Our Superfast, 4-Step Plan to Become Debt Free

You, too, can become debt free

You, too, can live fabulously and not fabulously broke when you become debt free with the four steps we followed to pay off $51,000 of credit card debt. And, lucky for you, this tool will help you pay off your debt even faster than we did.

Note: This article contains affiliate links. This means we’ll receive a small commission at no cost to you if you buy items through these links. We only recommend products that we use or have thoroughly vetted and would recommend to our moms.

1. We overcame our brains to become debt free

Designer clothes. Grande vacations. Happy Hours that last more than an hour.  Clubbing with bottle service. Sound familiar?

Rather than popping bottles, though, we should’ve been popping tags. We were the cobbler’s kids with unfortunate shoes, and our lives were going straight to suck. Despite both of us being in financial services, we were living in a basement apartment, buried in $51,000 in credit card debt and digging ourselves literally and figuratively into a hole.

Trying to keep up with gay money was making us two unhappy homos. We were the gay-cliché of looking fabulous but being fabulously broke – like those shacking up four boys in a two-bedroom apartment in L.A. but driving Bimmers and Audis.

Sound too familiar? Yeah. Us, too.

One night sitting on the dining room floor of our basement apartment, we hit rock bottom. We were depressed and pissed because our debt was keeping us from the life we wanted – the life we pretended to have. We couldn’t live that way anymore and knew something had to change.

We had to change.

We decided then and there that we would do whatever it took to become debt free. We’d stop ignoring our bank statements and account balances. There’d be no more half-assed, mediocre attempts to pay off our debt. There was no option but to become debt free.

So, we used our professional knowledge and personal experience with money and devised a plan to pay off our debt. Our plan worked, and we paid off our debt in two and a half years. We’re living fabulously now and you can, too.  If you can relate to our over-the-top, underfunded lifestyle, you can also relate to and become debt free and financially secure.

Our plan will help you get out of debt, and with the assistance we didn’t have, you’ll pay off your debt sooner. Follow these steps and join us in living fabulously and financially free!

2. We cut down on going out

Our social lives were more important than our financial security. We were afraid that if we weren’t ever-present on the party scene that we’d be irrelevant. We said no to nothing.

We didn’t stop going out; we just stopped always going out. We RSVP’d “no” occasionally and, guess what! The world didn’t end, our social lives didn’t end, and we didn’t end.

We learned about ourselves, about how and why we spend. Learning about ourselves opened our eyes and helped us become gay successes. It can help you, too.

Cut down on, don’t stop going out. Put the money you save by not going out so often and so fabulously towards your debt, and you’ll be one step closer to becoming debt free.

3. We lassoed our credit card interest rates to 0%

You’ve heard of the Avalanche Method and the Snowball Method to pay off debt? We did, too, and we wanted bigger and better. Right?! So, we devised the Debt Lasso Method. Picture the Lone Ranger . . . or, Wonder Woman.

First, get your interest rates as low as possible, ideally 0%. Contact all your credit card companies and ask them to lower your interest rates. This step helped us save money immediately. Most companies obliged even if it took a bit of cajoling and groveling. No doubt, you’ll have a similar experience.

Next, look for 0% interest-rate-credit-card-promotions with no annual fees. Zero-percent interest-rate-credit-card-promotions with no annual fees and 0% balance transfer fees were Oscar gold for us. Some still exist! Many 0% interest promotions last between six to 18 months. Longer is better because it’ll give you more time to pay off more debt.

Every dollar that you’d otherwise use to pay interest should get plowed into paying off your balances. When one card is paid off, put more money towards your next card.

If you can’t find similar credit card promotions or you have other kinds of debt, try one of our favorite tools because there are as many diverse paths to success as there are LGBT people.

4. We played the grocery stores

When we analyzed our spending and learned how and why we spend we learned we were spending $400 a week on groceries and $400+ a week dining out. David grabbed a bagel and coffee at Einstein’s nearly every day, and we went out to eat three to four nights a week.

Learn about how you spend.

To stop overspending on food, dining out and wine, we became super meticulous with grocery shopping. We stuck to our budget religiously and made a weekly menu and grocery list. Our menu and grocery lists comprised of only the weekly sales items at our three surrounding grocery stores and items for which we had coupons. If we could use both, we did.

We, also, learned to love ourselves some cardbordeaux. We spent less money on the wine we got and drank slightly less wine because we loved it slightly less.

If groceries, dining out and wine are a big portion of your over-budget, use our strategy as a template to get them in line with your financial goals. Even today, we use a budget, grocery list and menu to manage this line-item and not waste food. Don’t worry! When you get your financial goals on track, you can drink good wine, again.

Hopefully, our superfast, four-step plan will inspire you to pay off your debt. You may need a slightly different plan, but know that the Debt Free Guys and Queer Money™ are here to help, and so are our friends.

Note: This article contains affiliate links. This means we’ll receive a small commission at no cost to you if you buy items through these links. We only recommend products that we use or have thoroughly vetted and would recommend to our moms.

Other articles to help you become debt free faster:

Living and becoming debt free isn't easy. That's why we had to share this amazing post! These 4 steps will help you become debt free for life. Share with your friends to help them become debt free.

Comment List

  • We love following a process of continuous improvement with respect to our finances and goals. But the best thing we did for our finances, way before downsizing, was setting a goal! Can’t stress goal setting enough.

  • Mrs Lewis 19 / 01 / 2016 Reply

    I believe in training wheels for everything. Start small but don’t NOT start. Little goes a long way and a small success makes you hungry for more.

    • John Schneider 20 / 01 / 2016 Reply

      Absolutely. Getting started is the hard part. Once you do it though you can pick up steam and move along quickly.

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