If you haven’t read the Enlisted Money Confession #1: The Dairy Land Divorcee, I highly recommend you do so before reading this article. Regardless, I received an update and wanted to share it with you. You’ll notice that this is no longer a cautionary tale but a success story worth shouting about!
Here’s their story:
Dairy Land Divorcee ’24 Update
It’s officially been 16 months since the ink dried after finalizing my divorce agreement, and to say that life has changed wouldn’t quite describe the moment. In the weeks leading up to the divorce, my ex-wife started moving money onto a shared credit card that was previously agreed to be halved. Well, needless to say, I was yet again surprised by the actions taken.
Transferring Her Credit Card Problems to Me
In a matter of a night’s sleep, this joint debt suddenly broke the $18,000 mark, which was well over an increase by twice the amount being carried on the card up to that point. I was absolutely shocked and devastated. My initial thought was that this was a mistake and that I was a victim of fraud in some way.
Well, after some basic research into the charges and balance, I quickly realized that there was a balance transfer from two accounts that looked very familiar. That led me to question my pending ex-wife, and voila, they turned right around and manipulated the situation and put her financial situation on the grounds of me moving my money out of the joint account we had shared a few months earlier. This tactful decision would ultimately pay off for her because she was willing to hold her signature on the divorce agreement until I agreed with her terms.
Acceptance of Debt to Gain a Path to Freedom
I couldn’t believe it was actually happening at the time, and I was instantly demoralized. But for all the right reasons, I had to accept my mistakes in life and move forward. In total, I left the marriage with well over $25k in credit card debt, which is a lot of money for someone who, as my initial story explains, is not financially stable. However, all of that was changing rapidly.
In the few months since I had separated my banking account, I was able to retain a balance of over $5,000 a month, which had only ever existed when I was on a deployment. With a new financial lease on life, I was laser-focused on getting out from under that debt as timely and efficiently as possible.
Free of Credit Card Debt!
Through savvy financial decisions and sacrificing a few things that I wanted to do differently with my money, finally, at the end of August, I have cleared the last of my credit card debt! I now carry a 60-day emergency fund and have a small savings balance that has gone untouched for over a year.
Getting on Stable Financial Footing
My financial stability is far from being able to soundly state that I will be more than comfortable in the next few years. However, as I continue this journey, I am confident and determined to make certain that I never encounter that situation again. My true financial freedom may never come in the form of many others who have a healthy relationship with money, but my personal financial security started just over a year ago and is gaining strength each day!
***Break***
Enlisted Money Response
All I can say is wow, and great job! I can’t imagine what that feels like to have a huge chunk of credit card debt just dumped in your lap at the last minute before your divorce was finalized. I’m sorry that happened to you!
However, it looks like your approach to accepting things as they are and then getting to work is really paying off.
Big Steps on a Long Road
You’re making huge leaps forward on your financial journey! In your original story, money management wasn’t something you were skilled with growing up. It only continued to get worse until fairly recently. However, you’ve made the conscious decision to get better and make the most of what you have now.
I think it’s safe to say you’ve unraveled years, maybe even decades, of financial issues in a little over a year. Your concentrated effort and attention will continue to pay off in a huge way.
Checking the Right Boxes
You’re really starting to check off all the boxes toward eventually becoming financially independent. You’ve completely paid off $25,000 in credit card debt in 16 months! That’s amazing!
On top of that, you’ve saved up a significant emergency fund. Most Americans can’t even cover a $500 emergency, let alone have 60 days or more of expenses saved up.
Furthermore, the fact that you’re no longer carrying any credit card debt is huge too! The average American household has $7,951 in credit card debt.
Not Your Average Consumer
You’ve gone from a financial hole to being in statistically better shape than the average American consumer. Truly amazing! If you keep working on it, you’ll be financially free before you know it.
Next Steps
My friend, it’s clear that the sky is the limit for you. You have proven you can accomplish huge things regardless of the situation you find yourself in. Now you can stop worrying about your past defining your present and instead let your current actions shape the future you want.
It’s important to keep checking up on all this stuff and recording it for later. I wish I’d started tracking my net worth as we were getting out of debt. Then I could tell the story with a little better detail now. Please let me know how I can help you on your continued journey!
Once again, fantastic job! I can’t wait for the next update to your story!