Episode: 330 - Breaking Free from the New Car Trap: How Your Vehicle Choice Impacts Financial Freedom
Subscribe to Simplify My Money:
https://www.debtfreedad.com/newsletters/simplify-my-money
Few purchases spark as much debate—and emotion—as the decision to buy a new car. There's no denying the appeal of a spotless ride, that intoxicating new car smell, and the feeling of pulling off the lot in something brand new. But when it comes to your financial health, is that shiny vehicle a smart investment—or a fast track to unnecessary debt?
Let’s take a closer look at the true cost of buying new and why it might be time to rethink how we view car ownership.
Why the Obsession with New?
Clever advertising has conditioned us to see vehicles as more than just transportation. Cars often symbolize success, status, and how we want to be perceived by others. That image can be tempting—but it's also expensive. Many people admit to choosing cars that look impressive, even when it means taking on more debt than they can comfortably handle.
New Car Reliability: Worth the Cost?
One of the most common arguments for buying new is the peace of mind: warranties, modern safety features, and the assumption of reliability. But a well-maintained used vehicle can deliver the same dependability—without the hefty price tag. In many cases, spending $4,000–$6,000 on a quality used car can significantly reduce financial pressure, freeing up cash for other priorities.
The Hidden Costs of New Cars
Depreciation is a silent budget killer. On average, a new car loses about 30% of its value in the first year and over 60% by year five. Considering that the current average price of a new car is hovering around $49,740, that’s a big financial hit. Add in monthly payments—often around $750—plus insurance, registration, and maintenance, and the true cost quickly adds up.
Rethinking the Way We Pay
Imagine taking the money you would’ve spent on a car payment and instead putting it into savings or investments. That shift in mindset—from borrowing for depreciation to saving for long-term gain—can be transformative. Driving a reliable older vehicle a few extra years might not be flashy, but it creates breathing room in your budget and opens up new financial possibilities.
Lessons from Experience
Many who’ve been down the “new car every few years” path often realize too late that it’s a cycle of debt and regret. Trading in a car for a newer model too soon can stretch out payments longer and increase total costs. Choosing to drive a car until it truly needs replacing instead of upgrading on impulse can save thousands.
The Emotional Toll
Beyond the numbers, there’s also an emotional cost to consider. That temporary rush from buying new often gives way to long-term stress when payments become a monthly burden. Breaking free from that pressure can lead to peace of mind, greater financial flexibility, and less anxiety about the future.
Final Thoughts
If you're feeling weighed down by your car payments or stuck in the cycle of upgrading vehicles, it might be time to pause and reassess. A reliable used car can get you where you need to go—without putting your financial goals on hold.
Small changes, like opting for a used vehicle or holding on to your current one longer, can make a big difference. It's not about shame—it’s about empowerment and choosing a path that leads to greater financial freedom.
Resources Mentioned
The Totally Awesome Debt Freedom Planner https://www.debtfreedad.com/planner
To learn how to take the stress out of your finances so you can breathe again, follow this link: https://www.debtfreedad.com/lwp-masterclass-opt-in-page-podcast
Connect With Brad
Website- https://www.debtfreedad.com
Facebook - https://www.facebook.com/thedebtfreedad
Private Facebook Group - https://www.facebook.com/groups/debtfreedad
Instagram - https://www.instagram.com/debtfreedad/
TikTok - https://www.tiktok.com/@debt_free_dad
YouTube - https://www.youtube.com/@bradnelson-debtfreedad2751/featured
Thanks For Listening
Like what you hear? Please, subscribe on the platform you listen to most: Apple Podcasts, iHeartRadio, Spotify, Tune-In, Stitcher, YouTube Music, YouTube
We LOVE feedback, and also helps us grow our podcast! Please leave us an honest review in Apple Podcasts, we read every single one.
