Debt Free Community Interviews: Ruby

Welcome to the another one of my Debt Free Community series interviews. This week I am featuring Ruby from Victoria, Australia . I hope you are enjoying this series!

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Q: Tell me a bit about yourself

Hello!  Thank you for allowing me the opportunity to be interviewed 🙂

My names Ruby, I’m 25 years old and live with my partner Daniel (27) and our 1 year old daughter Eadie. We live in Gippsland, Victoria-we bought our first home together 2.5 years ago.

We love outdoor activities such as camping and 4 wheel driving, and getting away for the weekend.

Q: What is your current financial situation?

Our only debt is my mortgage-$268,000. Before we bought our house, I did have a car loan of $24,000 but I paid that off in 3 years.

I always saved my money from the day I started earning. I’ve never had a credit card or loan apart from my car loan, and our current mortgage.

Q: What was your ‘reason’ for paying off debt?

I paid for my first car outright, and then it blew up on me. I did have savings but I was saving for a house deposit, so I thought I’d get a loan. I hated it the second I got it-I wasn’t able to put as much towards my savings as I was, and I hated having the burden of it. I always made extra repayments to try and get rid of it.

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Q: What have you done to help pay your debt?

I was working full time in childcare, but also worked at a bakery on the weekends for extra money. I would pay extra then the minimum repayments for my car loan, and every now and again put a lump sum over from my savings to cut it down.

Q: Have you had any particular setbacks during this journey? If so, What did you do to overcome these?

Not really, I didn’t have a time frame that I wanted to get rid of my loan. When we applied for the house loan they said they would approve it if I got rid of my car loan, so I paid the last couple thousand off of it then.

Q: Where do you see your financial situation in 5 years time?

Hopefully with still just a mortgage debt.

When I was working full time I made extra repayments to the mortgage, but since being a stay at home mum and only working a couple of casual shifts a week I haven’t paid any extra off of it. I plan to once I go back to work full time.

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Q: What advice would you give a beginner on their debt free journey?

I read ‘The Barefoot Investor’ book, it had some great tips and I thoroughly enjoyed reading it. It gave me a whole new outlook on spending money and what I wanted to achieve in my life.

Q: What did you change after you became consumer debt free? Did you add anything back into your budget, spend more etc?

Once I paid off my car, I then started paying a mortgage so I didn’t notice a real change.

When I had my daughter Eadie, I really started cutting back and budgeting, so that I didn’t have to go back to work full time and could stay home with her. I’ve cut our living costs down by over $500 a month from being cautious with our spending and making some small changes.

Q: Do you have anything else to add?

I started my budgeting lifestyle after having my daughter. It was crazy how much money we were wasting without even noticing. I’m a lot more cautious of where all our money goes now. I am able to stay at home with my daughter, and just work a couple casual shifts for some extra spending money.

Thanks so much for doing this!

Q: Where can we find you?

You can find me on the social links below:

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*Icons designed by Freepik from Flaticon


If you’d like to be featured in the next post let me know! Comment below or send me a message on my contact page.

tasha

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