Paying Off Debt Fast Essay

780 Words2 Pages
bulb-icon

Recommended: Disadvantages of over spending

Paying off debt is the best way keep from unnecessarily wasting money. Just think about what you could do with all the money that goes towards debt each month. However, paying off debt is easier said than done. But it doesn't have to be. Here are some tips for paying off your debt fast and in a way that won't put too big of a cramp in your lifestyle.
Here are some tips for finding hidden money that will help you pay off your debt fast.
1. Rethink Your Beverages of Choice
You probably have a beverage of choice or two. This is an area that can be easily tweaked so you can still have what you love while saving money at the same time. For example, you start making your coffee at home versus going to Starbucks or elsewhere. Anywhere you are spending …show more content…

Go to some garage sales, flea markets or the thrift store to buy it. What you would have spent on one shirt at the department store would have gotten you 10 shirts at a thrift store. Yes, you will have to spend some time digging through a bunch of junk, but there are always some items that are fairly new or ones that still have tags on them. The time you spend digging through junk is well worth the savings.
6. Eliminate all Non-Essential Spending
Do you really need that Netflix membership or could you hit the RedBox instead? Do you really need that gym membership or could you buy a DVD that would help you accomplish the same thing? What about your mobile data and cable plans? Could you downsize some of those?
7. Immediately Reallocate Your Raises and Bonuses
The minute you get a raise or a bonus, take that money and have it automatically deposited into your savings account before you can spend it. If you do this, you will never miss it because you won't be used to having it.
8. Other Ways to Save Money to Pay Off Your Debt
• Eat out less or go to less expensive restaurants if you do.
• Replace any bank accounts or credit cards that charge annual or monthly fees.
• Assess then cut back on your utility

Show More
Related

  • To Create A Debt Repayment Plan (And Include The Interest)

    726 Words  | 2 Pages

    Once you pay off the lowest balance owning, add that payment to the minimum payment of the next lowest balance. For instance, if you were paying $300 a month on your last balance, and you are paying $66 on your newest lowest balance, then start paying $366 on your newest lowest balance. That 's $300 more than you were paying, and it will increase the speed at which you pay off that

    Read More

  • The Total Money Makeover By Dave Ramsey

    880 Words  | 2 Pages

    Dave’s second step is to pay off all of your debt. His method for this is called the debt snowball effect. You list every debt you have in order from smallest to largest, leaving out your mortgage. And you pay off the smallest debt first, once that is paid you take what you were paying towards that debt, and apply it to the next debt, and so on. This is exactly what the church advises us to do in the One for the Money Guide to Family Finance written by Elder Marvin J. Aston, in the debt elimination calendar. I believe that is probably one of the fastest ways to get out of debt

    Read More

  • The Debt Snowball

    618 Words  | 2 Pages

    Start the debt snowball by paying minimums on all of your debts except the smallest one. Place any extra money to that smallest debt. This will make that debt paid off much quicker.

    Read More

  • Analysis Of Is College Worth Going To College

    1446 Words  | 3 Pages

    Finally, so far the best ways to be able to pay off student loans are to either save up money up to the age of college preparation, find a degree that can pay well, and to find a college that can give you the best

    Read More

  • Persuasive Essay On Student Loan Debt

    1125 Words  | 3 Pages

    Doyle states in his article, “As of this writing, the total amount of outstanding student loan debt has been estimated at $960 billion (Kantrowitz, 2011).” Right now, there is only 7.4 billion people on earth, but not all of those people are in debt. So, massive debt with not near enough people to even cover the debt on the whole planet put this issue into perspective. Many people talk about applying for scholarships but scholarships can only cover so much of the price, and even then, the scholarships aren’t guaranteed. Now what about paying off the loans? How will that take? “First, incomes vary tremendously across different choices of majors and professions. Second, the incomes of individuals starting out in the labor market vary according to the state of the labor market at that time.” There are many different factors that go into this process. As stated in the previous paragraph, those who do both work and school are more apt to pay their debt off at a quicker pace. But, how much they make and how often they paid is another contributing factor. If the average college student is making minimum wage (part time) and is going to an in

    Read More

  • Student Loans For College Essay

    552 Words  | 2 Pages

    (Ramsey 108). Making sacrifices with your money now, will make your hole of debt that much less. The less you have to worry about debt, is the more you can focus on you. Around 30% of student loan borrowers have dropped out of college and have to continue paying the debt with just a high school graduate salary.

