In an inspiring financial turnaround, a Birmingham tattoo artist has successfully paid off £13,000 of debt in just one year by implementing a series of disciplined budgeting strategies. Megan Smith Evans, 33, a self-confessed shopaholic, found herself overwhelmed with debt after overspending during the Covid-19 pandemic, but her innovative colour-coding method helped her regain control.
From Financial Struggle to Debt Freedom
Megan's debt began to accumulate when her work as a tattoo artist dried up during the pandemic, yet her spending habits remained unchanged. She purchased a Cocker Spaniel for £1,000 and spent an additional £1,000 monthly on training and food, alongside £200 on takeaways and £300 on social outings, all charged to three credit cards. To support her business, she took out a £10,000 loan, but by January 2025, with £15,000 in debt and considering buying food on credit after a £2,000 Christmas splurge, she knew she had to act.
The Colour-Coded Calendar Method
Megan initiated a no-spend January, tracking every penny using a colour-coded calendar. She marked no-spend days in green, essential spending in orange, and overspending in pink. This visual system provided motivation and accountability, helping her stick to her goals. She extended this to a no-spend February and later adopted low-spend months, allowing occasional treats within a strict budget.
Accountability Through Social Media
To further hold herself accountable, Megan created a TikTok account, @MeganSmithEvans, where she shared her debt repayment journey. Positive feedback from followers spurred her on, and the platform even helped attract more clients to her tattoo business. She emphasized that sharing her progress publicly was a key factor in staying committed.
Practical Tips for Debt Repayment
Megan's success is built on five core rules that others can apply to their own financial situations:
- Go cold turkey on your credit card: Stop using credit cards for purchases to avoid accumulating more debt.
- Track every penny you spend: Use tools like spreadsheets or calendars to monitor daily expenses.
- Give yourself a budget for everything: Allocate specific amounts for essentials and discretionary spending.
- Do a no-spend or low-spend month: Challenge yourself to cut back on non-essential purchases periodically.
- Share your debt journey with others: Public accountability can provide motivation and support.
Long-Term Financial Management
Since starting her debt-free journey, Megan has not used her credit card for any purchases. She pays herself a wage every Friday, using surplus income to overpay her debt—ranging from £50 to £400 weekly based on earnings. Additionally, she has built an emergency fund for future security. With only £2,400 left to pay, she aims to be completely debt-free by March, achieving her goal of clearing £15,000 in 15 months.
Megan's story highlights how creativity and discipline can transform financial health, offering hope and practical advice to others struggling with debt in Birmingham and beyond.
