Do you have a lot of debt? Want to get it paid off? You can get serious about paying off debt. In fact, you can pay as much off as you want. Starting with $1,000 in just one month. It may sound crazy, but lots of people have done this and so can you.
How to Pay off $1,000 of Debt in One Month
Only Keep $1,000 in Savings, Use the Rest
Unless you are planning a big purchase, where you will need a hefty down payment, there is no reason to leave thousands of dollars sitting in a savings account. The average savings account yields very little interest. One $1,000 creates a pretty comfortable safety net in case of emergencies. Any extra money that remains would be best spent chipping away at your debt.
Sell Expensive Items in Your Home
How many TVs do you have in your household? Two, three, or even four? Chances are that they don’t all get used, frequently, if at all. So, why hang onto all of them? Sell the ones that don’t get much use and put the profit towards one of your bills. Do you have a piano or organ collecting dust in the spare room?
The money you could make from selling it will get more use by hacking away at your bills, than if you were to keep it. Look around. We all have items sitting in our homes that are used so rarely, they are often forgotten about. If it doesn’t have much value to you, list it for sale and see what you can get out of it.
Stop Using Credit Cards
Credit cards can be useful in an emergency. However, if you are using them for everyday groceries and shopping sprees at your local mall, then you will likely be finding yourself getting deeper in the hole. Credit cards are borrowed money. Generally, borrowed money doesn’t come free. When it comes to credit card companies, they intend on you paying just the minimum amount back, so they can hit you with interest.
This is how they make their money. Just remember that each time you use your credit card, you are really paying more than the retail price of your purchases, by the time you add in the interest. Even when used in an emergency, you are still going to be paying interest. It is best to build up your savings, so that you don’t have to pay more than asking price for anything.
Make as Many Payments as You can in One Month
Credit reports don’t show how many payments you make in one month, but they do note how much you have paid, total. If you find yourself having leftover money at the end of the week, make a payment. These payments will accumulate throughout the month, bringing down your total debt faster. Doing so, will also make sure that your money goes somewhere important and doesn’t accidentally get spent on a random purchase.
Tighten Up Your Budget in Every Other Area
Cable is one of the most common cuts that people make in their budget. Many people replace cable or satellite tv with much cheaper options, such as Netflix. Eight to ten dollars for either really doesn’t sound like much, but it adds up. Every little bit counts and by getting rid of Netflix, you will also have more time to focus on more important things in your life. It’s not just TV though. What about the fast food that you may be eating frequently? Meal prepping has become quite popular.
Using these tips are great ways to pay off $1,000 of debt in one month. When you really look into your budget, you may be surprised at how much money you’re really spending.
A new school year can often feel like the start of a brand new calendar year. Perhaps a time when many people resolve or set goals to improve their financial situations. I thought I would compile a list of some of the personal finance books that I think could help inspire you along with your goals! Let me know if there are any books you could recommend and I'll add them to the list for others to enjoy!
Debt-Free Forever - I just had to put the book written by one of our favourite Canadian financial writers at the top! Debt-Free Forever by Gail Vaz-Oxlade "will help readers take responsibility for, and control of, their money. Gail's rules are simple: you can't spend money you don't have, you must save something, and if you're in debt, you must get the albatross off your back. But Gail knows following the rules can be tough. That's why Debt-Free Forever gives you a road map to getting out of the red in 36 months or less."
Money Making Mom - I love pretty much anything Crystal Paine of MoneySavingMom.com does. And this book is no exception. "The nuts and bolts of how to make more money from home are revealed in clear steps that can be immediately and easily put into practice. But more than just a how-to book for earning extra income, Money-Making Mom is a challenge to dream big and create a pathway for life. Paine offers examples and insights about what "finding your purpose" can look like in family, career, and service to others."
The Total Money Makeover - Dave Ramsay has become very popular, especially in the US, with his strategies that have enabled countless families to change their financial situations. Dave has written The Total Money Makeover in "7 organized, easy-to-follow steps that will lead you out of debt and into a Total Money Makeover. Plus, you’ll read over 50 real-life stories from people just like you who have followed these principles and are now winning with their money. It is a plan designed for everyone, regardless of income or age."
Your Money: The Missing Manual - Written by Get Rich Slowly blogger JD Roth, you'll find his book written in easy to understand language, with concise and clear whys and why nots to all the different aspect of personal finance. You'll get the info you need to make sensible decisions on saving, spending, and investing, learn the best ways to set and achieve financial goals, set up a realistic budget framework and learn how to track expenses and much more!
