since she was sick. I then got over 1 year payed maternity leave. The US system just doesnt work
I'm a US citizen and I agree with you 100 percent. Our system is a cruel and greedy system. I envy you. You probably don't have tens of thousands of people living in the streets, either. Or a country where the poverty rate keeps climbing. Or random violence in your schools and elsewhere on a weekly basis. I am NOT proud to be an American.
THANK YOU 🙏🥹💕
You are so welcome
Thank you for sharing, it gives people hope.
I needed this today. Thank you so much 💓
We filed bankruptcy and then got into debt again and had our wages garnished and only after starting to walk with God did we change! Number one thing we started to tithe and God helps us do the rest!
🙄
Good going reflecting on your lives and establishing your principles through your spirituality. At times it takes for us to be knocked to our knees for us to open our eyes and goodness to take place. ❤
My 20s were not great at all. I was flat broke crying everyday working two jobs. I felt like I was going nowhere.
My 30s are better. I’m in a better position financially but with Covid and this economy right now… I’m on edge. It does not feel stable.
Thinking about the 40s…. I’m a little scared but it’s coming in a few years…😅
I have no doubt your mom bought a new vacuum. Our kids are in their 20s and 30s and I’ve done it. For Christmas we buy a side of beef for them to split and a month of dry goods. It lets us help them (we save all year to do it), and they love it!
thank you for being so open and transparent
You are a strong warrior!!! Good luck in your life journey. Hugs!
What are some ideas to make extra money? There are so many scams 😢 thanks for sharing your story!!
1 will be 31 this year, I am in serious debt, and I don't have any better job to bring in better income. Am more determined to come out of debt before 2024 closes its book. AMEN
It Took me 3 years to be debt free. Buy nothing visit nothing. Almost only food and work. Worth it. Read a lot, go in the nature. 25k debt gone. Since Mai 2024 debt free. Small steps. It can be done.
I was working full time making great money, single and 60K in debt. Car, Credit cards and student loan(from 1986!). Long story short I did the baby steps from Dave Ramsey. I drew it out because I wasn't serious at first. I didn't do it correctly. You have to have a plan to get out of debt and budget. I was just exhausted having 3 jobs and treating my paychecks like a lottery to give away to everyone else and still wondering if I can afford basics. I got angry with me . That's when it started. The point is now I'm still single and debt free. My goal is to have my home paid of in a little over a year. I want to live a life of options and on my terms. Not the bank, a credit card. I learned the necessary lessons of how to retrain my buying and spending habits. I personally don't have a credit card at all. I'm visual so I had stuff on my bathroom mirror, front door, and fridge. Always showing my progress. It can be done.
Lydia you are focused, driven and a hustler. As Dave Ramsey would say “A princess warrior” I loved hearing your journey. ❤❤❤
Thank you
I feel like we're drowning right now, this video was so helpful, thank you thank you
Thanks for "you can't fight when you not see it"❤
I remember watching you on your previous videos. I am glad to find you again
I had my budget under control until I did to 100 envelope challenge..... time to kick off again.
Thank you so much Linda am changing my habits now ❤so thankful for you
So proud of you for climbing out of that rabbit hole. 🥰💙
Thank you
@@TheRealLydiaSennYou got this!!! There was a time when I was homeless and sometimes I just lived one hour at a time. Wishing you all the best. Sending good vibes your way🥰🩵
Very inspiring story, Lydia. Thanks for sharing! 😌
Lydia I so appreciate this helpful, encouraging video (& all your vids). Know you're busy but Could you please post another vid soon as I seem to be experiencing🥴😶🤷♀️Lydia-Video withdrawal!😄
Okay - so I’m hooked on your content and I play it while working at home at night so I don’t drift off to sleep (pay off that debt!). But every time you say crock pot I hear crack pot. And it just kills me with laughter. You love your crack pot. You had weekly crack pot in November.
I love your content and how you keep it real.
😂😂
Wow girl, you need velocity banking!! Try it you’ll love it!!!
