Sunday, February 4, 2018

9 Ways to Paying off Debt

I am sure by all of the travel I post on social media you would assume my family is well off. I wish I could say we are millionaires but that just is not the case. Honestly, just a hard working couple raising our son. When I was younger I came from a very poor family. My mother was the Queen of saving money and pinching every penny we had! I learned so many great money saving tricks from her that I thought I would start sharing them. Many of us want to pay off our debts but it can be so overwhelming you might not even know where to start. 
1. Know how much you owe! Knowing how much you owe can help you figure out what needs your immediate attention. I classify these to: Mortgage, utilities, Water/Gas, Vehicle for work purposes, Kid/YOUR needs, Food and Insurances. 
2. Start making meals at home! I would wager you probably eat out during the week. I understand as a busy Mom, I myself, eat out to get to all of our commitments on time. I also enjoy a night off from making dinner. This can get rather expensive! If you grabbed a $2-4 coffee every morning it adds up. You think you DESERVE that for your all your hard work. On some levels I agree BUT if you are serious about saving money and or paying off debt this is NOT a need based expenditure! Besides that is a $1,092 ($3 x 7 days a week x 52 weeks a year) a year habit! 
3. Sell your never worn or out grown kids clothing. You can sell any clothing that is in good condition really. So many great online places can help you with this. Ebay, Swap.com, Thredup and Esty to name a few! Sell a few jackets just laying around for $20-50 (depending on brands) each. Jeans and tops can be $5-15 each. Together you can surely get a few hundred dollars for clothing you no longer wear or have out grown.
4. Eliminate the Clutter! Over the years I have just flat out realized I have hoarding tendencies. I save things, I have no intention of ever using, reading, seeing or playing with again. I used to collect things but I had no where to store them. After going through my rooms I realized I could sell several items for someone to use/love instead of letting them to continue to collect dust! So many apps (Letgo) are out there to help you with this. Join Facebook garage sale sites even to get rid of some of your household items you no longer want. 
5. Break up your bill payments. I find this to really help you feel less overwhelmed. If you only get paid every other week break up your payments. An example would be rent, say you owe $300. Instead of coming up with that in one paycheck break it up between two (Every other week pay $150).  
6. Car pool or have pot luck dinners. So many people want to save money why not branch out to others? I love getting a bunch of families together and saving money together! If you only have to make one dish to pass it really helps save and lessons the time in the kitchen. Not really your thing how about sharing rides to work? Still not comfortable? Try riding a bike to work or the store or even walking. This save wear on your vehicles and gives you exercise!
7. Start getting crafty. I make my sons birthday party decor, invitations and games. You can see a few examples here. Sign up for HP instant Ink and they send you printer ink in the mail at a fraction of the price. Because of this I can print invites, photos, signs you name it! This is also great for gift ideas as well. I save SO much money on stationary and party stuff just by doing it myself. 
8. Find events that are less expensive. I LOVE going to concerts but they can be so overpriced! I find sites like Groupon or Living Social are lifesavers! They sell tickets at a fraction of the price including vacations!!
9. Send something in. If you have racked up credit card payments or have medical bills the key is to be honest. Many agencies will work with you you send them something. Payments can be arranged as low as $5 a week! Pay a little at a time might take a while but it will keep them at bay and you less stressed. 
Do you have debt you want to pay off?
How do you pay off debt you have??
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12 comments

  1. ok these are such great tips and ones i def need to consider!

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  2. These are great tips! It's one of my resolutions this year to work off the last little bit of debt that I have!

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  3. This is too funny- today I brought a big bag of clothes to my local consignment shop to sell and I also cook the majority of my weeknight meals at home most weeks! So I definitely agree with some of these!

    xoxo A
    www.southernbelleintraining.com

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  4. It's so true that all of these little things can really add up to big savings! We always cook at home, and since we live close to my parents and sisters, usually about once a week we eat at their house and once a week we cook for them, which ends up being a nice trade-off and results in good quality family time! For me, I think very carefully about what I buy in the first place, because I don't want to have to deal with clutter in our small apartment--makes life easier!

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  6. Great tips, budgeting and living below your means are also keys to having a debt free life.. I also DIY my kids invitation and giveaways..

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  7. I love the idea of having a potluck dinner. Great way to save money and have an excuse to be social!

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  8. These are great tips! It's easy to save money by cooking more at home!

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  9. This is our biggest focus at the moment. We want that debt GONE GONE GONE!!

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  10. I love the idea of potluck dinners. Also, Groupon is AMAZING. You do also save a ton of money by cooking at home. I realize that a lot of my money is spent on food 😅😔

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  11. What wonderful tips!! I agree that eating out is so expensive and you can save so much by cooking at home and meal planning!

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  12. That’s a great idea to go through my clutter! (Well...another great reason! ;)
    And it’s sooo true how much money you can save by making your own meals! (Comment by Alyssa H)

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