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4 Tips to Get Out of Debt Video

January 5, 2018 by Lisa Park + Leave a Comment

4 Tips to Get Out of Debt

Not having enough money to pay the bills and continuing to accumulate debt is stressful and it becomes a burden. It’s not easy to get out of debt and stay out of debt. However, if you want to get out of debt, it’s going to take sacrifice, discipline and hard work, but in the end it will be worth it. Once you get out of debt, that burden of debt hanging over you will be gone and you’ll have a financial peace of mind. You’ll also be able to take that money that was once going toward debt and instead use it to do things that are important to you and your family.

Watch the 4 Tips to Get Out of Debt video below so you can put yourself in a better financial position. This is your year to get your finances in control!

 

If you can’t view the video here, head over to my YouTube Channel here to watch it. Here is the link to the book, “The Total Money Makeover” by Dave Ramsey.

I didn’t explain how the debt snowball works as well as I wanted to on this video, so here is more of an explanation. Here is an example of how to use a debt snowball if you had the following debts:

Debt 1: Store Credit Card $400 Interest Rate: 7% Minimum payment: $25

Debt 2: Credit Card $4,000 Interest Rate: 14% Minimum payment: $70

Debt 3: Car Loan $10,000 Interest Rate: 4% Minimum payment: $250

Debt 4: Student Loan $15,000 Interest Rate: 3% Minimum payment: $150

First, pay the minimum payments on all of the debts each month, then start to get rid of them one by one. For this example, we’ll say that you find an extra $300 a month in your budget by earning extra money from a side job and cutting your discretionary income. Note: To pay down your debt sooner, look for jobs to earn extra money. This may be watching children, delivering newspapers or cleaning houses. Also, look into selling items around the house by determining what you can live without, and then hold a yard sale or sell the items online. Since the first debt is small, get it paid off quickly.

For Debt 1, you’ll pay $325 toward it (this is the $300 extra income you find + $25 minimum payment) and you’ll have it paid off within less than 2 months. Now take that $325 and put it toward Debt 2. When you do that you’ll be paying $395 toward Debt 2 each month ($325 + $70 minimum payment). Once Debt 2 is paid off, then take the $395 and put it toward Debt 3 so you’ll pay $645 toward it each month ($395 + $250 minimum payment). Then once you pay off Debt 3, you’ll pay $795 to Debt 4 each month ($645 + $150 minimum payment) until it’s paid off.

 

 

get out of debtYou can also read the post 4 Important Steps to Get Out of Debt, by heading over here.

 

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Hello, I'm Lisa

I enjoy teaching people how to live frugally so they can live within their means while still enjoying and doing the things in life that matter most to them. I'm here sharing tips about budgeting, saving money, meal planning, simple recipes, and more.

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Staying on a grocery budget can be challenging, bu Staying on a grocery budget can be challenging, but your monthly grocery budget has an impact on your overall financial situation, so it’s important to learn how to stay on a grocery budget.

1. Determine a grocery budget that will work for your family.

A recommended starting point for a grocery budget is $125 per family member per month. But take into consideration your family situation, where you live, and your dietary needs. Every family is different and will have a different grocery budget.

2. Break your monthly grocery budget down into how much you can spend each week.

This makes it easier to know how much money you can spend weekly when you go into the grocery store.

3. Use cash to control spending

You are less likely to add extra items to your shopping cart and are more likely to stick with the items on your list so you have enough cash to cover the purchases.

4. Keep track and review spending

Keep your receipts and write down how much money you spend. Keep track of purchases either every time you go to the grocery store or at the end of each week.

5. Keep trying, keep practicing, and adjust as needed

Staying on a grocery budget takes work every month, so keep trying, keep working at it, and adjust things as needed.

