Are you currently looking to pay down debt and get ahead??? If so, this post is for YOU!
The great thing about having a positive outlook while in debt is that you will be able to see the finish line. Yes! Seeing the finish line is very important to stay motivated to pay off the debt! In fact, debt can be paid off, all at once or in slow increments if you stay on top of things. I have paid off more than $5,000 of debt so I totally get it! I thank GOD that I have been able to pay it down and look forward to paying it all off this year. On my journey, I started ways to become debt free and some of the things I learned was GOLD. After praying and a ton of studying I ran across an author by the name of Dave Ramsey who really helped me put things in order with my finances. I learned that in order to pay off the debt I needed a plan, and I needed to stick to it. One major thing that Dave Ramsey talked about is
One major thing that Dave Ramsey talked about is The Debt Snowball method. The Debt Snowball method is when you attack the smallest debt first and then hit the next one and then the next one until the debt is ALL GONE! Once you pay the first small debt off, add the amount you were paying on that debt to the next debt bill in line. Sooner or later the little payments will turn into BIG payments and you will be rolling just like a snowball down a hill. In the home stretch of paying off some of my debt I paid off $5,000 of debt in 3 months. Below are my TOP 5 ways that helped me get out of credit card debt quicker.
1. Create a PLAN and STICK to it
This is so important because without a plan it’s hard to see the finish line. I stand on this scripture,“ Write the vision and make it plain.” (Habakkuk 2 )..Which means it’s a good idea to write down your vision to get clarity so you can know what to pray for and what to get prepared for. For me, I wrote down all my bills and factored in how much I could spend each month. I had a plan to pay off all my credit cards first and that’s what I did. I am a visual person so seeing it on paper really helped me figure everything out. So, create vision boards, posters or an online budget to help you stick to your plan.
2. CUT DOWN ON YOUR EXPENSES
OH Yeah!!! In my house, my husband and I decided to cut back on some of our expenses to pay down debt. I started by up switching from having a $120 phone bill to having a $50.00 bill with Cricket Wireless. I actually ended up really loving the service and I ended up saving over $700 dollars a year on my phone bill. If you are looking to cut down your phone bill definitely check out Cricket Wireless here: Cricket Wireless. They have great service and the customer service is GREAT! I also switched my car insurance and that took my car insurance payments down to $63.00 a month compared to $115 a month. #Score! Find out what you can do to cut back and take the extra money to attack the debt! 🙂
3. SIGN UP FOR SAVING APPS ON YOUR PHONE
Did you know you can save money when you buy groceries or just by buying items that you love online? Yes! You can! Apps such as Ebates gives you rewards for shopping online through their site. Ebates has a TON of companies that they work with such as Walmart, Target, Kohl’s, Barnes & Nobles, Amazon, Macy’s and so much more. Basically, you get paid everytime you used their site to purchase items at your favorite stores ONLINE! How cool is that? For a person that shops online A LOT like me this site is GOLD! 🙂 You can check out more information about Ebates by clicking here!
Another awesome app that helps with saving is Ibotta, which is an app that helps you save on the groceries that you buy! It’s truly AMAZING.COM! Every time that you buy groceries and use the Ibotta app you can earn rewards right from their company.
4. CREATE A BUDGET
Creating a budget really helped me map out my expenses and reach my goal every month. If you are anything like me, writing down your budget and expenses will help you reach your goals and stay on top of things. Creating a budget helped me stick to my plan and helped me pay down debt quickly. Think of some creative ways to create a budget such as designing a poster board, setting up a budget binder and more. If you are more of an online person try checking out Mint, which is an online budgeting service. Mint gathers your financial information into one place, giving you the whole picture in a way that’s easy to understand. You can add the accounts, cards, and bills you’d like & you will be able to see what you have and what you owe. You will also be able to track your spending patterns, investments and more. My husband and I just signed up for this online budgeting tool and I am looking forward to seeing how it works.
5. SELL SOME OF YOUR OLD OR UNWANTED STUFF
I found out about this a little later, but it definitely helped pay off some of my debt. From garages sales to Facebook groups to eBay and Craigslist you can sell your old stuff. This is an excellent way to earn extra cash to pay off the debt in a short amount of time. While this isn’t a long-term solution it is great for a quick way to earn extra money. Below I have listed several different phone apps for people who want to sell on the go!
6. FIND A WAY TO MAKE EXTRA INCOME
There are a ton of way to make some extra income. While on my journey, I signed up for different survey sites and made about an extra $100 to 200 a month. Some of my favorites survey site are: Swagbucks, Pinecone Research, Harris Poll Online, Opinion Outpost, Product Report Card, VIPVoice, Earning Station, Shop Tracker, One Opinion, & YouGov!
You can also look into driving Uber or Lyft or even signing up for a food delivery service called Door Dash. I have never done Uber but I did sign up for Door Dash. Door Dash is when you deliver food to people from different restaurants in your area. They pay you about 7 Bucks per delivery but they do have a lot of job assignments available and you can keep all your tips
- Personal Capital! This site is one of the best FREE financial tools you can find online to help manage your finances and achieve a secure retirement. I love it and it’s FREE! Check them out here!
- Financially Fit which is a site that specializes in financial education and services that teach people how to get out of debt and build wealth. Check them out by clicking here!
So there you have it! 5 different ways to pay down debt!
What are some ways you pay down debt, and how has it helped you stay on your current plan? 🙂