Summary
Article Name
14 Ways to Pay Off $40k of Debt and Save $150k in Two Years
Description
1. Track everything you spend money on.
2. Get a clear picture on why you want to be good with money.
3. Create a budget and adjust accordingly.
4. Give up on black and white thinking.
5. Give every dollar a job.
6. Learn how to say no.
7. Allow yourself splurges.
8. Refinance your student loans.
9. Pay down the smallest debt first.
10. Make small goals.
11. Make extra money in side hustles.
12. Invest
13. Max out retirement accounts
14. Stop trying to keep up with the local scene.
Author
Chloe Daniels
Publisher Name
Clo Bare
Publisher Logo
Your financial journey is so inspiring! I started budgeting a year and a half ago, and I am so much more confident in my life because of it. I generally use 1/4 of my salary on bills and spending, 1/4 on savings and sinking funds, and the rest goes to extra debt payments and savings. I would never be able to do this if I didn’t know exactly how money I have left every month, and I would never have been this calm when our HVAC needed replacement or one of the dogs needed to go to the vet. Setting aside money every month for expected but rare expenses like yearly shots, quarterly water bill, or Christmas gifts, makes sure my monthly budget isn’t touched and I can simply take that money from the appropriate sinking fund. Like you, my past self would be so impressed with how much I have saved and how on top of my finances I am now. Nothing like it. 🙂
Thank you so much! That’s amazing too! Congrats! It’s such a freeing feeling finally getting those finances under control. Nothing like it– just like you said!