I Paid Off $300K in 3 Years — Here’s How I Did It
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Paying off $300,000 in just three years might sound impossible, but Bernadette Joy, an investor, personal finance coach and author of “Crush Your Money Goals,” did it (including her mortgage) without complicated formulas.
GOBankingRates caught up with Joy as part of our Top 100 Money Experts series to learn how using the “three-bucket budget” can spark a mindset shift that turns budgeting from a chore into an empowering habit.
“When you start seeing budgeting as something that helps you build wealth, it becomes something you look forward to rather than something you dread,” Joy said.
The Most Overlooked Step in Staying on Budget
Most people think the hardest part of budgeting is tracking every dollar. But to Joy, that’s not the real challenge.
“The most overlooked step is being intentional about when and where you do your budget each month,” she said. “Trying to budget after a long workday or while your kids are screaming in the background is a surefire way to get distracted or burned out.”
Instead, she recommends choosing a consistent time and calm setting. For Joy and her husband, that’s a “monthly money date” over brunch on the first Sunday of the month.
The Three-Bucket Budget Anyone Can Try
Joy said many people get stuck trying to monitor line-by-line spending. Her method is to organize your budget into three simple categories:
- Survive (50%): Basic living expenses like housing, food, utilities and transportation
- Revive (25%): Joy-filled expenses like dining out, hobbies and wellness
- Strive (25%): Long-term goals like debt payoff, savings and investing
Breaking it down this way keeps intentions clear and cuts the overwhelm. “It may take up to six months to get used to it — like building any new skill — but once you learn the rhythm, it takes less than an hour a month and feels empowering,” Joy said.
No Need To Obsess Over Transactions
If you have a functional budget, Joy says you don’t need to obsessively track every coffee or impulse buy. “When done consistently and with intention, [budgeting] becomes second nature.”
She also recommends replacing guilt with curiosity when you overspend: “Don’t say, ‘I blew the budget.’ Say, ‘Why did I spend more than I planned? Was I stressed? Did I not plan ahead?’ That shift takes you out of the shame spiral and puts you into a proactive strategy session.”
Set Yourself up for Success
Many people give up on budgeting because they start in a moment of stress or pressure. Joy’s advice is to treat it like a recurring appointment with your future self.
Choose a time when you’re rested and clear-headed. Make it enjoyable, even. Put on music and have your favorite drink so the process feels like a personal planning session instead of drudgery.
Though Joy doesn’t rely heavily on any single tool, she avoids spreadsheets and instead uses budget apps that aggregate accounts and allow her to see all her spending and category totals at a glance.
“Digital tools can make the process less intimidating and more consistent, especially if you’re budgeting with a partner,” she said.
Why Most Budgets Fail (and How To Fix Yours)
Budgets fail when they’re unrealistic, Joy warns. If your plan is so tight you can’t enjoy life, you’ll abandon it quickly.
That’s why she always includes a “revive” bucket for the things that make you happy. You won’t stick with a plan that cuts out joy.
Your Mindset Matters More Than Math
Joy believes the emotional side of money is more important than the numbers alone. She tells clients to spend no more than five minutes rehashing past mistakes.
“Ask yourself, ‘Is this how I want to spend my money going forward?’ That question builds clarity and power,” she said.
By sticking to her three-bucket budget, Joy and her husband were able to crush $300,000 in debt in three years. They stayed focused by reviewing their progress monthly and adjusting as needed.
Her approach shows that consistent habits, clear categories and a positive mindset can help anyone take control of their financial goals.
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.
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