How Lindsey Scott Paid Off $64,000 of Debt in 18 Months and Built a Business to Help Others Achieve Financial Success
Lindsey Scott embodies the spirit of January’s Success Month at Personal Finance Reimagined (PFR). As a certified financial coach, wife, and full-time mom, Lindsey is proof that bold decisions and disciplined habits can pave the way to extraordinary success. Her journey from drowning in debt to building a thriving business is a masterclass in resilience and intentional decision-making.
When Lindsey and her husband began their marriage, they faced a daunting financial reality: $64,000 in consumer debt. College loans, a new job, and life as a newlywed compounded the stress. “We were frazzled, broke, and feeling financially lost,” Lindsey recalls. But what could have been a roadblock became a springboard for change. Within 18 months—four years ahead of schedule—they paid off every penny of their debt. Even more impressive, Lindsey used the lessons she learned to launch a business helping others find freedom in their finances.
Here’s how she did it—and what we can all learn from her story.
About the author: Jeff Hulett leads Personal Finance Reimagined, a decision-making and financial education platform. He teaches personal finance at James Madison University and provides personal finance seminars. Check out his book -- Making Choices, Making Money: Your Guide to Making Confident Financial Decisions.
Jeff is a career banker, data scientist, behavioral economist, and choice architect. Jeff has held banking and consulting leadership roles at Wells Fargo, Citibank, KPMG, and IBM.
The Debt-Free Journey: A Blueprint for Success
Step 1: Face the Numbers
For many, the hardest part of tackling debt is facing the truth. Lindsey’s first step was to calculate the total amount owed and categorize it by interest rate, monthly payment, and type of debt. This clarity set the foundation for their strategy. As Lindsey notes, “Understanding what we owed gave us the confidence to take the first step. Organization is empowering.”
Step 2: Define the “Why”
Lindsey and her husband didn’t just focus on numbers—they anchored their plan in purpose. “We wanted to build a life where money wasn’t a constant source of stress, where we could save, give, and live with peace,” she explains. This shared vision not only motivated them to stay on track but also strengthened their communication around financial goals.
Step 3: Attack Debt Strategically
Lindsey and her husband adopted the “debt snowball method” to pay off their student loans and a car note. They listed their debts from smallest to largest (ignoring interest rates) and attacked the smallest loan with intense focus. Once a loan was paid off, the momentum and quick wins motivated them to tackle the next one, reinforcing their confidence that they could achieve their goal. They also implemented what Lindsey calls “guilt-free spending” by budgeting for small joys, which helped reduce burnout while staying laser-focused on their long-term goals. This combination of psychology and strategy proved vital to their success.
Step 4: Maximize Income and Minimize Expenses
To accelerate their debt repayment, Lindsey and her husband made significant lifestyle adjustments. They minimized discretionary spending, avoided new debt, and redirected every available dollar toward their loans. To further boost their progress, they took on side gigs, with Lindsey starting a knitting side hustle and her husband driving for Uber, delivering with DoorDash, doing freelance graphic design, and even juggling at parties. This combination of increased income and disciplined spending underscored their commitment to achieving financial freedom.
Step 5: Celebrate Milestones
“Paying off debt can feel like an endless journey, but celebrating small wins kept us energized,” Lindsey recalls. Whether it was cutting up credit cards or marking the halfway point, these moments reinforced their commitment and gave them the emotional boost they needed to keep going.
Turning Success Into Service: Lindsey’s Financial Coaching Business
With their debt paid off and a newfound sense of financial clarity, Lindsey felt a pull to help others achieve similar success. She became a certified financial coach and launched a business with a unique approach: focusing on the person before the numbers.
Personalized Coaching
Lindsey emphasizes that personal finance is just that—personal. “Everyone carries emotions, learned behaviors, and unique ideas about money,” she explains. “I start by understanding the person’s relationship with money, then move to the numbers.” This method fosters lasting mindset shifts and behavior change, making financial success sustainable.
Meeting Clients Where They Are
Lindsey’s flexibility in scheduling—offering virtual appointments as late as 9 p.m.—has expanded her reach, allowing her to serve clients across the globe. Her ability to adapt to her clients’ needs reflects her deep commitment to their success.
Creating Hope and Confidence
What Lindsey loves most about her work is seeing clients transform their financial lives. From helping a college student craft a sustainable budget to guiding a retiree through debt repayment, her impact is profound. “When a client achieves a win—big or small—it’s a reminder of why I do what I do,” she says.
Lessons for Your Financial Success
Lindsey’s story offers valuable insights for anyone looking to achieve financial freedom:
Clarity is Key: Whether it’s debt repayment, budgeting, or planning for the future, understanding the numbers is the first step to success. Tools like budgeting spreadsheets and decision-making apps can make this process easier.
Define Your “Why”: Anchoring your financial goals in purpose provides the motivation needed to stay disciplined. Reflect on what financial freedom means for you and use that as your guiding light.
Be Strategic: Whether you use the debt snowball method or another strategy, approach your finances with intentionality. Focus on maximizing long-term value and minimizing unnecessary costs.
Celebrate Progress: Recognize the small wins along the way. These moments will keep you motivated and remind you of the progress you’ve made.
Help Others: Once you’ve achieved financial success, consider how you can share your knowledge to empower others. Like Lindsey, your story could inspire someone else to take control of their finances.
PFR’s Role in Transforming Financial Lives
Personal Finance Reimagined (PFR) shares Lindsey’s mission of empowering individuals through education and decision-making tools. Our curriculum focuses on building consistent, repeatable decision processes to enable a lifetime of great financial choices. By combining behavioral economics with cutting-edge technology like decision-making apps, PFR equips individuals to face financial challenges with confidence.
Lindsey’s journey aligns perfectly with PFR’s vision. Her ability to transform financial hardship into success—both personally and professionally—highlights the power of intentional decision-making and the importance of financial literacy.
Conclusion: Success is Within Reach
Lindsey Scott’s story proves that financial freedom is achievable, even in the face of significant challenges. Her disciplined approach to paying off $64,000 in debt and her passion for helping others find financial clarity serve as an inspiration for anyone seeking success.
As we celebrate Success Month at PFR, let Lindsey’s journey remind us that the habits and behaviors of successful people are within reach for all of us. Whether you’re tackling debt, building a budget, or launching a business, the key is to take the first step—and keep going.
Resources For The Curious
Hulett, Jeff. Great Decision-Making and How Confidence Changes the Game. The Curiosity Vine, 2022.
Scott, Lindsey. Create a Student Loan Repayment Plan: 9 Tips. Personal Finance Blog, 2023.
U.S. Department of Education. Federal Student Loan Repayment Options. ED.gov, 2023.
Rogier, Julie. Crafting a Student Loan Repayment Strategy. U.S. News & World Report, 2022.
Thaler, Richard & Sunstein, Cass. Nudge: The Final Edition. 2021.
Kahneman, Daniel. Thinking, Fast and Slow. 2011.
Clason, George. The Richest Man in Babylon. 1926.
Mullainathan, Sendhil & Shafir, Eldar. Scarcity: Why Having Too Little Means So Much. 2013.
Ramsey, Dave. The Total Money Makeover. 1994.
Scott, Lindsey. Meet Lindsey: Financial Coach. Personal Website, 2024.
An amazing story that should be required reading for anyone with student debt.