Bucket List - Debt Free Plan

Alyice Edrich - "Life doesn't make it easy to be debt-free, but we're doing what we can to make it happen." ** Tips are for entertainment purposes only... Please seek financial/legal advice from a licensed professional. **
26 Pins70 Followers
Emotional spending is one fo the big fiscal "no-no's". This type of spending can get you to waste a lot of money and get you deep in credit card debt. Learn some steps for curbing this wasteful spending.

How to Cut Emotional Spending

Skills to reduce emotional spending - buying things on a whim is not a coping skill!

How to Find a Good Used Car and Avoid a Scam

Most Young Drivers will start off with a used car. Here's a helpful guide to what questions to ask and what to look for when considering buying a used car.

Alyice Edrich - Debt Free Tips - A healthy dinner at a restaurant for a family of four, can run anywhere from $15 to $25 per person, or upwards of $100 per family meal. A nice lunch out with your spouse can run anywhere from $10 to $15 per person. And a relaxing breakfast with your best friend, can run anywhere from $5 to $13 per person. Save money by hosting meals at home. Make it even more exciting by coming up with meal themes… complete with theme-related activities, movies, or music.

Alyice Edrich - Debt Free Tips - A healthy dinner at a restaurant for a family…

Alyice Edrich - Debt Free Tips - Give yourself a little peace of mind. Before you start any savings account or create a debt-repayment plan, tally up how much it would cost you to survive in your current living condition for one month, based on the bare minimums (rent, utilities, food, insurance, minimum credit card payments, etc.). Once you figure out how much you'll need to survive on if you lost your job or were injured on the job, work extra hard to get that money into a savings account.

Alyice Edrich - Debt Free Tips - Give yourself a little peace of mind. Before you start any savings account or create a debt-repayment plan, tally up how much it would cost you to survive in your current living condition for one month, based on the bare minimums (rent, utilities, food, insurance, minimum credit card payments, etc.). Once you figure out how much you'll need to survive on if you lost your job or were injured on the job, work extra hard to get that money into a savings account.

Alyice Edrich - Debt Free Tips - When your budget is tight, and you're in the middle of a debt snowball, taking an unexpected windfall of cash and blowing it seems more fun and rewarding. But don't do it. Take that unexpected cash (work bonuses, raises, tax refunds, inheritances, etc ) and put it towards your debt... Every little bit helps get you out of debt faster and the sooner you get your debt paid down, the more "free cash" you'll have for other things.

Alyice Edrich - Debt Free Tips - When your budget is tight, and you're in the middle of a debt snowball, taking an unexpected windfall of cash and blowing it seems more fun and rewarding. But don't do it. Take that unexpected cash (work bonuses, raises, tax refunds, inheritances, etc ) and put it towards your debt... Every little bit helps get you out of debt faster and the sooner you get your debt paid down, the more "free cash" you'll have for other things.

Alyice Edrich - Once you get a handle on your new budget, take a look at your credit card statements. List the 3-year payment found on your statements for each debt. Can you afford to make those payments, plus pay your regular bills, buy groceries and have enough for a savings account? If so, do it! If not, pick the lowest principal balance to pay off first, then tackle the next lowest principal balance. Once the first card is paid off, take that money and put it towards the next card.

Really want fantastic suggestions about credit and cards? Head out to this fantastic info!

Alyice Edrich - Debt Free Tips - It's hard to pay down a credit card that has 19% or higher interest. Look into getting a personal loan with a lower fixed rate. If you can't get a personal loan, opt for transferring your high interest credit card to a lower interest credit card. Just make sure you read the fine print, checking for new loan fees, hidden fees, late fees, minimum payment due, interest rate jumps, etc!  #DebtFree

Alyice Edrich - Debt Free Tips - It's hard to pay down a credit card that has 19% or higher interest. Look into getting a personal loan with a lower fixed rate. If you can't get a personal loan, opt for transferring your high interest credit card to a lower interest credit card. Just make sure you read the fine print, checking for new loan fees, hidden fees, late fees, minimum payment due, interest rate jumps, etc! #DebtFree

Alyice Edrich - Debt Free Tips - Getting into debt is easy and it happens quickly. Getting out of debt, however, is HARD! And it won't happen overnight. No matter how strict you are with your budget, how much you sacrifice, or how many extra hours you work... getting out of debt is going to take time. It can take a year or it can take several years... the important thing to remember is that you need to give it the time it needs without stressing out. #DebtFree

Alyice Edrich - Debt Free Tips - Getting into debt is easy and it happens quickly. Getting out of debt, however, is HARD! And it won't happen overnight. No matter how strict you are with your budget, how much you sacrifice, or how many extra hours you work... getting out of debt is going to take time. It can take a year or it can take several years... the important thing to remember is that you need to give it the time it needs without stressing out. #DebtFree

Alyice Edrich - Debt Free Tips - Put a little money aside every month to cover irregular bills (once a year or every six months), unexpected expenses (a forgotten birthday, a promotional dinner, a flat tire), small emergencies (water heater dies), and large emergencies (a job lay off)... that way, you won't have to turn to your credit cards or loans to bail you out.  #DebtFree

