3 Money Myths You Need To Ignore.

There is no shortage of bad information out there – and falling for some of it can cost you money. It could be other people who steer you in the wrong direction, or it could be the things you tell yourself. Whatever the source, believing these myths could be hazardous to your financial health. Not knowing truth doesn’t make it any better, in fact ignorance isn’t bliss! Ignorance is poberty. Our goal is to encourage you to get the truth behind these bits of financial misinformation. The following are three basic very common money myths.

Myth 1 – I don’t need a savings account because I have a credit card.

This is a surefire way to get into debt. A savings account is crucial because you can’t always plan for emergencies and the unexpected in life. Instead of charging medical costs, car repairs, and home improvements on your credit card, dip into your nest egg of cash and avoid debt altogether. The Bible doesn’t prohibit borrowing, but it does discourage it. Read The Secret to Saving Money

Myth 2 – I don’t need to pay my credit card off in full every month because I am building my credit.

This is a very common myth – that credit card companies want to see your ability to pay off balances steadily and over time. But this actually doesn’t do anything for your credit score! It just prolongs the amount of time you’re in debt and the amount of interest you are paying. If you use a credit card for cash back rewards or airline miles points, pay it off in full every single month. Commit to not be in debt, even if it’s for a short period of time. Read The Silliest Thing I did to Payoff Debt

Myth 3 – I don’t make enough money to have a budget.

You should have a budget no matter how much money you make. But if you live paycheck to paycheck or find that money is tight, it will be even more vital for you to stick to a budget. A budget allows you to know exactly where all your money is going so you can control it, instead of it controlling you. Read Budgets Are Designed to Help You.

What are some common money myths you’ve heard or known over the years?

Can you relate any aspect of this post to your current situation?

leave us a comment or connect with us we would love to hear from you.

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MONEY & MARRIAGE – MARRIAGE & MONEY

Marriage And Money Challenges. Experts agree that finances can be the number one cause of marital strain. It’s understandable that financial struggles can cause strain because how people spend money is never just about the money — it reveals attitudes about what you value most; it reveals deeper character issues. These are some of the reasons blending financial habits can be very challenging.

Marriage can be what a couple decides it can be, there’s always the notion of differences in marriage for example in marriage one spouse can be a saver and the other one a spender, or maybe both spouses are savers, maybe both are spenders! Whatever the case may be There is hope! In this post, our goal is to provide great ideas to help you and your spouse make your marriage stronger by tackling the issue of money management in marriage.

MONEY MANAGEMENT STYLES A HUGE PIECE OF THE PUZZLE IS THE DIFERENCE IN MONEY MANAGEMENT STYLES.

It’s easy to forget that marriage is a commitment to forge a new life with another person. The lack of trust emerging from society has created prenuptial agreements and separate bank accounts in many marriages. These undermine the commitment to a shared life with a spouse and are contrary to biblical teachings. In marriage is not his money or her money. It is our money. Whenever financial issues begin to get out of hand in a marriage, the first thing to do is to pray about them. And in fact prayer should be a style of living we’re not getting into a sermon here but, life in marriage is easier when there is prayer involve. My husband and I pray about pretty much everything, specially when we are talking money and there is decision making involve. When we have to use money for something that’s not in our budget, we both pray overnight and by morning the next day we both are ready to make a move. Weather we decided to use our money or not. There is no substitute for God’s answer though. If prayer, time, and communication cannot help you then you might need help from a marriage counselor, which is usually recommended even before your marriage life begins. My husband and I went for counseling with my pastor before our marriage, he asked some great questions, gave us some great examples and advices that we still live by even to this day. So, don’t think that you only need a counselor when there’s a problem no, it is a blessing and a great idea to see one even before your life journey together begins. Find a counselor who is trained to help couples resolve issues diplomatically. The difference in money management styles:

1. The Morphostatic Style. These are people oriented to the present. They buy what they want now and don’t wait for a sale or even evaluate whether particular purchase is necessary. The Morphostatic style have inflexible standards—they simply want the best. They also tend to be fairly conventional in their buying and planning, operating by a set of rules it is the way they’ve always done it and as far as they’re concerned it is they way it’s going to be.