For more tips to stay on a grocery budget, use the link below or message me.

https://savingcentbycent.com/2021/02/03/9-tips-how-to-stay-on-a-grocery-budget/

#grocerybudgeting #groceriesshopping
#groceryshop #groceryshoppingtips #grocerybudget #grocerytips
This Strawberry Shortcake recipe is perfect for Mo This Strawberry Shortcake recipe is perfect for Mother's Day or during the summer months. It's a recipe that has been a part of my family for years. My mother would make this homemade strawberry shortcake every summer. It's so good! 

Message me for the recipe or use the link below.

https://savingcentbycent.com/2020/04/22/easy-homemade-strawberry-shortcake-recipe/

#strawberryshortcake #strawberryshortcakecake #strawberries #strawberrycake #shortcake #homemadestrawberryshortcake #homemadeshortcake
Having freezer meals on hand for busy days is so n Having freezer meals on hand for busy days is so nice. Many times, while I am making dinner, I'll double the batch and eat one meal for dinner and then freeze one meal for later. This Spaghetti Casserole is one of those meals.

I don't always have one day where I can make 10+ freezer meals at one time. I found it's easier and more manageable for me to double the batch of a meal that I'm already cooking for my family and to freeze that second meal that I know would be a good freezer meal too.

Use the link below or message me for 7 freezer meals that my family loves.

https://savingcentbycent.com/2017/03/03/7-make-ahead-freezer-meals/

#freezermeals #freezermeal #freezermealprep #freezermealsmadeeasy #makeahead #makeaheadmeals #dinnerideas
Mother's Day is coming up, and these Tissue Paper Mother's Day is coming up, and these Tissue Paper Flowers are a sweet and thoughtful gift to give to a mother or grandmother. These flowers also make great party decorations for upcoming baby showers, bridal showers, and summer gatherings. And it doesn't cost too much to make them.

Message me for a link to the tissue paper tutorial or use the link below.

https://savingcentbycent.com/2017/03/27/tissue-paper-flowers-tutorial-video/

#tissuepaperflowers #tissuepaperflower #tissuepaperflowertutorial #mothersdayflowers #mothersdayflower #mothersday #flowers #fakeflowerslastforever
A budget app is a great tool for managing your mon A budget app is a great tool for managing your money, sticking to a budget, and reviewing your spending habits to identify where money might be wasted. Try one of these budget apps to get a better handle on your finances:

Mint
EveryDollar
You Need a Budget (YNAB)
GoodBudget

For more info about these budget apps, use the link below or message me, and I'll send you the link.

https://savingcentbycent.com/2018/01/19/9-best-budget-apps-keep-track-finances/

#budgetapp #budgetapps #personalfinances #keeptrackoffinances #finances #financegoals
These Crock Pot Shredded Beef Tacos are delicious These Crock Pot Shredded Beef Tacos are delicious and are another easy recipe to add to the slow cooker quickly. 

On busy days, I'll put this in the crock pot, set it, and leave it until we get home for dinner. All I have left to do before we eat is shred the beef and cut up tomatoes and lettuce.

Message me for the recipe, or use the link below.
 https://savingcentbycent.com/2019/09/26/the-best-crock-pot-shredded-beef-tacos/

#crockpot #slowcooker #shreddedbeef #shreddedbeeftacos #crockpotshreddedbeef #easydinner #easydinnerrecipes #easydinnerrecipe
Staying on a grocery budget can be challenging, bu Staying on a grocery budget can be challenging, but your monthly grocery budget has an impact on your overall financial situation, so it’s important to learn how to stay on a grocery budget.

1. Determine a grocery budget that will work for your family.

A recommended starting point for a grocery budget is $125 per family member per month. But take into consideration your family situation, where you live, and your dietary needs. Every family is different and will have a different grocery budget.

2. Break your monthly grocery budget down into how much you can spend each week.

This makes it easier to know how much money you can spend weekly when you go into the grocery store.

3. Use cash to control spending

You are less likely to add extra items to your shopping cart and are more likely to stick with the items on your list so you have enough cash to cover the purchases.

4. Keep track and review spending

Keep your receipts and write down how much money you spend. Keep track of purchases either every time you go to the grocery store or at the end of each week.

