She Strengthens

Breaking Free from Financial Strife: Our Journey to Debt Freedom

When my longtime boyfriend and I tied the knot in 2016, we thought we had it all figured out. After eight years of navigating a long-distance relationship, he moved to my home country, Peru, and we were excited to start a new chapter together. But little did we know, our financial woes were just around the corner.

The Weight of Debt

My husband had taken a substantial loan of $16,000 USD to fund his small tourism business, which he hoped to manage remotely. However, eight months into our new life together, his business began to falter, and he was forced to take a full-time job as a commercial assistant, earning a modest $450 a month. Meanwhile, I was shouldering the bulk of our expenses, earning around $1,300 a month – a decent salary in South America. But our financial disparities soon took a toll on our relationship, and we found ourselves constantly arguing about money.

A Turning Point

As we approached our one-year anniversary, we realized that something had to change. We were exhausted from fighting about finances, and our relationship was suffering. That’s when I received a consultancy project worth $7,000, which became the catalyst for our financial turnaround. We decided to invest in a small car, renting it out as a taxi for $135 a week. This move not only helped us pay off my husband’s loan but also allowed us to recover our initial investment.

Lessons Learned

So, what did we learn from our journey to debt freedom? Here are three key takeaways that helped us navigate the treacherous waters of financial stress:

Honesty is Key

Open communication is essential in any relationship, and it’s especially crucial when dealing with financial struggles. By being honest about our feelings and concerns, we were able to work together to find a solution. Regular walks around the neighborhood became our therapy sessions, where we’d discuss our financial goals and strategies.

Plan Your Way Out

Having a plan is vital to getting out of debt. We researched new business opportunities, crunched numbers, and explored ways to increase our income. Our decision to invest in a taxi business proved to be a smart move, and it’s essential to find a strategy that works for you.

Celebrate Small Wins

Paying off debt can be a long and arduous process, but it’s essential to acknowledge and celebrate your progress along the way. Whether it’s a simple movie night or a sweet treat from the bodega, recognizing your achievements can make a significant difference in your relationship. By doing so, you’ll stay motivated and encouraged to continue working towards your financial goals.