2. The Morphogenic Style, These are flexible people, wanting as many people as possible involved in the purchasing process. A Morphogenic person usually considers all of the possible consequences involved in a particular decision and takes considerable time to reach a conclusion. What happens when these different types marry? It isn’t hard to imagine some of the fights that could develop around financial issues.

Kim is tired, . She had no idea Tony mismanaged his money carelessly, he brought that behavior with him into their marriage. The debt, from student loans, to credit card, car note, and now his sport events. She didn’t know his needs and desires in marriage would be such a challenge. She and her husband had overcome many challenges, but their greatest ongoing problems surrounded money. Her spouse was a spender, she was a saver; she liked to balance the checkbook to the last penny, her husband hadn’t entered anything in the register in years. The result was numerous volatile eruptions and conflict that both she and her spouse wanted to avoid. It shouldn’t have been a surprise. Had they communicated and have a budget committee meeting monthly. The good is, they’re now taking the time to sit down and like we said before there is hope. Read budgets read budgets you may also want to read emergency fundsemergency funds plus our bonus FREE Online ClassesFREE Online Classes

Budget Committee Meeting Dave Ramsey THE SECOND PIECE TO THE PUZZLE LEARNING TO COMMUNICATE.

The concept of a budget committee meeting comes from Dave Ramsey, the goal is that both spouses put their differences aside and adopt a new set of values to improve and benefit their money management skills and marriage relationship. when couples learn to agree on their money and are determined not to let it drive them apart, they form a unity that is crucial for a successful marriage. The challenge in a marriage is to work through the different identities, ideals and values you each bring to the relationship. You win at marriage by losing your need to get your way in every battle. You get a happy marriage by giving up selfish desires in order to win together—you create shared visions and goals out of your own individual goals! The budget committee meeting also indicates that both spouses will share mutual interest towards their money therefore they both will value and respect each others input and ideas. t’s important that both spouses be involved with creating the monthly budget. The partner with the natural gift can prepare the budget, but the decision-making must be done by both of you. When you sit down with your spouse to have a budget committee meeting, there are three rules that each of you must follow. Rules for the nerd :Listen take input Keep it brief rules for the free spirit: Show up give input be realistic. Remember that opposites tend to attract in marriage, so work together for maximum wisdom. When you have a budget that reflects both of your goals and ideals, you will experience fabulous unity in your marriage. Dave’s powerful class, Financial Peace University, we highly recommend it is perfect for couples to strengthen their communication about money—even if they’re not in debt. Dave even focuses an entire lesson on how we relate with money in different ways. My husband and I have been through FPU it is a great tool that teaches you how to be better stewards of God’s blessings and how to handle money God’s way. When You Sit To Talk About Money:

• FIND COMMON GROUND Be willing to show empathy, be understandable, open minded and none judgmental or critical about your spouse or what happen in the past. You’re starting a new chapter in your lives you both should be willing to look forward to what’s ahead a what the future holds in store for you as a married couple.

• MAKE TIME TO TALK Don’t wait until your credit card is way over the limit and the ridiculous interest percentages blow over the roof or another hot financial issue happens to bring up the subject. The goal is to have a calm relaxed discussion when there’s no particular money issue at hand.

• TALK ABOUT YOUR FEELINGS Volunteer your own feelings about a financial issue men often have the inner pressure to be the providers at home, and the only thing they expect from their wife is respect. As a woman know how to talk to your husband with respect but also have or seek the wisdom and honestly share your hearth and how you truly feel with your husband and encourage him to do the same.

