Finance & Savings

Pay Off That Debt!

Did you accumulate student debt?

Had a baby recently?

Have a shopping problem?

Whatever that situation may be it is overly frustrating to watch your debt grow and not be able to take the first step in paying it off. There are so many ways to consolidate your debt, pay it off and breathe easy but most of us are so busy we don’t have time to search for that magic answer. It’s an ever so daunting task that in a single week can get lost among the millions of other things we are trying to facilitate. Our regular expenses can be reduced but not necessarily eliminated.

So let’s break out the average needs an adult has:

  • Food
  • Housing
  • Cell Phone
  • Insurance
  • Transportation
  • Hygiene Products
  • Household Bills

These are the needs that in this day and age or typically and required for a day to day basis.

Some of the costs that can be cut are:

  • Clothing Expenses

Try buying at overstock and discount retailers, there are many stores like Plato’s Closet, Hut No. 8 and Half of Half that sell name brand clothes at 70% discounts.

  • Grooming Expense

We all love a little treat to ourselves but sometimes we have to eliminate that $80 hair appointment or that $40 nail appointment. Some alternative to having this regular maintenance is at home videos! I spent many years at a salon spending thousands of dollars when all I had to do was jump on Youtube and learn style tricks and traits. I also learned how to color my hair from a friend and now I spend $20 on products and do it myself! You can also utilize many website like Groupon that offer a prorated special for new clients in at many salons in the area.

  • Gift Expenses

Get Creative People! We live in the most amazing age, THE AGE OF TECHNOLOGY. Instead of spending a bunch of money on gifts for birthdays and Christmas use your resources. I spent many years spending hundreds at Christmas time and when I set aside weekends before Christmas building custom gifts for friend and family I saved hundreds! I also felt more pride in what I was gifting to others. I made it and I spent time working on something I knew they would like. PINTREST is your friend! You are capable and you CAN do it!

  • Food Expenses

I am the QUEEN of snacks! When I go to the grocery store I try and rationalize that though that McD’s four piece is convenient that 1.99 I am spending I should be. Getting the most for your money is what I started focusing on. Buy in bulk and buy when it’s on sale. I have a friend of mine that can bring home 10 cases of capri suns and spend $2.00. Here shortly I will be having her start a weekly portion for coupon break downs. She has made it simple for her and her family and that is what I have started doing. If you have snacks stocked up you will avoid the easy run down the street because what is easier than reaching in a drawer and pulling out a bag of Uncle Ben’s rice you spent $1.39 on! Don’t get caught up in name brands either, most of the time the store brand is just as functional for cooking with.

  • Insurance Expenses

You would not believe me but I pay just over $200 a month for full coverage on 4 vehicles! You want to know the secret?

SHOP AROUND!

Before I found this policy I was paying $217 for one truck. I had purchased another vehicle and I was curious about the insurance rates. I made an informative decision and ended up going will ALLSTATE. I can tell you this, they have one of the best rewards programs I have ever seen, about every 6 months I get a $80.00 credit to my policy which means in a full year my total costs to insure 4 vehicles is $2,240.00. The national average for a family is $4,968.00 per year! Some more tips with this is to make them earn your business! If they quote you at $290 a month tell them that you got a quote for $250 ( Yes, you are fibbing but they want your business!) Put the pressure on them to beat out their competitor.

Overall these are just a few of the way you can trim out the unnecessary expenses and start paying off your debt more quickly.  It is possible and you CAN do it! If you need help please reach out to me.

I have included a few articles that really influenced my decision to start this process as soon as possible.

54 Ways to Save  Money:

General Savings Tips

Build an emergency fund. It can make all the difference. Low-income families with at least $500 in an emergency fund are better off financially than moderate-income families with less saved up. Learn more about emergency funds here.

Establish your budget. Are you looking for an easy way to begin? On the first day of a new month, get a receipt for everything you purchase. Stack the receipts into categories like restaurants, groceries, and personal care.

https://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money

 

Save $1,000 in ONE MONTH

Baby Step 1: Save $1,000 in one month? It’s possible!

Without this first step, your money goals won’t be accomplished. Baby Step 1 teaches you to make saving a priority, and it gives you the cushion you need to stop using credit and start paying off debt.

Depending on how much experience you have saving money, Baby Step 1 could be a piece of cake—or it could sound downright impossible. We asked our Facebook followers how they would save $1,000 in one month, and we got loads of advice

https://www.daveramsey.com/blog/save-1000-in-one-month

How to Save Money: 100 Great Tips to Get you Started

No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around. Sometimes all it takes is that first step in the right direction to get things moving in your favor. But, as with most things, sometimes that very first step is the hardest part.

That’s why we created this list of 100 ways to start saving money today. None of these tactics will be life-changing on their own, but they can make quite a difference over time if you’re able to implement more than one. Some of these suggestions take just a few minutes, while others require a bit of regular effort…

http://www.thesimpledollar.com/little-steps-100-great-tips-for-saving-money-for-those-just-getting-started/

The Best Debt Consolidation Loans is also a great resource. If you are not sure what the first step is when trying to consolidate you debt take a look at this article. 

If you have Average Credit, Poor Credit or even Excellent Credit this article will give you some great leads on companies offer loans that would benefit you.

With fixed interest rates, broad ranges of loan amounts and a variety of repayment plans there is not a budget for payment that cannot be reached.

Check it out for your debt consolidation today!

The Best Debt Consolidation Loans