Tag Archives: getting out of debt

How to Save While Getting Out of Debt

When trying to get out of debt, does it make sense to save? Absolutely. Not being prepared for an emergency with ready cash could lead to more severe debt. It is possible to both pay back debt and save at the same time. It just takes commitment and a little knowledge. Here are some tips on just how you can save while still keeping your debt payments on track. Setting up Your Savings If you are starting from scratch, meaning lots of debt and no savings, do whatever it takes to put $500-$1,000 aside right now. While this may seem … Continue reading →

Financial Advice I Wish I Could Tell the Earlier Me

Once you get to a certain age, you are supposed to be wiser, right? While I’m not ready for the retirement home yet (I don’t think they would let me bring my three school-age kids), the fact is that I no longer have as many years ahead of me as I once did. I do have a little more wisdom than I did then, especially when it comes to financial strategy. It is too bad that we can’t go back in time, isn’t it and give my younger self some financial advice? If I could go back in time, I … Continue reading →

One-Step Actions that Yield Big Savings

While all of the little things that we do on a daily basis can add up to great savings, sometimes we just need to find a way to make a big impact on our finances. For example, we may be experiencing a pay cut or loss of income, or facing a large expense, such a new furnace for the home or braces for a child. In these moments, we need a quick one-step action that will yield big savings. My husband and I are pushing to build up our emergency fund, just as prices for everything seem to be going … Continue reading →

Excuse Me, Are These Melons Ripe? Grocery Shopping with my Husband

Flirting with your husband in the produce department while grocery shopping may not seem like your idea of a date, but when you are saving toward a healthy emergency fund, a discussion about fruit may be some of the sweetest words you’ll hear. My husband and I had gotten in the habit of a monthly lunch date, on a Tuesday or Wednesday, when all three children are in school. We only have about a two-hour window of time alone, but this was usually sufficient to have a nice lunch and catch up without being interrupted by little people needing this … Continue reading →

Let’s Make 2013 a Great Year for Getting Out of Debt!

Happy New Year! I just know that 2013 will be a great year for getting out of debt. We can do this. Let’s size up our debt and then knock it down little by little until we end the year richer and more financially stable. It may take a little sacrifice, but it can be a lot of fun, too. Getting out of debt is going to be a fantastic New Year’s Resolution that will help us make some real progress for our family. Don’t Worry about the Past We may have made some wrong choices along the way, but … Continue reading →

The Importance of Working Together

You’ll double the chances of success when you work together as a team. Any lifestyle change, especially one related to getting out of debt needs mutual goals, accountability and support. Here is why working together will help you save money. Mutual Goals You have a mutual goal of getting out of debt, that is great! Believe it or not, just agreeing on this point means that you are already halfway there. Some couples or families say they want to get out of debt but may not make the commitment. Now, you just need to break this down to specifics. Decide … Continue reading →

Surviving without Credit Cards

Getting rid of all of your credit cards is one of the strongest messages you get when you are trying to get out of debt. The reason is that credit cards allow us to spend more money that we should, essentially taking out a loan at a very high interest rate that compounds and compounds and can easily get out of control. In previous generations, it would take a lot for someone to consider going in to debt for even something as substantial to quality of living as a house. Once credit cards came along, people were willing to go … Continue reading →

Getting Out of Debt: Living Like No One Else

One of the things that we heard over and over again taking the Dave Ramsey Financial Freedom course was that we needed to “Live like no one else so we could live like no one else.” In fact, I think this was the slogan for the course. What this means is that we have to be prepared to not only live frugally, but to make sacrifices in many areas and manage our money well, things that most of us, as Americans don’t tend to do. By sacrificing now, we could then live without debt later and be in a position … Continue reading →

Getting Out of Debt: Messy Organization Cost Us

Purposefully trying to get out of debt is revealing some pretty interesting things. It is amazing how despite practicing frugal living, we’ve thrown money away from being poor organizers of it. Call it having too much to do or the control freak of the family (me) turning a blind eye to certain areas of our bills, but this month we’ve definitely been seeing how not paying close attention to some things has affected our budget. Case in point: we got a letter from our oil company saying that they were raising our oil rate, so our monthly bill for the … Continue reading →

Friends Don’t Let Friends Have Debt

Like a new convert, I want everyone to get out of debt. The problem is that just like an after school special (remember those “don’t do drugs” campaigns), not too many people take me seriously. We live in a society where debt is expected, so anyone who claims otherwise can be seen like a nut. Of course, I am probably way too enthusiastic for most people, charging in to pick up my kids at a church activity and announcing, “Hey, run down to the Giant (grocery store) and do this deal to get free greeting cards!” or pointing out to … Continue reading →