Women are often seeking a sense of security. I cannot describe in words, there isn’t enough words to express how I feel about not having enough to cover basic things. Money isn’t everything for a woman, but not having it can be a very stressful situation. When you get your money at the end of the month and are ready to work on the next month budget we suggest you first give God what is his, pay your tithes and use a percentage of your money to pay yourself before you pay anyone else. If paying yourself 10% of your income at first is too much, choose a reasonable percentage but do it, pay yourself first and get in that habit. After you have give God his portion and you have pay yourself cover your four walls. (Housing, food, utilities, and transportation) after you took care of your family needs pay everyone else. If you are deep in debt or maybe just in debt period follow our recommended debt pay off method check our website www.redtogreeneconomy.com for more information.

Share your thoughts with us. How do you relate topic?

Yadira Lino Castro Financial Wellness Consultant www.redtogreeneconomy.com You Can Find Us Here: Facebook: https://www.facebook.com/ylino Instagram: @lala_ag Pinterest: @yadiz08 WordPress: @yadiz08 Skype: @yadiz08_1 Linkedin: Yadira Blessed Lino Castro Youtube: https://www.youtube.com/user/godsweetgirl

FREE Online Personal Finance Class

FREE Personal Finance classes with me! Our awesome community partner @hamptoninn from Perland Tx. Is sponsoring a five weeks The Power of Your Personal Finance course with me and written by us @ Red to Green Economy. Space is limited and spots are filling up VERY QUICKLY, so don’t hesitate to RSVP! YOU CAN CONTACT US AND SIGN UP FOR THIS FREE SERIES HERE www.redtogreeneconomy.com/contact Sign – up rules you have not taken this online series with us before. By signing up you agree to finish this course. Sessions will be held on Thursdays 6:00 -7pm

You might or you might have not seen this announcement on all our social media networks.

We’re beyond excited to share this wonderful news with you, our first class is tomorrow Thursday July 27th 2017.

There are still 5 spots available contact us for info at www.redtogreeneconomy.com/contact

In this course you will receive:

1. A FREE copy of our own Red to Green Economy E-book available @ Barnes & Noble or on our website @ www.redtogreeneconomy.com/shop for only $8.00

2. A FREE copy of our Red to Green Economy Worksheets Kit also available at our website for only $5.00

3. A FREE copy of our Teachable Online course The Power Of Your Personal Finance also available on our website @ www.redtogreeneconomy.com/services

In this course you will learn how to interact with your money and how to use it for your advantage. This is a step by step guide that will provide you the necessary tools to understand the power of personal finances. our main goal is to put you in charge and help you win with your money by setting achievable goals by creating a budget that works for you , we are with you every step of the way. $15.00

4. Five FREE consultation sessions with me each value on $65.00 our consultation service consist of:

Helping you come up with the perfect plan to get you back on track financially and help you devise a clear easily workable method to tackle your debt. In a typical Red to Green Economy Consultation, we will: Help you create a household budget and teach you the tools you need to help you adhere to that budget.Help you find extra money you did not know you had when you work your budget.Teach you the different debt payoff plans and help you identify which one works best for you.Help you set short term and long term financial goals and help you plan out how you are going to achieve each of themHelp you to identify areas in your finances where you may be weak and teach and motivate you to make small changes that will help you to become stronger.Help you understand the importance of accountability in order to win with your moneyAnswer any financial questions you may have that lie within our expertise. Each Consultation comes with two 1-hour sessions. For those that are outside of Houston, this will be a virtual Consultations via (Face Time, WhatsAap, imo, Google Hangouts, or Skype).

5. An invitation to our private Fabook group where you will meet our growing community people that are in the same journey as you to better their finance.

6. A friend and accountability partner, it is my desire and asignment to help you bring out of you and find your purpose in life.

How can we serve you best?

We’re grateful for our sponsor and community partners @ Hampton Inn by hilton from Prrland Tx

For info and for RSVP www.redtogreeneconomy.com/contact

​Sylvia Inks Educates Entrepreneurs How To Manage Their Money And Build A Profitable Business

This post is courtesy of ladibossblog

Posted by Elaine Rau
Sylvia Inks knew she had a gift in financial management and wanted to share her knowledge with small business owners so that motivated, but financially illiterate, entrepreneurs wouldn’t have to close their businesses due to mistakes that could have been avoided. Read our interview with the lovely Sylvia below…

What motivated and inspired you to start your own business?

