Financial planning tools and services to put you on the path to the future you want
Your guide to financial planning and retirement
Connect with peers and experts
Get to know the people behind the company and the mission behind the work
Offer financial wellness to the people at the heart of your business
November 2, 2015
Do you want to eliminate debt and save for retirement? It’s not impossible.
In today’s world, it can be easy to feel rushed, overwhelmed, and spread thin. But don’t let that stop you from meeting your goals.
If you want to be debt free, it will require some discipline and sacrifice; but eventually, it will have been well worth the hard work.
Just ask Steph Halligan, Financial Education Consultant and Cartoonist at The Empowered Dollar. Steph has chronicled her personal journey in a way that empowers others to free themselves from the shackles of debt and start building for a better future.
What are 3 ways to eliminate debt while saving or preparing for retirement?
I paid off $34,579 in student loan debt in less than 4 years by doing 3 things:
1. Earn money on the side: I tried to earn as much extra money as possible, from selling things on Craigslist to finding freelance jobs on the internet. A lot of that extra money went toward my debt and some of it went towards savings and retirement.
2. Negotiate your salary: I spent hours preparing for and asking for a raise at my full-time job. And even though the economy was bad and I was working at a nonprofit, I made a strong case and got an increase. I also negotiated my starting salary at a new job. In total, I negotiated an extra $13,000 and that really helped with my debt and savings!
3. Prioritize your spending: I knew that if I wanted to pay off my debt and save, I had to make saving money a priority. I picked what really mattered in my life (like eating healthy groceries) and cut back on all the rest (like buying new books or going out for drinks).
What common obstacles do people encounter along the way?
It’s hard to stay motivated or feel inspired when you have tens of thousands of dollars in debt staring you in the face. That’s why telling people about my goal to become debt-free was so important. It kept me accountable and kept me going even when I was struggling to stay motivated.
How can the simplicity of a comic present complicated information in a more user-friendly manner?
I love drawing cartoons about money! Money can be a boring or scary topic sometimes, and I know that paying down student debt is a lot more fun when you can pretend you’re battling a debt monster in a super hero suit. Cartoons also do a great job of explaining complicated concepts like 401(k)s in a fun and visual way.
Like Steph Halligan on Facebook!
Get more retirement planning help!
Do it yourself retirement planning: easy, comprehensive, reliable
Take financial wellness into your own hands and do it yourself retirement planning: easy,
Share this post:
Our weekly newsletter full of inspiration, podcasts, trends and news.
© 2024 NewRetirement, Inc. All rights reserved.
Disclaimer: The content, calculators, and tools on NewRetirement.com are for informational and educational purposes
only and are not investment advice. They apply financial concepts in a general manner and include
hypotheticals based on information you provide. For retirement planning, you should consider other
assets, income, and investments such as equity in a home or savings accounts in addition to your
retirement savings in an IRA or qualified plan such as a 401(k). Among other things, NewRetirement
provides you with a way to estimate your future retirement income needs and assess the impact of
different scenarios on retirement income. NewRetirement Planner and PlannerPlus are tools that
individuals can use on their own behalf to help think through their future plans, but should not be
acted upon as a complete financial plan. We strongly recommend that you seek the advice of a financial
services professional who has a fiduciary relationship with you before making any type of investment or
significant financial decision. NewRetirement strives to keep its information and tools accurate and up
to date. The information presented is based on objective analysis, but it may not be the same that you
find on a particular financial institution, service provider or specific product's site. All content,
tools, financial products, calculations, estimates, forecasts, comparison shopping products and services
are presented without warranty.