The Wealthy Barber - "David Chilton offers Canadians a common sense guide to successful financial planning with his charming story about a small-town barber with financial genius. Roy is the wealthy barber who offers Dave, Sue, Tom and Cathy great financial advice by giving them simple -- and realistic -- guidelines to follow." With more than 1.5 million copies sold to date, The Wealthy Barber is the best-selling book ever of any kind in Canada!
Your Money Or Your Life - This is an essential read for those wanting to get out of debt and develop savings, reorder material priorities and live well for less, resolve inner conflicts between values and lifestyle, save the planet while saving money, and much more! In Your Money or Your Life, Vicki Robin shows readers how to gain control of their money and finally begin to make a life, rather than just make a living.
Smart Cookies: Making More Dough - "Inspired by an episode of The Oprah Winfrey Show on personal finance, the Smart Cookies, five dynamic young women who weren't always so savvy about money, formed a "money club," and together developed strategies for turning their financial lives around - without surrendering their sanity or their social lives. In this guide, the Cookies demonstrate how women of all ages can achieve financial security. They share their own stories, offer easy-to-follow steps, and lay out simple plans for meeting any goal, whether it's eliminating debt, making good investments, becoming a smart spender or saving up for a big-ticket purchase."
Smart Couples Finish Rich - David Bach provides couples with easy-to-use tools that cover everything from credit-card management to investment advice to long-term care. From this updated, newly revised Canadian edition, couples will learn how to work together as a team to identify their core values and dreams, and to create a financial plan that will allow them to achieve security, provide for their family's future financial needs, and increase their income.
It feels as though my daughter has had countless birthday parties to attend this year. That is so fun and great for her, but quite frankly, gifts can really add up! It’s one of those things that you don’t really think about when planning your $100/week for entertainment and miscellaneous costs, and an oversight that most parents make.
Planning ahead for birthday gifts can save the budget, but can also save time. Planning ahead can reduce those trips to the toy store to pick up a suitable gift minutes before the party, where you are likely to overpay not only for the gift – but for cards and gift wrap too.
Here are some of the ways that money can be saved on children’s gifts:
Shop Sales, Shop Early
Look for sales that advertise 40% or more off of the regular price of gifts. Shopping these sales is a great way to get brand name toys, high quality wooden toys and themed toys, for less. Large retail stores, like Toys R Us, have certain brands on sale every week. Consider the popular toys for your child’s age group or future toys that can be stashed away and pick them up to get the most bang for your buck.
Buy Quality Toys
Buying high quality toys, from well known brands that are going to last is going to save on the cost of replacing these items in the future. Especially handy when you're purchasing gifts for your own family. High quality toys don’t have to come with high price tags; shopping sales and comparing prices reduces the cost, and the chance you are going to be running off to replace the toys.
Think Outside of the Toy Store
Toys R Us may be the first place that you think of when it comes to shopping for toys, but there are many online boutiques offering low prices and even deals including free shipping. Signing up for communication from these Canadian online toy shops can give you deals like 40% off of the entire store, reduced shipping and even free local pick-up if you live within driving area of the store. Some great places to look are Amazon.ca, Chapters.Indigo.ca or Mastermind Toys.
Use Coupons
We’ve been seeing more and more coupons for toys over the course of the last year. From coupons released through Websaver for Fisher Price toys, or the same coupons found in the pages of Today’s Parent magazine, it makes it that much easier to save while shopping for toys. Try to combine coupons and sales to save and keep your eyes open for coupons for leading toy stores to save even more.
Buying toys doesn’t have to break the bank. Using these tips, you can stop the pre-birthday mad dash to the toy store and save money on holidays for your own children, too.
I'd love to know your tips for saving on birthday presents! Let me know in the comments below.
Summer is officially wrapped up for another year. My oldest has started kindergarten so we’re getting back into a routine and I’m left with memories from a great summer.
I am so, so glad that I took time off from regular posting to Simply Frugal. I do not regret my decision at all and valued the time I spent with my family. There were even some days when I didn’t even turn on the laptop! I realized that it’s okay to step away from work. The world didn’t crash ;).
However, I missed you all and am looking forward to getting back into the swing of things around here. Back to posting regular sales, coupons and other fun frugal things that you’re used to seeing.
In today’s post, I wanted to share about our summer of frugal fun. A recap of where I’ve been all summer, if you will. Also, in the recent survey that you were kind enough to fill out, many of you mentioned wanting ideas for frugal fun. Entertainment ideas on the cheap. I hope today’s list will give you some ideas even if they’re specific to our area.
Waterslides
Normally, our local waterslides would be a pricey excursion. But at the beginning of each season, they sell hourly passes for a fraction of the cost of regular admission. This is a great deal in and of itself, but I actually snagged a pass from someone in a Facebook Buy & Sell group who couldn’t use the remainder of their hours. I got a smokin’ deal. 26 hours for just $30!