I grew up in a family that loved to talk about money. It was a common topic discussed at the dinner table, so I learned good money management at a very young age. I realized that many others did not have that same upbringing, which I believe has led to a problem of financial illiteracy. I see very smart and intelligent people start businesses, but fail due to poor money management and not building a solid foundation. It is heartbreaking to see motivated and driven entrepreneurs have to close their businesses due to mistakes that could have been avoided.

Tell us about your business.

I help entrepreneurs manage their money better. I provide the education, tools, and encouragement to put into practice the business and financial fundamentals to build a profitable business. My goal is to educate and empower small business owners to turn around their business and make the profits that they need and want.

Yes! I am launching the book, Small Business Finance for the Busy Entrepreneur, which will be available on November 1st for 90% off! It will be available at this special price for this one day.
Readers can go towww.smallbusinessfinancebook.com to get more information and a bonus preview. Small Business Finance for the Busy Entrepreneur will be available onAmazon.
Where is your business based (city/state/region…)?
Based in Raleigh, NC (United States) and can serve out-of-state clients through virtual coaching.
What were the first few steps you took to get your business up and running?

I took a financial coach master series training through the Dave Ramsey’s team to confirm that this was indeed what I wanted to do for a business. At the time, I was trying to decide between two business ideas. I was 100% convinced that this was what I was meant to do after that training and mentorship program. I also took a business planning course to ensure that I created a solid business and financial plan. Through that course, I also gained a mentor who coached me through the critical first year. Not having a solid business plan is one of the top reasons why small businesses fail. Often, people make the mistake in thinking that if they don’t need financing, that they don’t need a business plan.
What has been the most effective way of raising awareness of your business and getting new customers?
Attending conferences and networking events with like-minded business professionals and building a referral network. Writing and promoting my book has also been a great way to raise awareness.
What have been your biggest challenges so far?
Time management! I have this big drive to help as many business owners that I meet, but have to balance that with my family obligations and schedule. I have two young children under the age of 5, so it’s a little bit of challenge to manage a good work/family balance.
How did you overcome these challenges?
I leverage family for help with childcare. I also hired someone to help me one day a week to cook, fold laundry, and do various cleaning in the house to free up time that I can spend on the business.
How do you keep motivated through difficult times?
I get motivated when I get client feedback on how I’ve helped them decrease their stress and anxiety around their business finances. I recently had a client who was laid off from her corporate job, and she said that had she not worked with me to calculate the numbers beforehand, she would have panicked and not known if she could make it.
How did you distinguish yourself from your competitors?

I provide a step-by-step process with tools that allow my clients get started right away and case studies to make it relatable. It’s not theory like you see in many other books… it’s a ready-to-use program.

What is the best advice you have received recently?

Front-load the work! Do 80% of the work ahead of time.
What advice would you give to other entrepreneurs?
Surround yourself with like-minded entrepreneurs. Seek to find those who target the same types of clients as you, but are not direct competitors. Having a referral partner network will save you time and money from having to chase down clients and having to find clients at networking events.
What is your favorite business tool or resource?
Office 365 for a cloud storage system of all files and business receipts, which are accessible anywhere I go and travel. It also allows secured access when sharing files and ensures that I don’t lose any critical business files in the event of a computer crash. Freshbooks is another great tool that I find to be a lot easier to use and manage than QuickBooks for small business owners.
What social media outlets do you use? List them below.
Twitter @smifinancial

Facebook www.facebook.com/smifinancialcoaching/

Websitewww.smallbusinessfinancebook.com and www.smifinancialcoaching.com

Hashtags #busyentrepreneur #profitablebusiness #moneymanagement #smallbiz

What is a good article or book you have read recently?