5. Keep trying, keep practicing, and adjust as needed

Staying on a grocery budget takes work every month, so keep trying, keep working at it, and adjust things as needed.

For more tips to stay on a grocery budget, use the link below or message me.

https://savingcentbycent.com/2021/02/03/9-tips-how-to-stay-on-a-grocery-budget/

#grocerybudgeting #groceriesshopping
#groceryshop #groceryshoppingtips #grocerybudget #grocerytips
This Strawberry Shortcake recipe is perfect for Mo This Strawberry Shortcake recipe is perfect for Mother's Day or during the summer months. It's a recipe that has been a part of my family for years. My mother would make this homemade strawberry shortcake every summer. It's so good! 

Message me for the recipe or use the link below.

https://savingcentbycent.com/2020/04/22/easy-homemade-strawberry-shortcake-recipe/

#strawberryshortcake #strawberryshortcakecake #strawberries #strawberrycake #shortcake #homemadestrawberryshortcake #homemadeshortcake
Having freezer meals on hand for busy days is so n Having freezer meals on hand for busy days is so nice. Many times, while I am making dinner, I'll double the batch and eat one meal for dinner and then freeze one meal for later. This Spaghetti Casserole is one of those meals.

I don't always have one day where I can make 10+ freezer meals at one time. I found it's easier and more manageable for me to double the batch of a meal that I'm already cooking for my family and to freeze that second meal that I know would be a good freezer meal too.

Use the link below or message me for 7 freezer meals that my family loves.

https://savingcentbycent.com/2017/03/03/7-make-ahead-freezer-meals/

#freezermeals #freezermeal #freezermealprep #freezermealsmadeeasy #makeahead #makeaheadmeals #dinnerideas
Mother's Day is coming up, and these Tissue Paper Mother's Day is coming up, and these Tissue Paper Flowers are a sweet and thoughtful gift to give to a mother or grandmother. These flowers also make great party decorations for upcoming baby showers, bridal showers, and summer gatherings. And it doesn't cost too much to make them.

Message me for a link to the tissue paper tutorial or use the link below.

https://savingcentbycent.com/2017/03/27/tissue-paper-flowers-tutorial-video/

#tissuepaperflowers #tissuepaperflower #tissuepaperflowertutorial #mothersdayflowers #mothersdayflower #mothersday #flowers #fakeflowerslastforever
A budget app is a great tool for managing your mon A budget app is a great tool for managing your money, sticking to a budget, and reviewing your spending habits to identify where money might be wasted. Try one of these budget apps to get a better handle on your finances:

Mint
EveryDollar
You Need a Budget (YNAB)
GoodBudget

For more info about these budget apps, use the link below or message me, and I'll send you the link.

https://savingcentbycent.com/2018/01/19/9-best-budget-apps-keep-track-finances/

#budgetapp #budgetapps #personalfinances #keeptrackoffinances #finances #financegoals
These Crock Pot Shredded Beef Tacos are delicious These Crock Pot Shredded Beef Tacos are delicious and are another easy recipe to add to the slow cooker quickly. 

On busy days, I'll put this in the crock pot, set it, and leave it until we get home for dinner. All I have left to do before we eat is shred the beef and cut up tomatoes and lettuce.

Message me for the recipe, or use the link below.
 https://savingcentbycent.com/2019/09/26/the-best-crock-pot-shredded-beef-tacos/

#crockpot #slowcooker #shreddedbeef #shreddedbeeftacos #crockpotshreddedbeef #easydinner #easydinnerrecipes #easydinnerrecipe
Staying on a grocery budget can be challenging, bu Staying on a grocery budget can be challenging, but your monthly grocery budget has an impact on your overall financial situation, so it’s important to learn how to stay on a grocery budget.

1. Determine a grocery budget that will work for your family.

A recommended starting point for a grocery budget is $125 per family member per month. But take into consideration your family situation, where you live, and your dietary needs. Every family is different and will have a different grocery budget.

