• ABOUT
  • CONTACT
  • LEGAL
  • BLOG
  • Shop

PAY OFF DEBT

FINANCE

29 Nov

Debt sucks! Debt is not the way of life. You don’t have to live with debt. Simple ways to pay off debt no matter your income level.

WHY SHOULD I PAY OFF DEBT?

  • Improve your credit score. When you have good credit get lower interest rates on personal loans compared to people with bad credit
  • Financial freedom
  • Save more
  • Invest more
  • Build generational wealth

KNOW HOW MUCH DEBT YOU OWE

First step is awareness. Don’t get anxious or overwhelmed if have a lot of debt facing the truth is crucial first step to paying off debt.

Write how much debt you owe, type of debt (ex. student loan), balance/amount owe for each, and interest rate (APR).

CREATE A PLAN TO PAY OFF DEBT

Write your repayment plan down include realistic time frame for short and long-term debt repayment. According to statistics you’re 40% more likely to accomplish your goals when write plan down. Hold yourself accountable by making copies of your debt repayment plan to post around the house, in your car, etc. Also, posting your plan helps you think twice about spending which will hinder your debt- free goals.

Debt snowball method recognized by Dave Ramsey suggests paying smallest to largest debt first as motivation to continue paying off debt. Every time pay off small debt put extra money towards next debt until all debts are paid.

Debt avalanche method is paying off debt with highest interest rate first. Continue until highest interest rate debts are paid. By paying off highest interest rate debt first save money.

Budget! Remember it’s not how much money you earn. It’s how well you manage your money and save. Be willing to sacrifice now to be rewarded later. Readjust budget accordingly to make improvements to spend less to pay more debt. For example, medium latte at Starbucks cost $3.65. If you buy latte Monday through Friday spend $18.25 in one week. $73.00 in one month. $876.00 in one year. Paying off debt is easier than you think when creative with your budget.

TRACK YOUR PROGRESS

Write down all your expenses to see where your money is going. Figure out what you NEED vs. WANT. Want is define as something not necessary can live without! Eliminate your wants as much as possible to use money to pay off debt. Find savvy ways to save on expensive bills such as housing, transportation, daycare, and food expenses. Maybe Netflix instead of cable. Cable is expensive will save a lot of  money in one year. Buy reusable instead of disposable plates, cups, and paper towels. Imagine how much money save eliminating other expenses. Every penny counts!

SIMPLE WAYS TO PAY OFF DEBT

When paying off debt or in general never compare your life to others or focus on someone else’s portion. You don’t know if people are living a lie, drowning in debt, or sacrifices to live their lifestyle. Bottom line is please don’t try to keep up with the Joneses! Keeping up with the Joneses equals debt especially when can’t afford it. Don’t do it for the gram (Instagram) or the book (Facebook).

Simple ways to pay off debt:

  • Use annual pay raise to pay off debt instead of spending more
  • Bring your lunch to work instead of buying lunch
  • Limit eating out
  • Do your own hair besides professional hair trims & moisture treatments
  • Pay debt first even if live paycheck to paycheck or short of money. Pay debt before pay bills even if only $20
  • Apply for college scholarships and grants to reduce school loan needed
  • Shop sale and clearance for clothes. Better yet don’t buy new clothes
  • Limit going out every weekend or find free activities. Easily spend $50 -$100 or more per weekend
  • Don’t buy car can’t afford. No new cars or leasing cars. When pay off car use car payment money to pay off debt
  • Sell your car if aggressively want to pay off debt. Use public transportation. Don’t have to pay for gas, car insurance, or car repairs. All I hear is cha ching! Cha ching! (Insert money face emoji)
  • Credit cards are not bad when used properly! Don’t use credit card if can’t afford to pay entire monthly bill.  Some credit cards have reward program that allows you to earn points on every purchase. Use points for cash back to pay off debt!!
  • Do your own manicure & pedicure (Practice makes perfect)
  • Pay bills on time to avoid late fees
  • Have enough money in your bank account to avoid overdraft fees
  • Tithe & give generously
  • Find job with student loan forgiveness program. Work for company until pay off debt! Win- win situation
  • Stop taking expensive vacations
  • Don’t upgrade your iPhone
  • Get second job
  • Get roommate to split bills
  • Married folks can live on one income
  • Single folks can live at home
  • Start a side hustle/ small business
  • Save half your paycheck to pay off debt (For my aggressive debt-free people)
  • Use tax refund to pay off debt
  • Sell items and clothes. Try online or local consignment shops
  • Substitute cable for Netflix 

