Carpooling to save on gas. Limiting water and electricity usage. A few dollars a week won’t clear your debt overnight, but small savings can help reduce what you owe and help you move toward debt freedom more quickly. 5. Consider debt consolidation methods Using a debt consolidation loan ...
There are many reasons we fall into debt: failed marriages, student loans, buying a new car, or simply mismanaging money. Whatever the case, there are ways to take control and live debt-free. In this article, we will explore20 strategies you can use to get out of debt as quickly as ...
justice, but realized an entry-level job in her field of study wasn’t going to help her pay off debt as quickly as she wanted. “I had been teaching swim lessons for six years at that point,” she says. “I decided that I was going to move to California and teach swimming full ...
"Most of the things I considered needs were really just wants that if I took a moment to focus on something else, the desire quickly passed." Cutting her weekly spending from $350 to $25 was extreme, she admits: "I don't think for me, my needs, my lifestyle, I'd be able to ke...
“Now can I attack my debt?” Yes! The moment you’ve been waiting for! Let’s do it. We recommend choosing your smallest debt as the one to blast into oblivion first. With your other debts, you’ll just continue paying the minimum payments. Why? It eliminates one debt quickly, frees...
2. Set a Goal and Commit to it A clear idea of where you want to be in five, ten, or 20 years will help you make the best decisions for your financial future. Even if your goal is not to be wholly debt-free but to reduce your debt by $10,000 or $20,000 in five years, th...
Learnhow to prioritize your savings goalsto gain a clear idea of how to allocate your savings. After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, a common budgeting question is whether to pay down debt, save or ...
If you're struggling with credit card debt, find out about strategies for paying it off so you can clear your debt faster and reduce the interest charged.
Tackle debt to save on interest 7. Pay off high-interest debt Debt payments can be a big burden on your overall budget. If you canpay off debtmore quickly — by making extra payments or paying more toward the principal balance when you can — you’ll save on total interest paid and fr...
You can own your home free and clear more quickly, and pay less interest on your loan, by shortening your loan term and increasing your monthly payment. You can reduce your monthly payment to make it more affordable by refinancing to a longer term, though you will pay more interest this ...