Beyond Travel: A Road Warrior’s Survival Guide by Marcey Rader. This book is full of practical and specific advice on how to be more productive and be healthier, especially if your job requires a lot of travel. This is a book that I wished that I had when I was working 12-14 hours days and traveling between 75%-100% over 5 years ago. After going through Marcey’s tips, I have become more productive and have been going to bed two hours earlier than I have in over two years! Time is money, and most entrepreneurs struggle with having enough time for their business and personal life. If this sounds like you, then I highly recommend this book.
What are you currently learning about for your business or looking for help with?
How to build better email marketing campaigns to engage with the customers and readers and provide value so they want to open and read the emails.
What are your goals for the next few months and how are you striving to achieve them?
Get the book in the hands of as many entrepreneurs and small business owners that I can and help them start building a solid, profitable business. My referral partners will be helping me get the word out about the book on launch day and I will also be doing workshops and talks. My 2017 goals include creating online courses based on the fundamental principles described in the book for those who want and learn better though visuals.

HOW TO LIVE AN ABOVE AVERAGE LIFE ON YOUR TERMS

Even though no one sets out to become broke. A loan here and there, a bad investment here and there, and a couple hundred swipes of the credit card later—we’re busted, and we have no idea how we landed in this state. I look back at my life a few years back age …. and wondering how I got there? Totaly out of control hoping for things to get better, I had to take a hard look at my situation and had to make changes. For me staying the same was harder than the decision to change.
You don’t have to be living out of your car to be broke.

Broke is living paycheck to paycheck with no savings intact. Broke is being in debt up to your eyeballs. Broke is buying a brand-new $35,000 car because you can “afford” the monthly payments but not having enough in your bank account to cover a $1,000 emergency.

The funny thing is, we live in a society that calls this type of living normal.

Because of my decisions and where they took me we learned and we don’t do normal here. I decided to become weird. You want to break the mold and live like no one else? Here are some action steps you can take to turn the tide.

Live on Less Than You Make




This is non-negotiable, let others be wreckless, careless, and pretenders with their money not you, take a look at your take-home pay and outgo each month. Make a monthlyzero-based budget and you might be surprised by how much extra dough is slipping through your hands.

Grab that money and tell it where to go. You will start to feel like you’ve just given yourself a raise! Read The Sectret to Saving Money

Create a Game Plan

Take consistent steps to stay in your budget. Go over your budget every week, make your short, mid, and long term goals as part of your budget. Your short term goals should be achieve within a year. Your mid term goals 2 to 5 years. And your long term goals 5 to 10 years. Read Budgets are Designed to Help You Win

Increase Your Income
Look for side jobs you can pick up—dog walking, delivering pizza, freelancing. Or is there overtime available at work you could take on? Maybe it’s even time to get up the guts to ask your boss for a raise.

If you feel like you’ve reached the end of the road in your current field, consider looking at new career paths that may generate more income.
Read 10 Ways to Make Money on Your Spare Time





Begin With the End in Mind

Instant gratification will get you into trouble time and time again. If your potential purchase isn’t in the budget, back away slowly. Remember that making minor sacrifices now will pay off in the long run. Know what your end goal is, and then go after it!

Do the Math

A stay-at-home parent could consider going back to work, but look at the potential income versus the expense. Would day care costs rival the income amount of the new job? Be sure to crunch the numbers and see where you land. And don’t forget the things that can’t be seen in monetary value, like health care benefits, company reimbursements/discounts and other perks.
Be proactive! If you aren’t satisfied with your current situation, take a practical step forward. Submit your resume for that ideal job you’ve been dreaming about . Sell the car . Open your eyes to the need for change and then make it happen! Consider starting your own business and more importantly stay on top of your number but be consistent. Read Why You Need to Become a DIY Hero

Top Financial Challenges For Women 

 

 

 

 

 

 

far from trying to stereotype women, we just want to share few of the top financial challenges women face in today’s society, disadvantages that women need to be aware of when dealing with money matters. Again we’re not trying to stereotype women, each woman is unique and possesses the ability to soar and be a world class influential woman.

let’s dive in!