Transcript
Brad Nelson:
Hey, nothing sparks a debate like the topic of buying a new car. It's exciting, it's shiny and, let's be honest, that new car smell is pretty awesome. But is it actually a smart financial move or is it just a money trap in disguise? Now today on the Debt-Free Dad Podcast, we're breaking down the real cost of new cars, from sky-high payments to massive depreciation, and how they could be holding you back from financial freedom. Now, if you're thinking about upgrading your ride, this episode is a must-listen before you make a decision that could cost you thousands.
Announcer:
You're listening to the Debt-Free Dad podcast with Brad Nelson. Brad and his co-hosts experience the anxiety of living paycheck to paycheck before learning the fundamentals of financial success. They are now on a mission to empower regular people to pay off their debt for good and enjoy happier, less stressful lives. Keep listening for inspirational interviews, tips, tricks and practical advice to gain financial freedom tips tricks and practical advice to gain financial freedom.
Brad Nelson:
Hey guys, I'm Brett Nelson, founder of Debt Free Debt. I paid off about $45,000 in debt. I've been debt free now for more than 12 years. I've also been fortunate to help thousands of other people save and pay off tens of millions of dollars with the work that we do here at Debt Free Debt.
Chris Hawkins:
And my name is Chris. We started our financial journey 20 years ago, 2005. And from 2005 to 2008, we paid off just under $100,000 worth of debt, and we haven't had a payment, except for our house, since then.
Kati Hatfield:
And I'm Katie, and over the last six and a half years I have paid off over $200,000 in debt on a single income.
Ryan Nelson:
And my name is Ryan Nelson. My wife and I off over $200,000 in debt on a single income. And my name is Ryan Nelson.
Brad Nelson:
My wife and I paid off $160,000 over eight years while we were raising three kids. All right, guys. Now, after listening to this episode, if you're someone who's ready to take things to the next level, you're ready to break free from living paycheck to paycheck, you want to reduce financial stress, you want to build more savings and finally pay off that debt for good. But maybe you're not quite sure where to get started. We've created some incredible free resources here at Debt Free Dad to help you get there, and we'll be sharing some details about how you get started with that later on in today's episode.
Brad Nelson:
So, guys, the new car debate how many episodes have we done about new cars? I think we've only done one, maybe two, and the show's been on now for our fifth season, fifth year over 300 episodes. But, man, this thing gets people stirred up more than anything. Is this whole new car versus used car? Man, people just get so angry about their car. So the first thing I want to just ask is like why the heck do we love new cars so much here in the United States?
Kati Hatfield:
They're shiny and pretty and they're clean, but I actually am one of the people who hates new car smell. I do not like it at all.
Ryan Nelson:
Wow, that's interesting. Well, I think you know if you think of new cars for me I mean just debt in general and if just watch any new car commercial, the new car commercials are not selling you the latest features and look at how cool it looks and they're not selling you like the most aerodynamic this and the nice radio there. That's not any commercial. You see Every commercial and every new car commercial. You see that's advertising. A car is all about what other people will think of you driving that car. That's what it's all about and that's debt in general. So I think new cars and even used cars to some degree, whatever car, people overspend on it.
Ryan Nelson:
My son is in auto sales. He tells me horror stories all the time and people buy it because they want to look important. They want to look like they're somebody and that's what a lot of it is about. Deep down, people won't admit it. I didn't want to admit it when I used to do it.
Ryan Nelson:
I remember buying a certain car that looked like a Mercedes, even though it wasn't a Mercedes. But I wanted it because I couldn't afford a Mercedes, but I wanted it to look like a Mercedes because I wanted to look important. That's the only reason I wanted. I didn't even like the car, but it looked like something that somebody maybe important would drive. So that's why I got it and it's just. I can admit that now, but back in the day I would never admit that I would have went to my grave saying I gotta have it for all these reasons. At the end of the day, the reason was because I wanted to feel like I was somebody in it and that I was successful and that other people would see me the way I see myself driving it. And reality is nobody cares. I hate to break it to you, but nobody cares. I don't care that you have a cool car and you're sitting next to me at the stoplight. I literally don't give it a second thought, and most people don't either.
Brad Nelson:
But it's amazing how much we think they do yes.