Being ‘financially responsible’ in your 20’s is nearly impossible! Due to inexperience and youth. When I was in my 20’s I was an ‘airhead’….real financial responsibility was not really in my skill set at that age! So, please, forgive yourself for any and all financial missteps you made in your 20’s! Chuck it up to ‘that’s life’! That’s not saying someone shouldn’t try for financial security in their 29’s…just forgive yourself for all those mistakes! And no matter how good your being with your finances, life happens, there can always happen that crazy thing that throws it all off….like your car accident….or the day my car engine blew up….or the day I ended up a single mom to my grandson without any extra financial help….file all those crazy things in a section of your brain called ‘life happens’ . Just keep trying..or start over from square one if you have to!
Love you❤
You are great
It isn't just ONE thing, but setbacks come in 3s, as the old saying goes!!
I ordered George Kamals new book. Coming next week,
I have never been in debt. Reason why? I didn’t have children and have never regretted it.
I mean all of my debt came before the kids but okay. Thanks for sharing, Sue.
I had debt long before my child was born, so I don't see the correlation there. I have a child and I'm debt-free now. LOL
Sorry you had a bad experience with cloth diapers ): I use them and love it. I also stay home though so that makes it a little easier to manage. I don't think it would be great if I worked and used them. I do it to save money and I plan to reuse the diapers with our second kid.
Fantastic video! Thanks for sharing
Thank you too!
Thanks for this video xx
I feel hopeless at the moment. I've got an $1800 car insurance payment due this week and we owe a little over $2k on our federal taxes. 😩
Seriously considering selling our car quick through carmax or something just to get caught up.
I'm so sorry you're feeling hopeless. Do you need the car? If not, sell it. If you need it for work, call the insurance company and ask if you can make monthly payments or defer payment for a few weeks. You can set up payments for your taxes. That can help you for now. Take Lydia's advice to write down all you owe so you can get a handle on your budget. Cut back everywhere you can. You can do it! Take care, Linda 🦋
I am so sorry.
Yesterday was a day. 🫣
I got a refund check from my old doctors office for about $1680
Whoo Hoo!!
Then I checked around about selling my car and I'll get more than I expected. Car will be sold today and we will be be out of this mess.
I thank everyone who said a little prayer for us. ❤❤❤
@@amyquillen2506 Hallelujah! Now, start an emergency fund!
I drank 4 monster drinks a day =$10 which came to $400 a month. When I wrote that down and looked at it I was shocked because I was wondering how did I have so much left over but end up broke all the time till I saw what I waisted my money on.
That and takeout food was my biggest problem.
Thanks for sharing.
Thanks for watching!
How do people know that they are going to lose everything in a house fire when the great recession hit in 2008??
It is insane that You have to pay 11.000 to give birth! Your system... from education to health.. even the insurance you have to pay for your home... everything is designed to make go in dedt. You did awesome job! Especially being that young. And having baby at the same time.
Who do you expect to pay for it?
In Europe everything is paid from our taxis... from education to health care... we do have private if you want but everyone is covered... if your are poor, you can go to the emergency and not pay anything. I presume you don't pay less taxis than we do. Very rarely we take loans especially for education.
@@TheyCallMeJTKwow, what a sad mindset to have.
I struggled. budgeting my paycheck
It can be so hard to be young with children!!!
Yes, I was thinking of @BudgetGirl and her scorched Earth months💰
How long ago was this for u
this is so crazy that Americans have to literally PAY their country thousands of dollars to have a baby!!!! INSANE
We’re not paying our country, we’re paying the medical facility directly. But it’s still insane.
🙏🏻
Come to Germany, university is free.
Hi Lydia, i remembered the old video where you first talked about your family's debt struggle. And i needed to hear from you today, someone who can be this honest, empathetic and smart is just the kind of person i needed 🥹
Thank you for being you ❤❤
Thank you for sharing your story Lydia! Life after debt is possible, and we’re here to help you get on a path to a better financial future 🫶
Thanks so much! 😊