1. Wage Gap– on average, women earn less than men. Why that gap exists is a matter of often-heated debate, but the fact of its existence isn’t disputed.

 

 

  • What to do– While the wage gap is a subject for society as a whole to address, in the short term, individual women need to focus on money management and budgeting. A very particular trait in women is the ability to focus and multi task. Learning and developing new skills, one of the best ways of facing the wage gap challenge for women is by consistently tracking spending in writing. Skills are learned so this is one skill all women should learn tracking all spending, and using the collected data to create a new written budget. See our budgeting article

 2. Price Gapproducts designed exclusively for women are more expensive than those meant for men, women’s clothing is more likely to need dry cleaning, and women have to purchase things like cosmetics that men don’t use. All of these expenses add up to a hefty price gap between the genders. Studies have also shown that women’s health care is more expensive than men’s, even when exhibiting the same symptoms, not surprise!




  • What to do– Again, budgeting is key. Comparison shopping is also a must. There are all kinds of great apps or even store websites that can be use for comparison with the idea of saving money. The number one form of overspending isn’t buying on impulse, it’s paying too much for things. So look at your necessary spending and see if there’s anything you’re paying too much for that can be bought cheaper from another source, or in bulk. See our 10 ways of to make extra money article

3. Long-Term Care some of these categories seem especially unfair, in that they represent admirable qualities that nevertheless result in financial challenges for women. A Princeton study found that women are twice as likely as their male siblings to end up caring for an elderly parent. And a study from the Journal of Applied Gerontology found that women are more likely to be displaced from the workforce when providing long-term care.

  • What to do– The best solution is to plan well ahead of time, it is always a good idea to add a long term care insurance  tab to your budget planning when you start thinking that it might be necessary in the coming years. The fact that is in your mind, and you are concern about it tells that you might want to start planning for it before is too late.  Put a small percentage aside on your budget and get ready so that you’re able to get long-term care insurance to meet this need when the time comes. Every family situation is different, but if you think this kind of situation is likely, that insurance is more likely to be worth it. And your whole family needs to come together and decide if they are going to buck the trend and share care giving responsibilities equally among siblings just make sure is on writing as a contract, not that you don’t trust your family but, people tend to agree to this type of things and many times fail to deliver leaving the responsibility to a single individual to deal with. See our the secret to savings article

4.Charity – another category that turns a positive into a challenge; women are more likely to give to charity than men, and on average they donate more.




  • What to do– Donating to worthy charities and those that are concistent with your values is great, so we’d only caution you to make charitable giving part of your written spending plan so you don’t go overboard.  You can’t give what you don’t have, do not over promise and do not let anyone bully you or manipulate you into giving. Set a percentage of your income in your budget for giving and stick to it. Do not write checks by Faith to bounce back and get charge for overdraft knowing that there’s no money in your account. Doing that won’t help you or the causes you support. Think of when you’re on an airplane; they tell you in an emergency to put the breathing mask on yourself first, before helping anyone else. The same principle applies here. You’re no good to charities or the needy if you can’t make ends meet yourself. Follow your budget and give as you can, your priority is working your money plan so that you, your family and the people you love and wantvto help can benefit, so make giving a top priority in your budget and give accordingly. See our why giving article

4. Education– yet another positive trend that ends up costing women more money. These days, women are more likely to attend college than men. That’s good—it’s part of how society is addressing the wage gap—but with tuition costs skyrocketing in recent decades, today’s graduates are left with hefty student loan debt.

  • What to do– Student loans are a huge headache for graduates and a huge business for financial institutions everywhere in America, Student loans sees no gender it affects men and women alike. see our How to pay for college without using student loans article




 

What other financial challenges you think women are facing today?

