I'm Paying Off My Debt
Author: Michelle
Date: 2015-07-17T09:00:00+00:00

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# How I’m Paying Off My Debt With A Variable Income and You Can Too!

posted on 17 July, 2015

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On Wednesday I shared my issues concerning dating while in debt. For the longest time I stopped dating because I just was having a difficult enough time managing my life let alone adding another person to the mix.

In fact, my non-dating was similar to my not wearing shorts for 6 years because I was ashamed of my legs. I went through 6 years of summers without wearing shorts-until this year. I was freaking roasting for 6 years. Until I realized that I was the only one suffering by covering up my legs. And sweating to death.

Don’t get me wrong, it was a good thing that I took time off from dating because I needed time to totally focus on myself in a way that felt a bit…selfish. I needed to focus on “me” before I could focus on “we”-so I did.

However, human beings are social creatures and eventually you need human interaction, connection, and support. And really-who wants to go through life alone? Unless you’re Morrissey there is a point when you need to add people to the mix.

I’m at that point.

The thing is, I still have debt. So, I will be in the position of having to explain why I am where I am and what my plan is. And as I mentioned on Wednesday this will be the first time that I will truly share this part of my life with another person because I used to feel so ashamed of my debt.

The thing is, after spending almost 3 years blogging about money I’ve learned something super important. I’m not the only one with debt. I’m not the only one who struggled to figure out a plan, and I’m not the only one who has had financial setbacks.

The key is figuring out a way to communicate what your plan is to deal with your debt so that your person doesn’t freak out and think-what am I getting myself into???

I had a very successful debt repayment process that I was rocking when I was employed full-time. Now I am freelancing and I’ve discovered that my old process just isn’t working with a variable income.

## Old Debt Repayment Process:

- Again, this was very successful and if I worked for an organization again full-time with a set income I would follow this process!!

- By the way-I was paid once a month (last business day of the month) and I’m discovering that I love being paid one large payment a month. I always love getting paid…but all through out the month makes a debt repayment approach a little more tricky.

- My old process was a hybrid process incorporating large monthly payments($500-$1000) and snowballing it by paying off the smallest debt to the largest. The large payments were from side hustles. Super simple.

## My Problem:

- I now have a variable income-Even though I am making o.k. money, it flows in all throughout the month so it’s a bit difficult to plan like I did before.

- I also need to rebuild my savings again in order to balance out the money flow. I’m currently working on this as we speak.

## Debt Repayment With A Variable Income

- Let’s Be Clear-I can’t take credit for this process. It is a direct result of speaking with Melanie from Dear Debt (please listen to the podcast where we talk about the process) and a post that I read by Sarah Greenback from Life, Comma, Inc.

- First-I am rebuilding my savings. I had a very nice cushion before I went on my trip. I don’t regret my trip…but it WAS to Australia and the trip ate at the reserve that I would have right now. My goal is to have at least one month’s worth of expenses set aside (and grow it from there)

- Second-Every time I get paid I take a percentage of each income (check) and apply it to my lowest debt. So, if I get paid 3 times in a week then my lowest debt gets paid 3 times in a week.

- Third-Upping my income! I coasted for the month of June but now have a ridiculous amount of energy. All of the sudden I’m seeing back to school stuff and Christmas in July. The year is going by quickly!! So, I’m working hard to find new projects and clients to work with (are you hiring? Email me at: shopmyclosetproject@gmail.com)

I’m paying off my debt with a variable income and I know that you can too! You just have to figure out a process and be consistent.

## Do You Have A Variable Income? Are You Paying Off Debt?

## Is My Repayment Process Similar To Yours?

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#### Michelle

I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.

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## Reader Interactions

### Comments

1. kirsten says

   17 July, 2015 at 6:25 am

   Just about everyone has debt or has had it. The fact that you have a great plan and are sticking to it, even with a challenging payment cycle, is proof that you are overcoming it. I’m glad you aren’t letting the debt drag you down in other areas!!!

   Reply

   - Michelle says

     17 July, 2015 at 8:41 am

     I think that I just feel so much better because I actually HAVE a plan. Sigh. I just always felt so overwhelmed and like I was drowning. Now, I just feel like. Bring it and let’s get ‘er done. Boom! Also, I’ve spent enough years letting the debt get me down. Also I’m just not interested in doing that anymore. I’m in a different (and really good) headspace.

