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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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Message me for the recipe or use the link below.

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The pickup day for orders is between March 23-25 depending on where you live in Northern Utah.

https://foodandmeatcoop.com/tooele
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Once you determine your goal, determine how much money to save each month, then break it down to how much to save per week. You may not be able to save $500 a month, but maybe you can save $200 a month. That means you would set aside $50 a week.

Some things you could do to save this money is don’t eat out, cut your grocery bill down, don’t go to the convenience store to grab a drink, or cut out subscription services.

It’s the small changes that make a difference over time.

For more tips, visit my website.

https://savingcentbycent.com/2021/01/05/how-to-create-a-budget-free-budget-worksheet/

#budget #budgeting #financialgoal #finances
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Click the link below for the recipe, or message me, and I'll send you the recipe.

https://savingcentbycent.com/2013/10/18/oven-baked-tacos/

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Use the link below or message me for the link to the Disneyland post.

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I've tried a bunch of French dip Sandwiches, and this recipe is by far my favorite. My family also loves this meal.

The link to the recipe is below or message me and I'll send you the recipe.

https://savingcentbycent.com/2015/05/29/best-slow-cooker-french-dip-sandwiches/

#frenchdip #frenchdipsandwich #easydinnerideas #easymeal #easydinners #easymeals
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Message me for the recipe or use the link below.

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#stpatricksdaycookies #stpatricksday #greencookies #greentreats #stpatricks #stpatrickscookies
I recently picked up the 31-pound Mixed Staples bo I recently picked up the 31-pound Mixed Staples box from the Food and Meat Co-op. I love the high-quality variety of meats and that it’s prepackaged and ready to go straight into the freezer.

For those of you in Northern Utah, if any of you want to try the Staples boxes, use the code savingcent10 to get $10 off.

Also this month, the Food and Meat Co-op is featuring convenience foods and easy meal options such as chicken nuggets, corn dogs (regular and gluten free), restaurant-quality sweet and sour pork meal kits, and orange meal kits. It’s nice to have quick and easy meals on busy days!

The pickup day for orders is between March 23-25 depending on where you live in Northern Utah.

https://foodandmeatcoop.com/tooele
Are you wanting to get out of debt or save up a do Are you wanting to get out of debt or save up a down payment for a home? Do you want to stop living paycheck to paycheck or save for a big family vacation? Determine what is motivating you to set some financial goals.

Once you determine your goal, determine how much money to save each month, then break it down to how much to save per week. You may not be able to save $500 a month, but maybe you can save $200 a month. That means you would set aside $50 a week.

Some things you could do to save this money is don’t eat out, cut your grocery bill down, don’t go to the convenience store to grab a drink, or cut out subscription services.

It’s the small changes that make a difference over time.

For more tips, visit my website.

https://savingcentbycent.com/2021/01/05/how-to-create-a-budget-free-budget-worksheet/

#budget #budgeting #financialgoal #finances
We are having these Oven Baked Tacos this week for We are having these Oven Baked Tacos this week for dinner. It's an easy meal to make!

To make this meal even faster, prepare the ground beef in advance by cooking it earlier in the week. You can then put the cooked meat in the fridge or freezer and pull it out when you are ready to use it.

Click the link below for the recipe, or message me, and I'll send you the recipe.

https://savingcentbycent.com/2013/10/18/oven-baked-tacos/

#tacos #bakedtacos #ovenbakedtacos #easydinneridea #easymealideas #easymealidea #easydinners #easymeals
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I share tips of where to purchase tickets, how to use Genie+, where to find hotels in Anaheim, how to save money on food, and more. Plus, I’m sharing tips how to plan out your days, and I share Disneyland and California Adventure itinerary ideas.

Use the link below or message me for the link to the Disneyland post.

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These slow cooker French Dip Sandwiches are on my These slow cooker French Dip Sandwiches are on my meal plan for this week. And it's so easy to make! You just need 10 minutes to put it together in the morning. Then let it cook all day.

I've tried a bunch of French dip Sandwiches, and this recipe is by far my favorite. My family also loves this meal.