If you’ve got difficulties with your finances in general we’re here to help. Contact us today @ www.redtogreeneconomy.com or @ getinfo@redtogreeneconomy.com

The Silliest Thing I Did to Pay Off Debt

What’s the craziest, silliest thing you ever did to pay off debt ? Well me personally? You’ll probably laugh at this one but hey I’m debt FREE! And I’m going to share it anyway.

I’m seriously terrified of being in debt. Like seriously, seriously.

Growing up, I was told by  one of my aunts if you can’t buy things cash don’t buy them, you don’t need them. I took her philosophy seriously and I’ve done my best to stay out of debt as much as possible but, few years ago my husband and I were $47,000.00 in debt, we did everything in power to pay off our debt quick. It took us three to four years just on his income, one of the craziest things I did was collecting pennies, my mom would have a small bucket ready for me at least twice a month, those pennies were worth anywhere from $15 to $40 each time, I also picked up every penny I saw lying on the ground. It was crazy but our debt was getting paid.




 

Maybe you’re in debt today, it doesn’t matter how big or small, here are some tips of other things we did that might help you.

Step One – Get Together A List Of Every Debt You Have

The first step to pay off your is to know every debt you owe. This can be a bit overwhelming, but it is a necessary first step.

We started by pulling our free credit report from AnnualCreditReport.com, the only place where you get 100% free credit reports as authorized by federal law. You can pull your credit report from all three bureaus if you wish or you can simply pull one report from each bureau every 4 months if you want to monitor your credit for fraud. Either way, you’re entitled to one report from each bureau (Experian, Transunion and Equifax) per year.

This report will show you a list of all of the debts that you owe other than loans from friends and family. The balances owed may be a month off if your creditor hasn’t reported your most recent payment, but it will give you the big picture of who you owe money to.

Once you have this list of who you owe money to, it’s time to dig deeper to get the rest of the information you’ll need.

Step Two – Find Out Everything About The Debts You Owe

Now that you have a list of who you owe money to, it’s time to figure out everything else about your debt. Here’s a list of what you’ll need to know about every debt you owe:


      • Exact amount you owe
      • Payment amount
      • Frequency of payment (monthly, quarterly, etc)
      • How many payments left (if fixed term debt such as a mortgage, student loan or car loan)
      • Interest rate and whether it is fixed or variable
        • If variable, what the rate is based on (prime rate, LIBOR, etc)




    • Due dates
    • Grace period (if applicable)

    Where do you get this information? To find out how much you owe, check your most recent statements.

    For everything else, you’ll need to do a little bit of digging. For loans, check the loan documents you signed. If you can’t find the loan documents, try calling the creditor or log in to their website and check your account details.

    For credit cards, check the terms you agreed to when you signed up for the card. You may also be able to find this information online after you log in to your account on the credit card’s website. If you’re having trouble understanding the terms, call the number on the back of your credit card. A representative will be more than happy to help you.

    Step Three – Assess Your Debt Situation

    It’s time to look at the big picture now that you’ve figured out all the details on every debt you owe. It probably won’t be fun and it could be just plain ugly, but you have to do it to move forward.

    First, add up the total amount of debt you owe. The number may be scary but we’re going to work on knocking it down, so don’t worry too much yet.

    Next, take the amount of all of your monthly payments and add them up. This the minimum amount of money that you owe on your debt every month. Again, this can be overwhelming, but you’ll be able to knock this down as you pay off your debts one at a time.

    Step Four Choose a Debt Pay-Off Plan

    There are a few different debt pay off plans you can choose from.

    The snowball method requires you to list your debts from smallest to largest and pay them off in that order. You pay all of your minimum payments and throw everything else toward the smallest bill. This is a great method for anyone looking for instant motivation and is the method I used when I had credit card debt.

    Check out The Total Money Makeover by Dave Ramsey

     The second method is the debt avalanche. With this method you’re paying off your debts from largest to smallest interest rate, therefore saving money over the long run. (You’re still making minimum payments on everything else.)

    There is no right or wrong way to go. The method you choose will depend upon your personality.

