Inspiring stories tell how people got out of debt jail

Debt is a twin-natured beast. It can be used for good – to pay for a house, car, or investment you don’t have the cash to afford. It can lead to bad times when you over-rely on credit cards and lines and can barely keep up with the minimum payments.

So it’s always great to hear about a friend or family member who has stared down the beast and turned things around. Save with SPP beat the bushes for some success stories about debt reduction – folks who got their act together and slayed the beast of indebtedness.

The Making Sense of Cents blog recounts the story of Amanda, who was able to pay off $133,763 of debt in 43 months.

How, we all ask? Let’s read on.

After piling up student loans and getting behind on payments for a new car, then getting married, Amanda and her husband Dave had over $133,000 of debt.

They got rid of the new car for a second-hand one, saving on loan payments, and then went to a “zero-based budget.” They used the “cash envelope” strategy (popularized in Canada by Gail vaz-Oxlade), putting physical money in envelopes and earmarking it for specific expenses. When the money is gone from the envelope, you don’t spend any more on that category.

They “both worked to increase our income” while not increasing their lifestyle. “After three years and seven months of hard work, we were debt-free.”

So – less loans, a strict budget, earning more but spending the same.

At the Jackie Beck blog we learn how Kaysha, “newly engaged,” managed to get rid of $43,000 of debt in two years.

“She took a three-pronged approach to it: cutting back, getting support, and making more money,” the blog explains.

“Kaysha switched jobs and got promotions — doubling her income over two years — and kept her budget the same. When she got a bonus at work, she didn’t spend a single penny of it. All that went toward debt. She also did tons of random things to make extra money on the side. (At one point, she made money sampling ice cream!) During all this, she and her boyfriend also cash flowed their wedding,” the blog reports. The term “cash flowing” refers to not having to borrow money or use credit to pay for something.

So – spending a bonus on debt, side hustles, and again, the flat budget.

Next, let’s hear about Mel, who’s debt-defeating testimonial appears on the Growing Slower website.

Despite going from a two adult, two income home to a home with three people and one income, Mel and her family paid off $25,000 in six months.

They “made sure to assess every single purchase” along the way, and found these ideas helped:

• Meatless meals
• No spend challenges
• Selling things on social media sites
• Having yard sales

“Getting out of debt was a challenge, but Mel wants others to know that you can do it! The feeling of freedom, new opportunities, and big dreams that will open up to you is so amazing!,” the blog concludes.

So – shopping smart for groceries, employing fun challenges, and turning clutter into cash.

In our personal experience, the use of bonuses to fight debt and the idea of keeping the budget flat when your pay increases are very valuable tools. We decided to make getting rid of the mortgage our number one priority, and when that happened, taking care of other debts via the “snowball method” worked. We paid off our lowest debt, then put that money on the next-lowest, and continued that way.

If you can avoid having debt when you are retired and earning less money, your future you will thank you.

You’ll also receive thanks if you are able to bolster the modest government retirement benefits you’ll receive with personal savings. If you are saving on your own for retirement, the Saskatchewan Pension Plan may be just the ticket for you.

You decide how much to contribute, or transfer in from registered retirement savings plans you may have. SPP does the rest, investing your savings in a professionally managed, low-cost pooled fund.

When it’s time to log off for good, your SPP income options include a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

As a new year – 2026 – begins, many of us make a commitment to do something fresh and new in honour of that milestone.

Maybe it’s shedding a few post-holiday pounds, or hitting the gym more often, or learning something new.

Save with SPP took a look around the Interweb to see what sorts of things people are resolving to do in 2026.

The folks at Reader’s Digest offer up a few interesting resolutions.

How about resolving “to learn a new word every month,” the publication suggests. “One word a day keeps the boredom away (at least to us!). By learning just one word each month, you’ll be building knowledge without feeling overwhelmed,” the publication suggests.

Another interesting one is “saying `no’ more often,” the magazine continues.

“Take the time to actually focus on protecting your time and emotional well-being. By setting boundaries and refusing energy-draining activities, you preserve space for what truly matters,” Reader’s Digest tells us.

Finally, the magazine suggests we all “write a thank-you note to someone from your past.”

“Have a teacher who introduced you to your career? A childhood friend who stood by you for years? A relative who was always there to listen? Get a nice card, write down your memories of how that person changed your life, thank them and send it off,” the magazine suggests. “They will treasure your `Happy New Year’ wishes, and you’ll benefit from remembering a positive moment in your life.”

So thanks to Miss Ramsay at J.S. Woodsworth Secondary School for convincing me that learning to type would be beneficial to my future career!

Let’s click over to the Girl With Dreams site for some additional resolution ideas.

“Take a break from social media,” the site suggests. For sure, less doomscrolling ought to be a stress-reducer!

“Rather than making resolutions, set goals,” the site continues. This might be saying “lose 10 pounds by July,” rather than “try to lose weight.”

“Keep a daily check on your bank account,” is the site’s final bit of advice. This is a solid tip – you will be keeping track of what you’re spending as you’re spending, so no surprises at month end.

The Making Sense of Cents blog has lots of additional ideas.

“Learn a new language,” the blog suggests. This can be “a fun and rewarding goal for 2026,” the blog adds.

Another idea is to “read one book a month,” the blog continues. “Reading a book each month… can help you learn new things and grow as a person. Set aside time each day for reading. Even 15 minutes before bed can help you reach your goal. You could also try audiobooks during your commute or while doing chores,” the blog adds.

Let’s finish off with some saving-focused resolutions from the gang at The Motley Fool.

The blog points out that while more than half of us make financial goals each New Year’s, “only two in five stick with it.”

The blog’s research finds that “paying off debt” is a top resolution. Next comes “saving for a significant financial milestone,” such as a car, a home, or a wedding. Third is “increasing income,” and fourth (our favourite) is “saving for retirement.”

Interestingly, the blog’s research finds that boomers and Gen Xers see retirement saving as a higher priority than Gen Z folks and millennials.

If saving for retirement is one of your 2026 priorities, be sure you are taking advantage of any retirement program that may exist in your workplace.

If you don’t have such a program, the Saskatchewan Pension Plan may be of interest. It’s open to individual savers, but many organizations have chosen SPP to be their company pension plan.

However the dollars arrive at SPP, our professional investors grow them in a low-cost, pooled fund. At retirement SPP options include a lifetime annuity payment each month, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!