     Reply

2. Tonya@ Budget and the Beach says

   17 July, 2015 at 8:13 am

   It definitely adds a new twist to the debt repayment process. I gotta be honest and say that I have yet to find the best way to budget as a freelancer, so I have no idea what the best way is yet. I do have some debt now but I make the minimum payments for now while income is lower because they are zero interest and very low interest with the car. I don’t know if that’s best, but I know work can dry up at any minute and I’d rather have the cash on hand in case it does, even though it’s tempting to throw big chunks of change towards it.

   Reply

   - Michelle says

     17 July, 2015 at 8:44 am

     It sure in the heck does (add a new twist)! I just cannot do the big chunks at the debt this time around, the little chunks will have to do and they will (over time) become bigger chunks. I think the key is just being consistent with my focus. I had stalled out a bit on the debt repayment as I tried to get used to-freelancing, the money flow, etc. Now that I’m used to it-I will begin applying the tools.

     Reply

3. giulia says

   17 July, 2015 at 9:42 am

   Do you know? I didn’t wear shorts for years until this year, maybe because is extremely hot this summer, but this season I’ve invested €19 on a dark blue shorts that reminds me boyscout model, but they’re so comfty and finally my legs are a little bt more tanned.
   For budget as freelancer I am sure you’ll find a good solution and is true maybe your trip in australia is been a little bit expensive but I believe that it worths every single penny you’ve spent right?
   I’m sure that your dating life with this new you will give you a lot of new answers.
   be yourself always!!!

   Reply

   - Michelle says

     17 July, 2015 at 11:51 am

     Giulia, I am so glad that i”m not the only person who stopped wearing shorts! It was just WAY TOO HOT in Australia to walk around roasting to death all covered up. At the end of the day there is always someone bigger or smaller than I am and I just have to embrace “me”. I’m fortunate enough to have working legs! The trip was expensive-but worth every single penny and I’m much, much happier as a result. You are great at giving advice btw!

     Reply

4. houseoftre says

   18 July, 2015 at 6:45 am

   I like you plan. Most people would wait until the end of the month to pay their debt, but then you risk using the money for something else.

   Reply

   - Michelle says

     18 July, 2015 at 6:55 am

     I would totally use my money on something else. I know myself. I really have Melanie from Dear Debt to thank for that idea. I am about to ramp up my freelancing business and debt repayments so this strategy will really be helpful as I focus more on building up my business and transitioning from my preliminary group of clients.

     Reply

5. Jason @ TheButlerJournal.com says

   18 July, 2015 at 11:08 am

   I have a full time and a side hustle income.I use both sets of income to pay them off. Right now I’m doing good, but I want to do better. I have a couple trips coming up in Sept & Oct so I need to ramp up the side hustle income.

   Reply

   - Michelle says

     18 July, 2015 at 7:45 pm

     Now that I’ve switched to full-time freelancing I’ve had to switch my debt repayment process. To be honest…I initially had planned on doing things the way I was before. Not going to work. I have a trip in September and I’d like to visit my Grandma to so I need to work harder.

     Reply

6. Jayson @ Monster Piggy Bank says

   18 July, 2015 at 5:42 pm

   Michelle, I like this concept of variable income. Doing this would speed up paying off debt, which means once done, you can focus on the “we”. Nice!

   Reply

   - Michelle says

     18 July, 2015 at 7:46 pm

     I just need to throw a portion of everything that comes in onto my debt and snowball it. That will add up over time and make a difference in my debt repayment.

     Reply

7. SavvyJames says

   19 July, 2015 at 4:26 am

   No doubt that most of us have to deal with debt – often significant debt for some – at one point or another. The key, as you very accurately note, is to figure out a process and be consistent. Now that you’re back out there, rockin’ some shorts, best of luck 🙂

   Reply

   - Michelle says

     19 July, 2015 at 4:24 pm

     Before when I was dating I just never was sure what my plan was. Now I am VERY clear what my plan is and it works. As long as I’m clear about what I’m working towards and that I’m serious about my goals “The One” will get it and will be happy to be with me.

     Reply

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