Kati Hatfield:
Yes, because you're going to be as cool as Matthew McConaughey, who can sell anybody a car just by looking cool, driving it around and talking about it.
Ryan Nelson:
In my Lincoln.
Brad Nelson:
That's right. What about the other argument, though, that new cars are a good option because of safety and reliability? And we're going to get into this a little bit. What about the warranty? Safety and reliability? Or and we're going to get into this a little bit what about the warranty? I mean, that's usually a big argument among people is that, you know, and that's what makes cars, I guess, or new cars, more ideal is because, again, they have the latest safety features, they're reliable.
Brad Nelson:
You're buying a new car, you're not buying somebody else's problems. And then, of course, if the car does have any issues, they kick in that warranty. They kick in that warranty, you know. And for someone, again, who might be living paycheck to paycheck or money's a little bit tight, they might think in their mind that that's the best option for them, because if anything does happen to that car, they don't have to worry about repairs, they don't have to worry about maintenance and all that stuff. Everything's going to be pretty much taken care of, because it's a new car, I mean outside of oil changes and things like that. So, like, what about someone who argues that?
Ryan Nelson:
They're full of crap. And I don't mean to be, I'm not trying to be, so I'm going to throw myself out there right now. My son just got a car. He bought himself a car. He's been saving. He bought himself a car. He has an older car.
Ryan Nelson:
I hate it, I don't like it, but we bought it because it's like four grand, you know, on the market. If I would have buy it used like on facebook because I went on facebook for the show as well probably would have paid around five grand for it. So we got it for four grand because that's what they were going to give him, for it's four thousand dollars. Is it fancy? Is it awesome? No, but it's paid for. And I think that this is the part where I think people just get caught up in. We'll make us, we'll make excuses on a lot of stuff and we'll make them a mile long, we'll make all the reasons, but at the end of the day, this has a crappy backup camera, no-transcript. You know, back when we were growing up, cars weren't made to last like they do now. There's still, I think, this false perception that when a car gets to 100, 125,000 miles miles, you got to get something new because it's going to fall apart, but most of them are built for a long time.
Ryan Nelson:
And then a lot of people will pull out their horror stories of like, well, I bought a used car once and I'm the engine blew up and I'll never do that again. It's like I get it, but that doesn't happen often. I'm not saying it doesn't happen, but I just think it's hard for people to again. Like you said, people are tied to this. It's hard for people to again, like you said, people are tied to this. It's very, very difficult conversation, because I used to be this too. You would have never convinced me to not buy we didn't buy new, but we bought fairly new and you wouldn't have convinced me to not have a car payment for all these reasons, warranty, all this stuff but we bought used for a long time now and I've not had big issues like that.
Brad Nelson:
No, and you're telling me you bought a four thousand dollar car, it's got a backup camera. That's pretty sweet. I was very impressed with that but?
Ryan Nelson:
but let me tell you, like I said, I went on facebook marketplace because I think this is the thing people will argue that you're never going to find a car. His car, it's a Kia Forte. It's nothing special but his year 2016,. Go look at a Kia Forte 2016 on Facebook marketplace. I found them anywhere from five grand to like seven grand, with anywhere from 90,000 to 130, 140,000 miles. So you can tell me all day long that you can't find things that are affordable. A car with 90,000 miles on it? Yeah. Is it guaranteed that it's taken care of? No, but get it checked out, do all your homework, make sure it's all right. You could get a car for five, six grand. Is it awesome? No, I'm not saying I love driving it, don't get me wrong. I drive it and I'm like I don't love it, but it gets me from point.
Chris Hawkins:
A to point B and I don't have a payment and I don't have all this money tied up in something, you could have a fairly new, if not dang near new, car within three years. That is safe, that's reliable, that's got all the nice safety features and you never borrowed money to pay the bank for it, never borrowed money to pay the bank for it, and at this point you've got a fairly new car. If you keep saving for, say, the next seven or eight years, you've got a car replacement fund. Who cares? At that point you can go out and buy a brand new car if you felt like it.
