111 ways to get out of and stay out of debt

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For instance, a student who attended a series of community-education finance classes announced enthusiastically on the last day of class that during the previous month she had taken some extra jobs and used tax-return money to pay off five credit cards and two department store cards. She had also opened a certificate of deposit and started a savings account at her bank.

You Will Be Happier

This student became a living embodiment of the wise statement that those who understand interest earn it rather than pay it. Although there are many approaches to debt elimination, my own experience with teaching has shown that the debt-snowball method, which arranges debts from lowest to highest balance rather than highest to lowest interest rate, can be an extremely motivating way to confront and eliminate debt.

This method is simple. Arrange your debts from smallest to largest. Make the minimum payment on all debts each month except for the smallest one: Once it is paid off, roll the regular payment you had been paying on that debt to the next-largest debt until it is paid off. The following example shows this method. Arranged from smallest to largest balance. No matter what approach we take to debt reduction, an attitude change and firm commitment to reject debt is the most valuable action we can make.

Words of our prophets 6 that are decades old are now being verified by the opinions of countless personal finance experts who agree that only three types of debt are wise or economically justifiable:. While cutting your cable and switching to watching your favourite shows online could potentially save you hundreds each month. Or just about any takeout drink for that matter. Imagine spending R30 on coffee a day, 5 days a week for a month. Definitely worth breaking up with your favourite barista.

This might seem daunting to some, but why not finish your shopping in one go and buy everything you need for the week in one day, while vouching not to buy on any other day of the week. You could save tons of money by doing this. Chances are, you could be doing something fun for a lot cheaper.

10 Keys to Getting out of Debt That Work!

Cut them up and get them out of your life!! Nothing good will ever come from them! Devise a plan and stick to it. Once you decide that your going to do this, be intentional! Be willing to be a little weird among your piers. Break away from this mantra and stop being normal. Frugal should not be a bad word.

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By the same token, living frugally also means to not be wasteful and to live simply. When you decide to live a frugal life, you learn quickly, the difference between a want and a need.

Falling prey to this can be extremely damaging to our finances. Avoid it at all cost if you can! One of the most important keys to getting out of debt is the budget. Without one, you are doomed to fail. This is the road map that is going to get you to your destination of freedom from debt. Devise a plan, implement it, stick to it and follow through.

Here is the link to my Budgeting Tips for Beginners to get you started. Here are some ways, to name a few: Take on a part time job, deliver pizzas, Etsy if your crafty, babysitting. I put this last because without focus, none of the other keys will matter.

Keep your goal out in front of you. Most importantly, focus on how you will feel physically.

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