UPDATE – Start off 2016 right! Don’t miss all the articles from my 52 week series. They are all on the blog already, so start reading and get ready to ELIMINATE DEBT!
Are you ready to get your budget under control? Do you long to live a life without debt? Then get ready for our new series: 52 Weeks to Eliminate Debt and Curb Spending!
Each week we will discuss practical ways to help you get out of debt and take back control of your finances. Now, this isn’t an easy challenge but it’s one that you must commit to in order to help secure your financial future.
Some of you may be thinking it’s not possible to be debt free. Maybe you’re living paycheck to paycheck and are just barely making your minimum payments each month. Regardless of your financial situation, you can still get out of debt.
For some people (depending on the amount of debt) it may take just a few months, but for others a few years. However long the road to a debt free life, it will be worth it in the end. Just stick to the plan.
My family is finally living debt free. Our goal was always to be debt free except for our mortgage. Once we wrote that last check, it was liberating. I felt like a weight had been lifted from my shoulders, and I want all of you to feel the joy of not owing your hard-earned money to someone else.
Are your ready to eliminate your debt? Get started with Day 1!
Week 1:Establishing Debt Relief Goals Week 2:Make a Functional Family Budget Week 3:Making a Debt Repayment Plan Week 4:What Debt Should We Pay Off First? Week 5: Finding Income When you Have NoneWeek 6:Change the way you view money Week 7: 3 Ideas to Make the Step to DownsizeWeek 8:Making Wise Budget ChoicesWeek 9:8 Ideas for Finding Alternative Sources of Income NOW Week 10:Is Bankruptcy Ever a Good Choice? Week 11:How to Avoid Bankruptcy Week 12:How to Negotiate with Creditors Week 13: Get Rid of Money Zappers Week 14:Green Living for Debt Relief Week 15:Focus on Student Loan Debt Week 16:Understanding How Your Spending Habits Affect Your DebtWeek 17:Why Do You Need a Savings Account? Week 18: Week 19:Get Serious About Your Household BudgetWeek 20:Get Started Using The Envelope Method for Debt Relief Week 21:Evaluate Your Success And Make Changes Week 22:Knowing When You Should Refinance Your MortgageWeek 23:Week 24:Credit Card Settlement Facts – You Need to Know Week 25:Are You Planning for Your Retirement?Week 26:Cancel Unnecessary Subscriptions – Don’t Miss These 6 Memberships Week 27:Downsizing Your Vehicles for Ultimate Savings Week 28:How to Vacation for Free or Cheap Week 29:Practical Ways to Teach Your Kids Healthy Money Habits Week 30:Tips to Embrace a Simpler Lifestyle Week 31:Saving On Education Expenses Week 32:Gardening as Debt Relief Week 33:Are Balance Transfers and Debt Consolidation Right for You? Week 34:Creating Income With Yard Sales Week 35:5 Best Grocery Store Savings {Without Coupons} Week 36: Tips for Negotiating Interest Rates On Credit Cards Week 37:Focus On Long Term Debt Changes Week 38:Ask For Outside Advice Regarding Your Debt Week 39:Use Your Talents To Pay Off Debt {10 Work at Home Ideas} Week 40:How to Plan a Weekly Menu {Money and Time Saving Tips} Week 41:Don’t Pay For Something You Can Get For Free Week 42:Change Your Bill Pay Method For Debt Relief Week 43:Knowing When To Close Credit Accounts Week 44:Tips For Going On A Spending Freeze Week 45:Living Debt Free At Christmas Week 46:Bartering To Pay Off Debt Week 47:Let Interest Accounts Make Money For You Week 48:Motivate Yourself To Change Financial Habits Week 49:Set Long Term Financial Goals Week 50:Is It Time to Cut the Cord? Saying Goodbye to Cable Week 51:Don’t Fall Victim To The Debt Trap Again Week 52:Focus On Debt Relief Success
Don’t miss a week of the series. Get each weeks post straight to your inbox and get a FREE Financial Planner! The planner includes:
Savings Goal Worksheet
Debt Payment Checklist
Debt Repayment Plan
Bill Pay Calendar
Monthly Budget Worksheet
Cash Envelope Template
Sign up below or click HERE to get your FREE financial planner.
I’ve also created a Pinterest board that you can follow along as I pin each weeks post plus more ways to keep your budget on track and curb your spending.
Now let’s get started!
Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. Allsituations are different, so please consult a professional to determine your individual needs.
The most common way to complete the challenge is to start by saving just $1 in week one and increasing what you save by $1 each week, saving $2 in week two and $3 in week three, all the way up to $52 in week 52.
Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment. You can also sign up for a free NerdWallet account to utilize our 50/30/20 budget breakdown and identify areas where you can save.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
Even if you qualify for a loan with a low interest rate, there's no guarantee your rate will stay low (unless you get a fixed rate). That lower interest rate you get at the beginning is usually just a trap (I mean, a promotion) and only applies for a short period of time—and it will eventually go up.
If you can afford to pay off your debt during the promotional APR period, a balance transfer card may be your best bet. For example, with $5,000 of debt, a six-month intro APR balance transfer card would allow you to pay off your debt interest-free with $833.33/month payments.
Is National Debt Relief legit? National Debt Relief is an accredited member of the American Association for Debt Resolution (AADR). It has been around since 2009 and has helped over 600,000 individuals reduce their debt. It also has an A+ rating from the BBB (Better Business Bureau).
If you're one of the millions of Americans struggling to repay high-interest debt, a debt relief plan may be an option to help you get your finances on track. But it's not a quick fix. It's a long-term solution designed to help you get out of debt over a period of time — typically several years.
By Anne Marie Lee. Edited By Alain Sherter. January 25, 2024 / 7:29 AM EST / CBS News. Americans report less money in savings, more credit card debt. Americans are tumbling deeper into debt, with the typical household paying $1,583 a month on various loans, a recent study found.
The "snowball method," simply put, means paying off the smallest of all your loans as quickly as possible. Once that debt is paid, you take the money you were putting toward that payment and roll it onto the next-smallest debt owed. Ideally, this process would continue until all accounts are paid off.
Focusing on the debt with the highest interest rate first is a smart move since you're taking care of the costliest debt. However, it isn't necessarily the best option for everyone. If you have multiple accounts with similar interest rates, for instance, it may not be the best approach.
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
Some debts like tax obligations, child support, student loans, criminal debts and certain property liens cannot be discharged in bankruptcy. Before filing for bankruptcy, ensure debts are in your name, don't take on new debts and be aware of potential consequences for hiding assets.
Building up your savings each month as you pay down debt ensures you'll have funds on hand to cover unplanned expenses that would otherwise put you deeper into debt. For many, the best solution is to strike a balance between saving money and paying off debt.
Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.
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