Chris Hawkins:
Right, it's all about the mindset and it's all about using the math in a different way and unfortunately, the car manufacturers and the banks have rigged this game to convince us that we always need a car payment. That's the only way to buy a car, and sure they throw in the safety features and the reliability and warranty. When in fact, you're telling me that you bought a car three years ago, I'm guessing you haven't had to put a whole lot of money into it and continue to save that money for a number of years to create a fund that could replace your cars for life. It's all about looking at things from a different perspective, and that goes back to educating yourself and using the math in a way that works for you, not in a way that works for the bank.
Brad Nelson:
Yeah Well, I think it's the mindset of instead of making the payment to the bank, make the payment to yourself, correct?
Brad Nelson:
You know, pay cash for a car, get started somewhere and then in a year or two, you can upgrade to the next one. I think this is where so many people who buy new cars just have like, yes, you're buying a new car, it's great, it's awesome that you have a new car. But what you tend to forget about, people make the argument well, I don't want to make repairs on an older car, so I want to save that money. I'm going to buy a newer car. But what they tend to forget about is the depreciation.
Brad Nelson:
The average depreciation on a new car is 30% in the first year and 60% or more after the first five years, which is insane. So, for instance, with an average new car price right now of $49,740, which, by the way, is crazy to me the first year depreciation could be almost $15,000 in the first year. That means, on average, you're losing over $1,000 a month in value on that car. Not only that, but you're being charged an average of $740, $750 a month for the payment on that car. And that's if you've got a decent interest rate. Right, a lot of people your credit may be bad. You're not getting a really good interest rate, so you got to think about like how much. And in those first five years you could lose upwards of nearly $30,000 in value owning that brand new car.
Brad Nelson:
So a lot of people say repairs are expensive. Depreciation is way more expensive, and that's the part that just fascinates me that people don't see the depreciation on the new vehicle. And again, if you're someone out there who's comfortable making a car payment, you're not living paycheck to paycheck. This argument's not towards you. This is towards the person who's constantly stressing that they're broke, they don't have any money, they're living paycheck to paycheck, but yet then they have one of these car payments. It's like the problem is likely in your garage or driveway. That's just my feeling.
Kati Hatfield:
I'm going to throw myself under the bus, because I did this and I had a one-year-old car, brand new, that I traded in for a bigger car. So bigger cars are usually more expensive and that was the newest car model that year and I was all ready to sign at the price I wanted. And then it was. I just wanted to make sure it has seat warmers right. And he's like no, that's the base model. You have to go up a model, I'm like. But I live in wisconsin, so those are and I'm over 40. So they're necessary.
Kati Hatfield:
And the base model did not have the blinker, the blind spot indicators. So that was. I'm like shouldn't that be like the base level safety standard, like for new cars these days? So it made me so mad because I had to pay more money, because he had already roped me in and, yeah, I lost so much depreciation and I knew I was kicking myself so hard. And I did it and learned from my mistakes, because I'm still paying for that and I'm going to drive this car into the ground with 500,000 miles on it or whatever, but I'm not ever having a payment again after this.
Chris Hawkins:
And so that's the key. I mean, we don't buy cars very often at all. I hate, it's the most miserable experience dealing with car dealerships.
Brad Nelson:
I'm with you.
Chris Hawkins:
I'd rather have a root canal with no Novocaine, but you do have to buy cars from time to time, and sometimes it's either a dealership or a private seller, and, generally speaking, I think about every other car at this point. We buy a brand new one and then we buy a good, reliable used car. Again, that's not very often, because it goes back to what Katie said If you want to beat the depreciation, keep the car for a long time, a long time. But what I would say is this is we've been doing this for 20 years. All right, we've been out of debt for a long time. We can save money and pay cash for things. So we're in a position where we can afford to take the depreciation hit. But it's not as much of a hit when you own the car for 150, 180, 200,000 miles, okay. So you really have to think about. You're right, brad, depreciation will kill you. But if you certainly do buy a new car, keep it for a long time.
