I’ve been diving further into the world of personal finance blogs as Lovie and I look forward to the future. I read many of these blogs written by 20-somethings and 30-somethings who talk of being free of thousands upon thousands of dollars of debt. I think the most I’ve seen so far is $80,000 – holy shnikies! I can thankfully say my debt is nowhere near that, but even my amount makes me gasp a bit. It has also gotten me thinking – if they can pay off that much debt in a few years, then there is no reason that I shouldn’t be able to as well.
So I started looking at my spending/saving habits. What am I doing to save money/pay down my debt?
Here’s a little list:
- I always pay over the minimum on my credit cards each month, even if it is $50.
- I am a coupon clipper. Not as much as I used to be, and possibly not as much as I should be, but coupons are definitely my friend.
- I have my Etsy shop, am a vendor at a local shop, and participate in art/craft fairs to make some extra side money.
- I work holidays and overtime shifts as they come. (If I don’t happen to sign up, my coworkers always ask why I hadn’t, haha.)
- I am working at my debt snowball to pay off the credit card debt with the highest interest rate first.
- I have a spending plan that is updated each month. I have a place for each dollar to go. Extra income goes to either my debt payoff or my Emergency Fund.
- All of my change goes into a jar. Once the jar is full, the money is put towards debt.
- Thankfully, my parents are helping to payoff my student loans.
- Lovie and I collect cans to turn in for cash.
- When doing online shopping, I use cash-back sites, and my rewards credit card.
And a throw-down of my debt that is holding me down:
- Credit card A – $6,500
- Credit card B – $10,300
- Credit card C – $3,100
- M&D loan – $173
- Student loan A – $7,400
- Student loan B – $1,800
For a grand total of: $29,273
Wow, it’s tough to see that amount, but I know it is at least less than it was at the beginning of the year. Thank goodness there isn’t a mortgage or a car payment tacked onto that at the moment. I hadn’t planned to let it all fly out there, but hey – a little accountability, right?
What do you do to save money/pay down debt?