REWARD YOURSELF TO STAY MOTIVATED

Consistency pays off! Small wins add up to big payoffs. Reward yourself when reach debt payoff milestone within reason. Perhaps professional manicure and pedicure, outing, or favorite latte from Starbucks.

When payoff ALL your debt BALL OUT ON A BUDGET.  Make a vision board to stay motivated of endless possibilities when payoff all your debt!!

High five to being debt-free!!!

SAVE WHILE PAYING OFF DEBT

It’s important to save while you pay debt for emergency fund at least 3-6 months worth of living expenses for unexpected life events like home repairs, car breaks down, job loss, etc. Have a percentage of your paycheck automatically deposited to your saving account as little as $20 per paycheck. At least yearly deposit additional $20 or more. You will be surprised how much money will accumulate overtime.

Comment below how plan to celebrate your debt payoffs!

Comment below your money saving tips!

We in this together! We collaborate not compete on the moneymaker team! All I see is green lol.

“Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor”. – Romans 13:7-8 (NIV)

HOPE YOU ARE ENCOURAGED!

Peace, Love, & Blessings!

XOXO Go Patty💋 😘

Sharing is caring! Click below to share on Facebook, Pinterest, and LinkedIn.

Share38
Pin1
Share

STAY CONNECTED! 

SUBSCRIBE TO EMAIL LIST FOR NEW BLOG POSTS, FREEBIES, AND MORE. 

FOLLOW GO PATTY ON SOCIAL MEDIA! 

WOULD LOVE TO HEAR YOUR THOUGHTS. FEEL FREE TO COMMENT OR ASK QUESTIONS BELOW. IF YOU HAVE PERSONAL QUESTIONS DON’T WANT TO PUBLICLY COMMENT EMAIL  gopattybrand@gmail.com

Blog content is for informational purposes only. See legal page for terms and conditions, disclaimer, and privacy policy.

Share38
Pin1
Share
39 Shares

4 Comments

« HELPING PEOPLE WITH BOUNDARIES
HELP!!!! I CAN’T CONTROL MY EMOTIONS!!!!!! »

Comments

  1. Antwan says

    at

    This was amazing and informative thank you

    Reply
    • Gopatty says

      at

      Thank you Antwan 🙂

      Reply
  2. Leya Ross says

    at

    On point and much needed advice.

    Reply
    • Gopatty says

      at

      Thank you Leya 🙂

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Never miss a post! Subscribe



Recent Posts

  • HOW TO FAST
  • SINGLE AND CELEBRATING VALENTINE’S DAY
  • $5,722 Money Saving Challenge
  • $2,900 Money Saving Challenge
  • $1,378 Money Saving Challenge

Let’s Connect

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest

Categories

  • FAITH
  • FINANCE
  • FREE VIRTUAL LIBRARY
  • MONEY SAVING CHALLENGE
  • NUTRITION
  • PERSONAL DEVELOPMENT
  • RELATIONSHIPS
  • SINGLE
  • TRAVEL