Chris Hawkins:
Yeah Right, Otherwise you're going to be the sucker that turns around and sells that car five years later for $20,000. And you turn around and have another payment for another brand new car and you're going to have $750 car payments for the rest of your life. And somebody like me is going to buy that car at five years old from 20 for $20,000 and keep it for another 10 years and only have spent $20,000 for a car that I got 10 years use out of, whereas you spent $30,000 plus all the payments for a car that you drove for five years. I hope that made sense.
Brad Nelson:
Yeah, yeah for sure. Well, I think the other issue is too. I mean, as we're recording this, it's 2025, and we all know what happened during COVID, when car prices were just hugely inflated and there was a tremendous amount of people who are really upside down because, you know, they were selling over sticker price and they're in a really tough spot and a lot of people can't even refinance because they're so upside down. The banks aren't going to take on that risk. They're not going to take that on. A lot of people are stuck in those types of situations, so you really got to be careful.
Brad Nelson:
I remember when I got out of debt and this is why I'm so passionate about this whole subject, because it keeps people so stuck, they're just so stuck in this new car thing but I got rid of a brand new car. It was brand new when I bought it. It wasn't brand new, obviously, when I got rid of it, but it was nearly a couple years old. And I bought myself a 1996 Toyota Corolla and I remember I went back and did the calculation on how much it cost me to own, repair and maintain that vehicle for four years. On average it was $80 some dollars a month. Like $85 a month is what it was costing me. That was for what I paid for it the maintenance, the insurance and the gas. And that's the other thing a lot of people they forget about with a brand new car is that your insurance policies, especially if you're younger, are going to be much higher on a newer car than, say, something that's used. So that's the other thing you got to be cognizant of. In fact, they actually released statistics AAA total ownership costs. It's not just about, obviously, the monthly payment but, according to AAA, the average annual cost to own and operate a new vehicle in 2024, obviously, as we're recording this, it's 2025, was $10,728. So almost $900 a month when factoring in things like your gas, your maintenance, your depreciation insurance and your borrowing costs.
Brad Nelson:
So, again, if you're someone again who is living paycheck to paycheck, you're struggling with saving, you're struggling with getting out of debt. That is such a huge burden on your cash flow every month and the people that are able to make the transition from going to that big of a car payment or maybe to a lesser car payment or no car payment at all. I mean it makes such a huge difference in what you're able to do monthly with that new money right and being able to save, get out of debt, pay off other debt. If so, many people would consider even getting rid of just one new car payment, because a lot of families have two of these. And guys, the crazy thing about this, this is insane of these.
Brad Nelson:
And guys, the crazy thing about this, this is insane. 20% of people now have a car payment over $1,000 a month and the terms are getting that much longer because obviously a lot of people can't afford 60 months anymore. So now they're on to the six years, the seven years, the eight, the nine year terms, right, and the only reason they're doing that is because people can't afford the payments on those shorter terms. So they extend the term out, the interest, like you're paying even more on interest in the servicing of that loan. So these are all things just to consider if you're in one of these payments.
Kati Hatfield:
As a woman going into a car dealership, I hate to say this. But take your mechanic with you if you're going to go get a used car, because they are going to tell you an honest evaluation of what your maintenance costs are going to be versus a new car. I've had several great mechanics over the years who were just honest, trustworthy. They're not going to just try to sell me something. They're like this car has this kind of issue. It's a known thing. I deal with this all the time. Don't get that kind of car. So yeah, those are just some tips and I would never take my father. He also used to be a used car salesman and he always ends up with the most expensive car. So I'm like I'm not taking you dad, I want to save money when I get out of the dealership, I'm taking somebody else that's going to save me money.