    Read More

  • Student Loans Essay

    1047 Words  | 3 Pages

    Many people believe those loans can be paid off in a matter of a couple years. However, this idea is misguided as many people do not pay their student loans off until their early forties. Keywords: Education, tuition, budget, degree, necessary How Student Loans Effect the Economy When students are finishing off their senior year in high school, they begin applying to college. Many people are blinded by how much after high school education actually cost.

    Read More

  • The Latte Factor In David Bach's The Automatic Millionaire

    1183 Words  | 3 Pages

    This is where the concept of the latte factor comes in. The idea of latte factor is to just simply eliminate everyday expenses that are not necessary like a latte, which you can make at home, or a pack of cigarettes. This concept is important to becoming an automatic millionaire because it eliminates excuses and provides you with extra money a day that you can then contribute to your retirement account which will in turn make you a automatic millionaire. An example of the latte factor in David Bach's, The Automatic Millionaire, is Kim. Kim is of the common mindset that she does have extra money to contribute to a retirement account but through a detailed breakdown of her daily expenses David found that on average she spends $11.20 a day, not counting after lunch, on food that doesn't make her full. If she were to simply cut $5.00 from this i.e. her latte from starbucks and contributed it to a retirement account she would have roughly 1.2 million dollars. In my opinion, the use of the latte factor is something that we can all relate to because we all have things we spend money on that we do not need to daily. Thus the principle of saving even as little as $5.00 a day and contributing it toward our future is not only extremely plausible but will lead us to a future of wealth through a retirement

    Read More

  • Persuasive Essay On Credit Cards

    1349 Words  | 3 Pages

    The debt will never get cleared up if charges keep appearing on the bill, and even when purchases stop the debt is normally so extensive it takes months if not years to pay off and it can completely plummet a credit score. Also, “College students who are unprepared for financial decision making may make risky decisions such as compulsive spending and debt accumulation. Financial stress impacts both academic achievement and retention.”Stores will try and get many to sign up for their cards and they do this by offering deals. The more cards owned, the more available to spend, which will lead right back into debt. However, a good idea to stay ahead is to pay as much off as much as possible each month. It does not have to be paid in full, but try to at least pay more than the minimum. Debt is all over the world, it 's not just with college students, but with older people as well but college students need to know what debt is good debt and when their limit is before they are drowning in

    Read More

  • Paced Decision Making

    668 Words  | 2 Pages

    My first alternative is to save. I have multiple choices on how I want to save my money. I am able to put it in the bank in multiple kinds of savings accounts, also use my own personal safe & save by reducing my money in certain areas. I’ll have more money to use when I need for emergencies. Meaning I can put my money in an emergency account and use it when I’m in need. I will also gain interest by doing that overtime. I can also use CD’s which gives me the opportunity to invest and reinvest my money which will make more money. Doing that will make my money grow faster.

    Read More

  • We MUST Keep Repeat Offenders in Jail

    573 Words  | 2 Pages

    think there are better ways to save money. For example, we should cut back on

    Read More

  • Personal Budget

    965 Words  | 2 Pages

    With these three scenarios, I have learned several things about making a personal budget. I learned how to research the economic situation and best predict the prices for certain things. I also learned how best to manage bills under a tight and a very free budget. I learned how to manage money, not just for myself, but for others that I may one day be responsible for.

    Read More

  • National Debt Essay

    871 Words  | 2 Pages

    Instead we will have to approach this problem and take it step by step. One of the first steps that must be taken is budget cutting. The U.S. needs to try to cut back on spending on areas that do not need as many funds as what we supply them with. Areas such as studying online dating, the U.S. Government actually open $$239,100 to pay a professor at Stanford University to do research about online dating. This is an example of an easy way to save over two hundred thousand dollars.

    Read More

  • The Plan for Retirement

    600 Words  | 2 Pages

    Today is the day to start saving money for retirement. The way people can be more informed with where there money goes, and how it is spent is by merging unnecessary accounts together. This gives a better view of how much is at hand, and the account information is very helpful in knowing how it is used. This method is informative and simply, and can help save a lot. Also, people can pay them selves first. By doing this money is put into a specific account before anything else. This way there is less to spend or waste, and its almost like it was never there to begin with so it is not missed. Along with those options people should sacrifice unneeded luxuries to save money, especially during the warmer months. One article says, “Summertime is notorious for...

    Read More

  • Creating a Personal Budget

    673 Words  | 2 Pages

    In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.

    Read More

More about Paying Off Debt Fast Essay

Open Document