2. Break your monthly grocery budget down into how much you can spend each week.

This makes it easier to know how much money you can spend weekly when you go into the grocery store.

3. Use cash to control spending

You are less likely to add extra items to your shopping cart and are more likely to stick with the items on your list so you have enough cash to cover the purchases.

4. Keep track and review spending

Keep your receipts and write down how much money you spend. Keep track of purchases either every time you go to the grocery store or at the end of each week.

5. Keep trying, keep practicing, and adjust as needed

Staying on a grocery budget takes work every month, so keep trying, keep working at it, and adjust things as needed.

For more tips to stay on a grocery budget, use the link below or message me.

https://savingcentbycent.com/2021/02/03/9-tips-how-to-stay-on-a-grocery-budget/

#grocerybudgeting #groceriesshopping
#groceryshop #groceryshoppingtips #grocerybudget #grocerytips
This Strawberry Shortcake recipe is perfect for Mo This Strawberry Shortcake recipe is perfect for Mother's Day or during the summer months. It's a recipe that has been a part of my family for years. My mother would make this homemade strawberry shortcake every summer. It's so good! 

Message me for the recipe or use the link below.

https://savingcentbycent.com/2020/04/22/easy-homemade-strawberry-shortcake-recipe/

#strawberryshortcake #strawberryshortcakecake #strawberries #strawberrycake #shortcake #homemadestrawberryshortcake #homemadeshortcake
Having freezer meals on hand for busy days is so n Having freezer meals on hand for busy days is so nice. Many times, while I am making dinner, I'll double the batch and eat one meal for dinner and then freeze one meal for later. This Spaghetti Casserole is one of those meals.

I don't always have one day where I can make 10+ freezer meals at one time. I found it's easier and more manageable for me to double the batch of a meal that I'm already cooking for my family and to freeze that second meal that I know would be a good freezer meal too.

Use the link below or message me for 7 freezer meals that my family loves.

https://savingcentbycent.com/2017/03/03/7-make-ahead-freezer-meals/

#freezermeals #freezermeal #freezermealprep #freezermealsmadeeasy #makeahead #makeaheadmeals #dinnerideas
Mother's Day is coming up, and these Tissue Paper Mother's Day is coming up, and these Tissue Paper Flowers are a sweet and thoughtful gift to give to a mother or grandmother. These flowers also make great party decorations for upcoming baby showers, bridal showers, and summer gatherings. And it doesn't cost too much to make them.

Message me for a link to the tissue paper tutorial or use the link below.

https://savingcentbycent.com/2017/03/27/tissue-paper-flowers-tutorial-video/

#tissuepaperflowers #tissuepaperflower #tissuepaperflowertutorial #mothersdayflowers #mothersdayflower #mothersday #flowers #fakeflowerslastforever
A budget app is a great tool for managing your mon A budget app is a great tool for managing your money, sticking to a budget, and reviewing your spending habits to identify where money might be wasted. Try one of these budget apps to get a better handle on your finances:

Mint
EveryDollar
You Need a Budget (YNAB)
GoodBudget

For more info about these budget apps, use the link below or message me, and I'll send you the link.

https://savingcentbycent.com/2018/01/19/9-best-budget-apps-keep-track-finances/

#budgetapp #budgetapps #personalfinances #keeptrackoffinances #finances #financegoals
These Crock Pot Shredded Beef Tacos are delicious These Crock Pot Shredded Beef Tacos are delicious and are another easy recipe to add to the slow cooker quickly. 

On busy days, I'll put this in the crock pot, set it, and leave it until we get home for dinner. All I have left to do before we eat is shred the beef and cut up tomatoes and lettuce.

Message me for the recipe, or use the link below.
 https://savingcentbycent.com/2019/09/26/the-best-crock-pot-shredded-beef-tacos/

#crockpot #slowcooker #shreddedbeef #shreddedbeeftacos #crockpotshreddedbeef #easydinner #easydinnerrecipes #easydinnerrecipe

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