Chris Hawkins:
I think the big thing is for most of you who are listening to this podcast and we always have to remember there's a wide range of people who listen in various parts of their journey but Brad is absolutely correct, and that is that your car payment is probably a large reason why you're struggling financially. And if you want to do something different and you want to try something different because what you've been doing is not working, give it a try getting rid of one or both or three or however many new cars or car payments that you have. Try buying, like Ryan did, a good, reliable used car. Okay, even eight, 10 years old, if you have to, because it's only temporary. We're not asking you to do this for the rest of your life. You possibly could, but what we're suggesting is try something different.
Chris Hawkins:
There's a scene in the movie Days of Thunder that I like to tell people about all the time In that movie he's learning how to drive stock cars after having driven Indy cars, and they're set up differently. They have different size tires and he keeps blowing the tires, and so there's a scene where they're talking about his crew chief is saying listen, you're used to driving Indy cars, let's go out here and I want you to run 50 laps the way that you want to run them. And I want you to run 50 laps the way that you want to run them. And I want you to run 50 laps the way I want you to run them a different way. And I bet you, at the end of the day, the speed running things the way I want you to do them, you're going to be faster and sure enough, that's the case, and the moral of the story is if what you've been doing isn't working, let's try something different. Okay, it's not going to hurt.
Chris Hawkins:
You Get rid of a car or car payment. If you need to Reduce your car payment, if that's what you need to do To free up the cash to allow you to start doing some different things, such as, you know, pay off your car loans, credit card debts and other things and I think you're going to find over the long term, that that pain is only temporary and you'll get to the point where you can save money to then start going out and buying good, reliable used cars, or even 20 years. Down the road, like I've been able to do is, every now and then, splurge on a brand new car, keep it forever and not let the depreciation kill you. But you've just got to put into perspective where am I at in my journey and what are my goals and what is it that I want to accomplish.
Brad Nelson:
And I promise you getting rid of that car payment is going to help a lot.
Brad Nelson:
Yeah, I guess my last thought too, I want to just add is that it's the opportunity costs of that as well. Now I get that we're big, huge car nut people like that. You love your new car, but the number one reason why people don't get approved for mortgages in this country is because of high car payments. That's the number one reason they're not getting approved. So you got to ask yourself keeping you from buying a home and getting into real estate? I mean, that's a huge tradeoff. So that's something to consider is that if you're someone who wants to buy a home, get into real estate, you want to start building wealth. Just these massive car payments for most people it's going to keep you stuck.
Ryan Nelson:
And also what's the emotional cost of that? Because I think the big thing you always hear people talk about is you don't ever see someone that's got this kind of car with a frown on his face. It's like, yeah, when he's driving it, sure no, but 90% of the time when he's not driving it and things are miserable and you're fighting and you're arguing and it's financial stress. That's what you're paying for. It's not just paying for the car, you're paying for it in all those other ways, like we used to do, and it's just. We could well afford the $750 car payment if I wanted to. We go do it right now. I mean, would it have an impact on our budget? Sure, could I do it? Yes, but it's like I don't want to make that trade off. I don't want to have that stress in my life and all that extra expense and, like you said, insurance. Like I carry liability. It's dirt cheap to keep this car as opposed to a brand new car, full coverage, all that other stuff that goes with it. Right, like I just don't want that in my life. So I mean this isn't like to shame people about buying new cars or this or that, it's just. I think, what you have to really ask yourself is why, the end of the day, if you really have a heart to heart with yourself, why is this car so important to you? Right, you know, and for me it was all superficial reasons, and I think if you can get past that and be honest with yourself as to why this car is important to you, you can be super honest.
Ryan Nelson:
I think a lot of us would realize that it doesn't a lot of times have anything to do with us and the need for this certain vehicle. It's just this need to be looked at in the way we want people to look at us. I used to have a truck. I don't have a truck anymore. I had the truck. It looked awesome. At the end of the day, it's like everybody said it probably never seen dirt. It didn't Most of the cars that look like most of the trucks dirt. It didn't Most of the cars that look like most of the trucks. They don't ever take them off-road, they just look a certain way.
