Cinneah El-Amin felt like he was at rock bottom and knew it was time to seriously pay off debts.
The 26-year-old product development manager lived from paycheck to paycheck, wiping credit cards without hesitation. When she was barely able to pay her minimum monthly credit card payments of $ 600, she had to take out a personal loan. Then El-Amin knew it was time for a change.
The money plan
“In 2018 I amassed over $ 10,000 in credit card debt that I couldn’t afford,” El-Amin said in an exclusive interview with Black company. “I knew I had a problem and needed help.”
In 2019, El-Amin teamed up with a financial advisor to help her with budgeting, spending patterns, and bridging the gap between her income and expenses. “It helped me not to be afraid to explain what I wanted in my finances,” says El-Amin.
After working with a financial advisor for nearly a year, El-Amin was ready to achieve an aggressive goal: get debt free in a year. On January 15, 2020, El-Amin totaled all of her debts and declared that she would be debt free. “I had no idea how I was going to do it, but I said it with conviction. This is the energy I took with me all year long, even when the pandemic started. “
Twelve months later, El-Amin achieved her goal of becoming debt free. She paid off $ 11,000 in student loans and $ 12,000 in credit card and personal loan debt.
From debt to financial freedom
El-Amin’s financial plan was twofold: increasing her income and tracking her expenses.
In her previous role at work, El-Amin received a lot of positive feedback, but that opportunity didn’t turn out to be a promotion. Surprisingly, a networking encounter resulted in an interview and a full-time offer. This conversation increased her base salary considerably.
“As black women, we are not always encouraged to think in abundance and to move with a mindset that is not a scarcity attitude. But I knew it was key to unlock this [debt-freedom] Travel. I knew I had to make more money. “
The second part of El-Amin’s plan was to aggressively pursue her spending. Since El-Amin struggled with overspending, she decided to change her previous financial plan. She committed to using debit cards and cash for purchases. “I was the type who wiped first and then asked questions later,” says El-Amin. “But I had to learn how to stay true to my needs and wishes.”
Take the first step
El-Amin started reading books on money and finance in order to develop better habits. Then she turned to others who could assist her on her journey.
“It’s okay to seek help,” says El-Amin. “Before I could sit down and say I was going to get this debt free, I was working with a financial advisor.”
El-Amin adds, “It is very important to find someone who can help you get from point zero to point one. You should also find accountability and community. I don’t think I could have done that or been in a place where I thought it would be possible without digital communities. “
Follow Cinneah El-Amin on Instagram for more tips on how to get out of debt.
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