Reunions
August was a busy month. Two weekends were spent at family reunions that were held here. Each family was responsible for some aspect of the food. We also played some old fashioned (cheap) games like potato sack races and wheelbarrow races. We also held our own ladder balland horseshoe tournaments. It was cheap fun for us!
Outdoor Group
Most Thursday mornings, I would take the girls to an outdoor group put on by a local community group. Each week was at a different park or splash pad. The kids can play or do one of the activities brought by the facilitators. They also provided a great snack each week. I’m sure most cities have something similar to this!
Outdoor concerts
Our city and a neighboring city host a free music night each week in a local park. Every week features a different local band. It’s a fun family friendly night. Perhaps your city has something like that?
Beach
Living in the Okanagan, beach days are mandatory. I’d throw in the towels, sand buckets and snacks and off we went for a few hours at the beach. We made good use of ourpop up beach tent and picnic blanket this year!
Cherry picking
Also because we live in the Okanagan, cherry picking is a must. One afternoon, we headed to a local orchard and picked buckets of fresh, delicious cherries. For only $1.50 a pound, you can’t beat that for the perfect sun ripened cherries!
Pool days
My husband has a cousin who has a pool so we spent a couple of days throughout the summer at their house swimming around. It’s always great to know somebody! 😉
Playing tourist
We played tourists in our own area one day. We took a drive to a nearby town to walk the wonderful boardwalk they have that runs all along the lake. We had family visiting so we threw in the bikes for the girls and our walking shoes. We had a blast biking, playing on the playgrounds, sharing fish & chips and scoping out the cheapest ice cream joint.
All in all, it was a fantastic summer spent with family and friends! I’d love to hear how you spent your summer. What sort of frugal fun did you have?
If you are finding yourself strapped for cash, it may be time to look at your regular household expenses. Often we are paying for items we aren’t even using, don’t need, or could use less of. So how can you cut back on your household expenses without feeling like you are giving everything up? Luckily, you can do this in just minutes a day. Look at these tips on how to cut back on household expenses in just 15 minutes, so you can free up some cash and find some relief from living paycheck to paycheck.
Turn off unused electronics.
It only takes a few minutes to go through the house and turn off any electronics not in use. This means lights, radios, or even plugged in appliances. By doing so you can significantly lower your monthly electric bills, plus your house will stay cooler in the warmer months.
Clip coupons for items you use.
Grab the Sunday paper and comb through the coupon section for coupons you can use. You don’t have to cut every single coupon, just clip out the ones you know you will use. Doing this each week can save you anywhere from an additional $10-$20 off your weekly grocery bill or any services you may need.
Negotiate a lower interest rate.
Credit card companies will often negotiate your interest rate as long as you have been timely with payments. Call and start the discussion. If they are hesitant, you can always tell them you are considering transferring your balance elsewhere. This typically helps them change their answer.
Call your cable company and negotiate a lower rate.
While most utility companies aren’t in the position to negotiate, cable and internet companies are. There are lots of cable and internet options out there, so it is always worth seeing what you can do with a phone call. Chances are they will lower your rate, offer additional channels for free, or even extend your trial rate. You can let them know you are considering a new carrier, which often helps with your negotiating as well.
Meal plan consistently
One of the best ways to save money each and every month is to meal plan. When you plan each meal, and create your grocery list off that plan, you will see much less food waste and eat at home more often.
Make a list of free things to do in your area.
Ask Facebook friends to name free things in the area for couples and children. This will help you accumulate a quick list you can consult instead of spending big bucks going out. You will be amazed at how many free activities are in your area, and having a go-to list on hand will help.
Use your library card.
Running into the libraryonce a week for books, magazines, audio books, movies, and music can help you cut back on the costs of these items. There is no need to have magazine subscriptions, rent movies, or purchase music when all of these items are available to you for cheap or free.
Are you ready to cut back on household expenses? Consider these tips for how to cut back on household expenses in just 15 minutes, and see how easy it can be.
I'd love to hear your tips for quickly reducing household expenses. Let us know your tips in the comments!
- Dave Ramsay has become very popular, especially in the US, with his strategies that have enabled countless families to change their financial situations. Dave has written The Total Money Makeover in "7 organized, easy-to-follow steps that will lead you out of debt and into a Total Money Makeover. Plus, you’ll read over 50 real-life stories from people just like you who have followed these principles and are now winning with their money. It is a plan designed for everyone, regardless of income or age."
- Written by 
- This is an essential read for those wanting to get out of debt and develop savings, reorder material priorities and live well for less, resolve inner conflicts between values and lifestyle, save the planet while saving money, and much more! In Your Money or Your Life, Vicki Robin shows readers how to gain control of their money and finally begin to make a life, rather than just make a living.