Ryan Nelson:
Because you want to have this perception of that's what it is, and I think you just have to be honest with yourself Before you go spend $50,000 on this amazing off-road thing or whatever it might be. What's the reality? That you're really going to do that and if you can afford it. We do have one nice car that we paid cash for, kind of like you said, chris, over the years we've upgraded. We have one nice car, but we can afford to have that. But if you really can't afford it and you're having these huge car payments, just be honest with yourself. It's a thing you want other people to see you for, that's all, and I think if you just get past that, you're going to save so much money. You'll be amazed how, how fast your finances can improve if you just get over that.
Chris Hawkins:
So, ryan, you mentioned the word afford about 10 times in the two or three minutes that you were talking. For those of you out there, what we're suggesting is this we want to help you get away from thinking of afford as can I make the monthly payments Right, and we want to get you to the point in your life where, when you ask, can I afford it, what you mean is do I have enough money in the bank to pay cash for this car. That's a big, big mindset change, one that I think is extremely worth it.
Ryan Nelson:
Yeah, for sure.
Brad Nelson:
Yeah, and it's like you said, ryan, I don't want people to feel like this episode was to shame people. It really is just to bring awareness to this, because it is such a thing that for a lot of us, it's so ingrained in us that you always have to have a car payment, you always have to have a new car, and for a lot of people, they don't realize how much that mentality is keeping them stuck. Kept me stuck, kept a lot of us stuck, and once you get out of it, it just makes such a huge difference in your overall ability to improve your finances, get out of debt, save more money, reduce stress. It is a game changer, no question. All right, guys, if you're ready to break free from living paycheck to paycheck, you want to reduce financial stress. You want to build savings and finally pay off debt for good. But maybe you're not sure where to start. Don't worry, we've got you covered.
Brad Nelson:
Simplify my Money is sent to you each Sunday to your email. Simplify your Money is a step-by-step roadmap to better financial control, and you'll also learn easy-to-follow strategies to manage your money effectively. It's stress-free money decisions that will help you simplify your financial life with proven tips that actually work, and you're going to gain the tools and the confidence to tackle your financial goals head-on. You can sign up for Simplify my Money by clicking the link at the top of the show. Notes B let's talk about debt. Let's talk about debt. Tune into Debt Free Debt. Tune into Debt Free Debt. All right guys. That song means it's time for the celebrations of the show, and today we are kicking off with Hillary. Hillary says I was able to pay an extra $100 towards my lowest credit card. Small steps. I also completed week number three inside Roots. Hillary, congratulations, awesome win.
Chris Hawkins:
And Heather says I joined on January 15th of 2025 and have already paid one credit card off, have $800 in the first emergency fund and I'm doing it all on a single income. It can be done. Keep pushing forward everyone.
Brad Nelson:
Yeah, and that's incredible. And, by the way, the day we're recording this is February 11th, so that's less than a month that she's made that progress. That's incredible, awesome job.
Kati Hatfield:
Yeah, Way to go, Heather. And then Jim found a meal prepping website that plans 20 freezer meals and each one has four servings. As a single person, that's 80 meals in his freezer and that puts a major dent in eating out and apparently Jim door dashes. So way to go, Jim. That is going to save you a lot of money.
Ryan Nelson:
And Melinda. Thanks to having our emergency fund, we were able to pay for our dryer to be repaired with cash, and now we just need to save that money back into our emergency fund.
Brad Nelson:
Awesome job, hey guys. As always, congratulations to all of you guys who are taking a stand for your financial life and are wanting better. Hey, we get that getting out of debt isn't easy, but with our help and with your consistency and discipline, we promise you guys, this will be some of the best work that you guys do in your entire life. Thanks for joining us on today's show and we will see you guys on the next episode.
Announcer:
Thanks for listening to the Debt-Free Dad podcast. Connect with us on Facebook, tiktok, youtube and Instagram. Just search Debt-Free Dad. If you found value in today's episode, please leave us YouTube and Instagram. Just search Debt Free Dad. If you found value in today's episode, please leave us a rating and review. We so appreciate it For resources, show notes and links mentioned in today's show. Visit DebtFreeDadcom. Catch you next week.