Latest on Instagram

Just wanted to brag. I lost 6 lbs in one week tota Just wanted to brag. I lost 6 lbs in one week totally safe and healthy. Daniel fast and exercise challenge. Join the fun! FREE FITNESS FACEBOOK GROUP! Link in bio
Fasting is one of the greatest habits have incorpo Fasting is one of the greatest habits have incorporated in my life over the last few years. Fasting is about denying yourself desirable foods and beverages. Some people fast for weight loss and healthy living. I mainly fast for spiritual insight and still reap the health benefits. BENEFITS OF FASTING: Detox Break strongholds and addictions Speed up your metabolism Improve… CONTINUE READING BLOG POST AT GOPATTY.COM ➡️ LINK IN BIO 
Love to hear your thoughts. Feel free to comment below
#GoPatty🦋#blogger #howtofast #21daydanielfast #fastingbenefits #fastingforweightloss
Fitness challenge begins tomorrow 1/11/21 until 1/ Fitness challenge begins tomorrow 1/11/21 until 1/31/21. Fitness challenge details posted in Facebook group! If you would like to join FREE fitness Facebook group link in bio! Let’s go! It’s sexy time! I’m wearing my bikini 👙 in March. 
——
photographer @brianhwaters & @bwatersproductions
  #gopatty #gopattyfitness #gopattyfreefitnessfacebookgroup
Own every gift, talent, and skill you bring to the Own every gift, talent, and skill you bring to the table... —

 #publicspeaking  #motivationalspeaking #transformationspeaker #empowermentspeaker #motivationalspeaker #motivationalquotes #positivequotes #thoughtleader #quoteoftheday #lifequotes #inspirationalquotes #empowermentquotes #favoritequotes #gopatty #ownit
I’M OFFICIALLY AN PUBLISHED AUTHOR!! On 9/16/20 I’M OFFICIALLY AN PUBLISHED AUTHOR!! On 9/16/20 I became an author! Women Inspiring Nations Volume 3! It’s an anthology of amazing women sharing how they overcame the toughest times of their lives with endurance, determination and resilience! We still standing! You still standing! Be inspired, impacted, and healed! My chapter is about overcoming death, loss, and tradegy!! I’m claiming YOU WILL OVERCOME!! YOU’RE AN OVERCOMER! 
——-
Click this link, https://amzn.to/3oc2GdD  or link in my bio to grab your digital copy of the book for ONLY $0.99. This sale is only effective on today, Tuesday, January 5th until 11:59pm. 📖 📚
Execute The word for 2021 is..... Execute! — # Execute
The word for 2021 is..... Execute! —

 #publicspeaking  #motivationalspeaking #transformationspeaker #empowermentspeaker #motivationalspeaker #motivationalquotes #positivequotes #thoughtleader #quoteoftheday #lifequotes #inspirationalquotes #empowermentquotes #favoritequotes #gopatty #execute
You’re the product of your decisions. The choice You’re the product of your decisions. The choices you make today will determine how well you live in 10 years. Choose wisely! —

 #publicspeaking  #motivationalspeaking #transformationspeaker #empowermentspeaker #motivationalspeaker #motivationalquotes #positivequotes #thoughtleader #quoteoftheday #lifequotes #inspirationalquotes #empowermentquotes #favoritequotes #gopatty #makegooddecisions #choosewisely
This is how my 2020 ended. Gained 21 pounds. Hula This is how my 2020 ended. Gained 21 pounds. Hula Hoop Challenge was a epic FAIL!  Fitness can be fun though. Had to laugh at myself to keep going 🤣 I know the struggle of eating healthy losing weight then “eating good” gaining weight too well but the truth is didn’t give up still fighting for healthy living. Calling 🗣 everyone who wants to lose covid weight to JOIN FREE fitness Facebook group link in bio. 
——
We will motivate, vent, uplift, share fitness and nutrition tips & resources, and hold each other accountable to achieve fitness goals. First fitness challenge starts on 1/11/21. More details to come.
Write the vision then smash your goals. Then imagi Write the vision then smash your goals. Then imagine BIGGER, take action, and go for it. . —

 #publicspeaking  #motivationalspeaking #transformationspeaker #empowermentspeaker #motivationalspeaker #motivationalquotes #positivequotes #thoughtleader #quoteoftheday #lifequotes #inspirationalquotes #empowermentquotes #favoritequotes #gopatty #writethevisionmakeitplain #takeaction
Follow on Instagram

Join us on Facebook

https://www.facebook.com/gopattybrand/?ref=bookmarks

About

  • ABOUT
  • CONTACT
  • LEGAL
  • BLOG
  • Shop
© 2018 GO PATTY LLC RESTORED 316 ALL RIGHTS RESERVED