Alyice Edrich - Debt Free Tips - Put a little money aside every month to cover irregular bills (once a year or every six months), unexpected expenses (a forgotten birthday, a promotional dinner, a flat tire), small emergencies (water heater dies), and large emergencies (a job lay off)... that way, you won't have to turn to your credit cards or loans to bail you out. #DebtFree

Alyice Edrich - Debt Free Tips - Deny yourself access to your savings accounts. It was hard for us to save money until we denied ourselves access. Now, none of our savings accounts can be accessed via ATM. We even keep our "dire emergency fund" in a separate bank account so we can't easily transfer money when we're short funds. This method of saving, combined with automatic transfers, has saved us many times… unexpected root canals, $1400 van repairs, job losses, and so forth. #DebtFree

Alyice Edrich - Debt Free Tips - Deny yourself access to your savings accounts. It was hard for us to save money until we denied ourselves access. Now, none of our savings accounts can be accessed via ATM. We even keep our "dire emergency fund" in a separate bank account so we can't easily transfer money when we're short funds. This method of saving, combined with automatic transfers, has saved us many times… unexpected root canals, $1400 van repairs, job losses, and so forth. #DebtFree

Alyice Edrich - Debt Free Tips - During the holiday season, stressful times, and hardships, emotions can get the best of us… causing our spending habits can get out of control. I once racked up a $5000 credit card bill because I didn't keep my emotions in check… When your emotions are out of whack, give yourself 30 days before you BUY. If you must window shop, put things in your wish list and clip ads. But DO NOT buy for 30 days. By then you'll know if you really wanted or needed that item.

Alyice Edrich - Debt Free Tips - During the holiday season, stressful times, and hardships, emotions can get the best of us… causing our spending habits can get out of control. I once racked up a $5000 credit card bill because I didn't keep my emotions in check… When your emotions are out of whack, give yourself 30 days before you BUY. If you must window shop, put things in your wish list and clip ads. But DO NOT buy for 30 days. By then you'll know if you really wanted or needed that item.

Alyice Edrich - Debt Free Tips - Every January, we do a little downsizing and selling off some of our "old stuff"… then we rethink our "spending" habits and take a look at our budget. This year, we're starting a "spending fast". Instead of being so strict that we can't buy anything but our "needs" we've opted to give ourselves a small allowance to buy our "wants". If we can't afford our wants, then we'll have to save our allowance or not get it.  #DebtFree

Alyice Edrich - Debt Free Tips - Every January, we do a little downsizing and selling off some of our "old stuff"… then we rethink our "spending" habits and take a look at our budget. This year, we're starting a "spending fast". Instead of being so strict that we can't buy anything but our "needs" we've opted to give ourselves a small allowance to buy our "wants". If we can't afford our wants, then we'll have to save our allowance or not get it. #DebtFree

Alyice Edrich - Aside from evaluating everything in terms of wants versus needs, you also need to change your thinking in terms of the actual costs associated with what you're buying. Stop thinking in terms of "Can I afford that monthly payment?" or "Oh, that'll just cost me $20 a month!" And start thinking in terms of "How many hours of my life must I work to pay this off?" or "What is the total cost after taxes, interest, and other fees? And how long will I have to work to pay that off?"

Alyice Edrich - Aside from evaluating everything in terms of wants versus needs, you also need to change your thinking in terms of the actual costs associated with what you're buying. Stop thinking in terms of "Can I afford that monthly payment?" or "Oh, that'll just cost me $20 a month!" And start thinking in terms of "How many hours of my life must I work to pay this off?" or "What is the total cost after taxes, interest, and other fees? And how long will I have to work to pay that off?"

Alyice Edrich - Debt Free Tips - When you get about halfway (or even a third of the way) through your debt repayment plan, you're going to start feeling tired of all the sacrificing. This is a good time to give yourself a mental pep talk and create a fun, new goal to work towards! Even if you only put $10 a paycheck away, start an entertainment savings account. An account that can be used, without guilt, for a luxurious night out, a high priced concert ticket, or a weekend get-a-away.

Alyice Edrich - Debt Free Tips - When you get about halfway (or even a third of the way) through your debt repayment plan, you're going to start feeling tired of all the sacrificing. This is a good time to give yourself a mental pep talk and create a fun, new goal to work towards! Even if you only put $10 a paycheck away, start an entertainment savings account. An account that can be used, without guilt, for a luxurious night out, a high priced concert ticket, or a weekend get-a-away.

Debt Free Tips - Alyice Edrich shares tips about budgeting and getting out of debt... as she slowly dwindles down her own debt and strives towards living a debt-free lifestyle.  #DebtFree

Debt Free Tips - Alyice Edrich shares tips about budgeting and getting out of debt. as she slowly dwindles down her own debt and strives towards living a debt-free lifestyle.

Pinterest
Search