How to Pay Off Debt and Save Money: Why & How You’d Better Do Both!

How to Pay Off Debt and Save Money: Why & How You’d Better Do Both!

Wondering how to pay off debt and save money? You can do both, and it will change your life for the better! Take these steps to get it done.

We were running late for school.  I hustled the kids to the car (“Tie your shoes in the van!”), slammed the door, jumped in, and turned the key.

The tire light came on.

Should I get out and look?  That stupid light comes on all the time, and it’s always just a little low on air.  I don’t have time for that.

But I knew it would nag at me all the way down the road.  So I jumped out to ease my mind before we rushed to school.  

Except that this time, I have a totally flat tire.

Unexpected?  Check.

Expensive?  Check.

Unexpected expenses are called that for a reason.  They pop up out of the blue, and they are never a cheap fix.  In fact, they are so likely to happen that they should be expected.

Even if you’re living debt free, most of us are just one or two unexpected expenses away from falling into debt.  And if you already owe money, unexpected expenses can put you into a never-ending cycle of bills.

But what if you’re actively paying off debt?  Should you really be worried about saving money when you have high interest rates?

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How to Build a Sinking Fund And Find Financial Freedom

A sinking fund is the only thing standing between you and freedom from paycheck to paycheck living. Here’s how to get started.

Watching the balance on our biggest credit card shrink over the past year has been…how should I put this?  

Ah-maz-ing!  

Our main goal in our #yearofno has been to knock out debt every chance we get.  

Read all how we’re getting out of debt here (yes, even while raising 5 kids on one income!).

But there is one thing that I wish we had done differently.  

Something that could have made a bigger difference in our debt payments.

It’s called a sinking fund. It’s a genius (but uncomplicated) idea that prepares you for those nagging expenses that add to debt.

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Why Deep In Debt Is the Best Time To Practice Good Money Habits

Living deep in debt can be an awful feeling. But it’s not all bad! Learn why this is the best time to learn great money habits.

Paying off debt is like riding a roller coaster.  I mean, sure, it has its ups and downs.  But the analogy goes deeper than that.

I’m talking about the anticipation of the ride.  (That mix of excitement and dread!)  Once you’re on the ride, you can’t always see what’s coming ahead.  There’s a lot of screaming (maybe it’s joy, maybe it’s regret).  And at the end, you’re happy to get your feet back on solid ground.

Let’s not talk about the people who excitedly get in line to ride it again.

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How to Overcome Debt Snowball Fatigue For Good

When you’ve got debt snowball fatigue, it seems like your fight will never end! But a few small changes can make all the difference in your motivation.

Probably the most frustrating thing about paying off debt is that there’s no magic wand to poof that will make it disappear in an instant.

Finding the nerve to just face your debt is hard enough.  Knowing how long it will take to finally be able to have your debt free scream makes it that much harder.

And after you’ve been paying on debt for a while, it’s just so easy to fall into debt snowball fatigue.

Anyone who has spent months or years working towards a debt free goal has been right there with you.

It’s tempting to wallow in self pity from time to time.

But you don’t want to wallow for long.

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Getting Out of Debt? Here Are The 7 Things You Should Never Do

Getting out of debt takes discipline. But there are some things you should NEVER do to win the fight against heavy bills! Are you guilty of any of these?

You racked up some serious debt, and now one thing is clear.  If you want to have a different life, there are certain things you can never.ever.do.again.

Don’t worry.  It’s all worth it when that magical day comes that you get a paycheck that doesn’t have to immediately be divided up between your un-best friends, credit card company A, B, and C.

What are these forbidden things?  Glad you asked!

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How to Find Out All My Debts And Take Control of My Money

Once I learned how to find out all my debts (even though I was scared) it gave me the power I needed to take charge of my finances. Learn how you can do it, too.

When you play peek-a-boo with a baby, he thinks you’ve disappeared because your hands are over your face.  He’s totally surprised when you reappear by taking your hands away.

Are you playing peek a boo, too?  Covering your ears and yelling “I can’t hear you!” whenever someone uses the “d” word (debt, that is) is a ton of fun, but it’s not a game you can win.

After all, you know your debts are hiding behind your hands.  But instead of a kind face waiting for you, it’s more like a clown in a haunted house.

(Sorry for the visual.)

But I know, because I’ve been there.  I hid behind my hands for years before life woke me up with a good slap. 

Don’t do what I did. 

Living this way means debt is running your life.

How to Find Out All My Debts And Take Control of My Money

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