    Step Five Trow Extra Cash at Your Debt When Possible

    Chances are sometime in the year you will get a bonus or a raise or at the very least a tax refund. When you do, don’t spend it. Use it to pay off debt.

    The tax refund is easy. Just use the entire thing to pay off a credit card or apply to student loans. The same goes for any bonus you may receive at work. Often, these come during the holidays, so don’t be tempted to spend the money on gifts.




    Chances are everyone in your life already has everything they truly need.

    As for a raise, have the extra money immediately put in another bank account. You can then dip into this money every few months and use it as a lump sum to pay off debt. If you do it this way, you’ll never miss the money in the first place.

    Step Six Have a Garage Sale

     Most people have houses or apartments full of unwanted or unneeded items. Now is a great time to sell them. Whether you want to throw them up on Ebay or Craig’s list or have a yard sale, get them out of your house and free up some room. You’ll also end up with extra cash in your pocket that you can use to pay off your debt. When it comes to how to pay off debt quickly, this is one of the easiest ways. If you don’t think you have anything to sell, look again.

     

    Also, don’t forget that one person’s trash is another person’s treasure, so don’t assume no one would want to give you money for that ugly Christmas sweater or that vase you got as a wedding gift ten years ago from Aunt Judy that you’ve always hated.

    Step Seven Find an Extra Job

    This is absolutely fine I’m sure you are busy enough but don’t dismiss this idea your goal is to get out of debt and get your peace of mind. Even a few hours a week can provide you with a decent amount of cash to use to pay off debt, and when it comes to how to pay off debt quickly, sometimes we have to do things we don’t really want to do.

    If you use all of this second income to pay your debt, you’ll see a huge difference quickly.

    Make sure this second job is something that is stress-free. This is especially important if you have a stressful full-time job. The job doesn’t need to be glamorous and while you might not love it, just keep in mind that a little short-term extra work will pay off big sooner than you realize.

    Step Eight Work Overtime

    If you have decided one job is plenty, thank you very much, then instead of finding a second one or creating one for yourself, check with your employer to find out if you can get some overtime work.

    The advantage here is you already work there and you know the lay of the land, so to speak. If your company is short handed, then they will be thrilled to help you out and might even give you a raise in the long run for being a team player.

    Step Nine Start a Side Business

    While this is related to a second job, in my humble opinion it is a little better because you’ll be working for yourself. When a lot of people think of a side hustle they think of working online and that’s certainly an option.

    However, if you’re not the kind of person that is tech savvy or you don’t like to write, then don’t forget about everything you can do offline.

    For example, you can make money doing almost anything. You can mow lawns, deliver groceries, clean houses, the list is endless. The great thing about this is you can choose your own hours and how much you




    Step Ten Don’t Forget to Get Creative and Enjoy Your Debt FREE Life.

    Have some creativity, chances are you’re good at something. If you work on your craft and get creative you will achieve your dream of living a debt free life. Op out from receiving offers in your mailbox

    Nothing is more annoying than pulling up to your mailbox after a long day of work and finding it filled to the brim with junk mail credit card offers. Every day, credit card companies fill up our mailboxes with needless junk that is immediately rerouted to the shredder or trash can. But here’s great news: You can make them stop! It’s actually very easy to stop receiving unsolicited junk mail credit card offers. All you need to do is visit optoutprescreen.com, type in your information, and you’ll stop receiving these offers for five years. Or, if you use traditional mail to send in the form, you can opt out for 10 years.

     

    It’s simple. No more credit card junk mail for you, no more wasted time for your mailman, and no more overheated shredders and filled-to-the-brim trash cans.

    Don’t forget to live within or bellow your means, this is so important not just while you’re on your debt free journey but always. That’s how you’ll be able to enjoy peace of mind and even build wealth.

    What’s been the craziest thing you’ve done to pay off debt?

    Also while you are here download a free copy of our 45 Practical Ways to Save Money Every Day E-book.

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