The link to the recipe is below or message me and I'll send you the recipe.

https://savingcentbycent.com/2015/05/29/best-slow-cooker-french-dip-sandwiches/

#frenchdip #frenchdipsandwich #easydinnerideas #easymeal #easydinners #easymeals
If you want a fun treat for St. Patrick's Day, mak If you want a fun treat for St. Patrick's Day, make these yummy green cookies. They are really easy to make!

Message me for the recipe or use the link below.

https://savingcentbycent.com/2018/03/09/st-patricks-day-cookies/

#stpatricksdaycookies #stpatricksday #greencookies #greentreats #stpatricks #stpatrickscookies
I recently picked up the 31-pound Mixed Staples bo I recently picked up the 31-pound Mixed Staples box from the Food and Meat Co-op. I love the high-quality variety of meats and that it’s prepackaged and ready to go straight into the freezer.

For those of you in Northern Utah, if any of you want to try the Staples boxes, use the code savingcent10 to get $10 off.

Also this month, the Food and Meat Co-op is featuring convenience foods and easy meal options such as chicken nuggets, corn dogs (regular and gluten free), restaurant-quality sweet and sour pork meal kits, and orange meal kits. It’s nice to have quick and easy meals on busy days!

The pickup day for orders is between March 23-25 depending on where you live in Northern Utah.

https://foodandmeatcoop.com/tooele
Are you wanting to get out of debt or save up a do Are you wanting to get out of debt or save up a down payment for a home? Do you want to stop living paycheck to paycheck or save for a big family vacation? Determine what is motivating you to set some financial goals.

Once you determine your goal, determine how much money to save each month, then break it down to how much to save per week. You may not be able to save $500 a month, but maybe you can save $200 a month. That means you would set aside $50 a week.

Some things you could do to save this money is don’t eat out, cut your grocery bill down, don’t go to the convenience store to grab a drink, or cut out subscription services.

It’s the small changes that make a difference over time.

For more tips, visit my website.

https://savingcentbycent.com/2021/01/05/how-to-create-a-budget-free-budget-worksheet/

#budget #budgeting #financialgoal #finances
We are having these Oven Baked Tacos this week for We are having these Oven Baked Tacos this week for dinner. It's an easy meal to make!

To make this meal even faster, prepare the ground beef in advance by cooking it earlier in the week. You can then put the cooked meat in the fridge or freezer and pull it out when you are ready to use it.

Click the link below for the recipe, or message me, and I'll send you the recipe.

https://savingcentbycent.com/2013/10/18/oven-baked-tacos/

#tacos #bakedtacos #ovenbakedtacos #easydinneridea #easymealideas #easymealidea #easydinners #easymeals
If you have always wanted to go to Disneyland, or If you have always wanted to go to Disneyland, or if you have plans to travel there in the near future, check out these tips on how to go to Disneyland on a budget.

I share tips of where to purchase tickets, how to use Genie+, where to find hotels in Anaheim, how to save money on food, and more. Plus, I’m sharing tips how to plan out your days, and I share Disneyland and California Adventure itinerary ideas.

Use the link below or message me for the link to the Disneyland post.

https://savingcentbycent.com/2023/02/12/how-to-go-to-disneyland-on-a-budget/

#disneyland #disneylandtips #disneylandtipsandtricks #californiaadventure #californiaadventuretips #disneylandbudget #budgetdisneyland #savemoneyondisneyland
These slow cooker French Dip Sandwiches are on my These slow cooker French Dip Sandwiches are on my meal plan for this week. And it's so easy to make! You just need 10 minutes to put it together in the morning. Then let it cook all day.

I've tried a bunch of French dip Sandwiches, and this recipe is by far my favorite. My family also loves this meal.

The link to the recipe is below or message me and I'll send you the recipe.

https://savingcentbycent.com/2015/05/29/best-slow-cooker-french-dip-sandwiches/

#frenchdip #frenchdipsandwich #easydinnerideas #easymeal #easydinners #easymeals

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