How a 32-year-old woman paid off $57,000 of debt and quit her job for a coding bootcamp:
As recently as two years ago, the thought of leaving a high-paying job would have been unfathomable to Perez — it was made possible because she was able to pay off her $57,000 of debt, which consisted of student loans, credit cards, a car loan, and collections accounts.Financially speaking, Perez realized that she was in trouble when she was sued for her student loans, and she feared she could lose her job in finance as a result of the lawsuit.
Undeterred by the small setback, she continued to spend beyond her means and was living paycheck to paycheck despite earning six-figures. It wasn’t until she faced suit that she realized she had serious money problems. The cash envelope method consists of putting your credit cards away and transitioning to cash-only spending. At the beginning of the month, Perez would determine the amount of money she’d need to spend for the month. This would include all bills and expenses.
The cash envelope method is extremely effective because it forces you to be thoughtful about the way you spend your money. Debit cards, credit cards and other digital forms of payment were designed to make spending money seamless. By paying with cash, a layer of friction is added which gives you time to think about whether you really want to spend your last $5 on candy or lunch for the week. Holding the cash in your fingers make it feel more real.
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