Top Secrets of Success for Debt | SparkPeople
Advertisement -- Learn more about ads on this site.

Secrets of Success

< Secrets of Success Main Page

Top Secrets of Success for
Debt

93

Members Liked This
I Liked This

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 HAVE TO DO IS GET SMART & GET CHEAP!

One big thing I did is Dave Ramsey's "envelope system" where you go back to the days of "yore" (LOL) and put a little out of each check into an envelope!

- Submitted by WOMBAT31 5/24/2011 in Saving Money | 5 Comments
Leave a Comment

52

Members Liked This
I Liked This

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 husband so we are both on the same page. It's working like a charm and we are not feeling deprived. Sort of like the lifestyle change with SparkPeople. emoticon

- Submitted by KIMMARIE11 5/6/2011 in Saving Money | 3 Comments
Leave a Comment

67

Members Liked This
I Liked This

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 companies a check for the amount of the change you have collected in addition to your monthly payment. It can become a game; pick up change off the ground!

- Submitted by KBUCKMASH 4/2/2011 in Saving Money | 2 Comments
Leave a Comment

55

Members Liked This
I Liked This

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 savings/investments grow and/or debt go down. Once I started to do this, it inspired me to put as much as possible into savings each month and/or pay more.... (click title for more info)

- Submitted by STORMY724 2/4/2011 in Saving Money | 0 Comments
Leave a Comment

81

Members Liked This
I Liked This

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 does a couple of things. It prevents you from overspending. Once the money in an envelope is gone, no more spending for that category until the next pay day. This is where we've made most of our mistakes.

- Submitted by TRICUPCAKE 1/7/2011 in Saving Money | 3 Comments
Leave a Comment

58

Members Liked This
I Liked This

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 ---there was too much to do at home, at work, at school ---and then buy presents, too. Gifts are not essential for the holidays... (click title for more)

- Submitted by STORMY724 9/30/2010 in Everything Else | 5 Comments
Leave a Comment

118

Members Liked This
I Liked This

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 account where I can stash up to $5000 without paying taxes on it. Nice! emoticon

- Submitted by ANGELAWILLIAMS3 9/11/2010 in Saving Money | 3 Comments
Leave a Comment

45

Members Liked This
I Liked This

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 more). Use them several times a month for small purchases (never more than 10% of your limit) & pay them off every month... (Click title for more info.)

- Submitted by STORMY724 8/21/2010 in Saving Money | 3 Comments
Leave a Comment

44

Members Liked This
I Liked This

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
Leave a Comment

34

Members Liked This
I Liked This

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
Leave a Comment

64

Members Liked This
I Liked This

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
Leave a Comment

10

Members Liked This
I Liked This

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
Leave a Comment