From $500 to $30,000 in savings: How this jewelry designer saved a lot of cash while paying off debt and launching a business

McNaughton says a "hidden skill" of managing your finances is learning to recognize when you're stuck in a limited mindset. Fed up with the "struggling artist" stereotype, McNaughton realized that she had become too comfortable with debt, simply because she couldn't envision a way out of it.

"Initially I had a very aggressive debt repayment plan, which was about 70% debt repayment and then 30% savings," she says. It was working for her, but she never felt truly comfortable. "Everyone operates differently." So McNaughton shifted gears. For the past two years, she's been allocating 70% of her discretionary income toward savings and 30% toward paying off her debt. This allowed her to pay down her credit card balances at a rate she felt comfortable with, covering a little bit more than the minimum payments every month. She made a goal to pay off one credit card every six months while building up a cash safety net and also saving for retirement.In January 2020, McNaughton hit her savings goal.

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How to pay off over $200,000 in student loans in under 2 years - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. CancelStudentDebt You're going to feel silly when everyone else gets their student loans forgiven by Uncle Sugar. Just a fucking lie stop misleading this is just clickbait !
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