Top Secrets of Success for Debt | SparkPeople
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Top Secrets of Success for
Debt

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What do Rich People Do?

I've worked for a very wealthy man for over 24 years! He STILL uses coupons, believe it or not. That said, I started seeking his advice and the advice of others, like Dave Ramsey and Clark Howard. As a result, I am totally DEBT FREE and have almost a quarter of a million dollars in the bank. ALL YOU...

- Submitted by WOMBAT31 5/24/2011 in Saving Money | 5 Comments
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Saving Real Money

I am not saving money until I pay off all debt because the ratio of money earned on money saved (interest) to money spent (finance charges) is very skewed in favor of the creditors. And the absolute best way I have learned to find money to pay off debt is to write out a monthly budget WITH my husban...

- Submitted by KIMMARIE11 5/6/2011 in Saving Money | 3 Comments
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Reduce Credit Card Debt with Spare Change

Do you want a way to reduce a substantial amount of credit card debt? You may not realize it, but you probably accumulate at least one hundred dollars in spare change every month. Use that change solely for the purpose of paying off credit cards. At the end of the month, send the credit card compani...

- Submitted by KBUCKMASH 4/2/2011 in Saving Money | 2 Comments
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Record savings and debt totals monthly

Keep 2 running monthly totals ---one for debt & one for savings. Use a notebook, ledger, spreadsheet, or money-managing software (such as Quicken) to record your totals on the last day of each month. Your goal should be to have less debt & more savings every single month. It is so motivating to see...

- Submitted by STORMY724 2/4/2011 in Saving Money | 0 Comments
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Paying Cash

My husband and I have started to pay cash for everything. We are using Dave Ramsey's envelope system. I went through the budget and determined categories of spending (groceries, pets, fun money) and everything that wasn't a 'bill' we use cash for, excluding gas for the cars.

Using cash do...

- Submitted by TRICUPCAKE 1/7/2011 in Saving Money | 3 Comments
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No-stress Holidays

About 20 years ago my entire extended family decided that being together is our present to ourselves & we no longer needed to exchange gifts outside of our immediate families. When that joint decision was made, it was one of the happier days of my life. I was always stressed before the holidays ---t...

- Submitted by STORMY724 9/30/2010 in Everything Else | 5 Comments
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left-overs on payday

I get paid by direct deposit and on payday I check my account online. Looking at the balance, I transfer any money left over from the previous payday into a savings account; even if it is only $20.00. You will be surprised at how fast this can add up. my savings account is actually a tax-free accoun...

- Submitted by ANGELAWILLIAMS3 9/11/2010 in Saving Money | 3 Comments
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When credit card debts are paid, don't shred your cards

You need a good credit score to get the best rates on insurance (auto/home) & be eligible for loans and cash-back credit cards. You also need credit cards for car rentals, airline tickets, motel reservations, roadside emergencies. So keep 2 or 3 credit cards that pay cash back (usually 1%, sometimes...

- Submitted by STORMY724 8/21/2010 in Saving Money | 3 Comments
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Don't blow a windfall

If you inherit money, win the lottery, or receive a big bonus, use most of it to pay off credit cards or other debt, save for your children's education, create an emergency fund in case you are laid off, or save for retirement instead of opting for luxury items... (more info)

- Submitted by STORMY724 7/31/2010 in Saving Money | 3 Comments
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Use Quicken or other money-managing software

I set up 3 accounts on Quicken. One for savings & investments. One for mortgage, credit cards, loans, etc. And one for checking accounts I use to pay bills, etc. It is motivating to see the Debt decrease and the Savings grow every month. It is also a reality check to track how much you owe or save.

- Submitted by STORMY724 7/20/2010 in Saving Money | 1 Comment
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Repaying debt vs. saving?

The general wisdom is to use all extra money to pay off debt before you start to save or invest money. But if you do that & an emergency arises (the refrigerator or your transmission dies) then you have to go back into debt. So pay off debt, but also save for emergencies.

- Submitted by STORMY724 7/2/2010 in Saving Money | 2 Comments
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Make it an Effort to Get To Your Credit!

HIDE your credit cards! It can be really hard to cut down on using credit cards, especially if you're first starting out in a journey to stop using them altogether. If you need them for an emergency, you'll have them, but if they're out of sight, they're out of mind (and wallet).

- Submitted by RAINBOWSMITE 4/2/2010 in Saving Money | 1 Comment
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