Home Debt I paid off £40k debt as a mum-of-two in three years

I paid off £40k debt as a mum-of-two in three years

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A MUM-OF-TWO who cleared £40,000 debt in just three-years has shared her top tips for getting out of the red. 

Ashira Nelson now saves up to a staggering £30,000 after paying off all her debts and credit cards in 2020.

Ashira became debt-free in 2020 after three years of persistenceCredit: instagram/savvygirlmoney
She’s now empowering other women to get out of the redCredit: instagram/savvygirlmoney

But she warned you need to ensure you don’t let your debts “pile back up” when the weather starts to get warmer. 

Ashita shares her financial tips as Savvy Girl Money on social media.

In a recent post, she divulged her six top tips for paying off credit cards. 

They have to be completed in chronological order, she urged.

This will ensure you have a well-rounded view of your financial situation before making any big decisions. 

The first step is to assess your debt, which means being realistic with yourself about exactly how much debt you’ve got, where it’s all sitting and how much interest you’re paying on different loans or credit cards. 

Her second tip was to create a budget that fits all your needs, and then work out the payments you need to prioritise. 

This could be the debts with the biggest interest rates, or the smallest debts to motivate you into paying off the biggest ones. 

Ashira’s fourth tip was to “cut unnecessary expenses”, such as eating takeaways rather than cooking or spending money on fast fashion.

Her fifth tip was to “increase your income”, which could be going for the promotion at work or taking up a side hustle. 

Her final tip was to “seek professional advice if needed”, especially if “your debt feels overwhelming or you’re struggling to make progress”.

“Summer loving and debt slaying; keep your credit card balances in check,” Ashira said.

“Remember, tackling credit card debt takes time and persistence. 

“Stay committed to your repayment plan and celebrate each milestone along the way.”

Ashira has won awards for being a financial activist and speaker, kudos which has helped earn tot up over 18,000 followers on Instagram

Before getting money-minded in 2017, she had £19,000 debt in student loans, £5,500 debt in credit cards and £15,700 debt against a car loan. 

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