10 Things To Stop Buying To Save Money

10 Things To Stop Buying To Save Money

10 Things To Stop Buying To Save Money

Updated On May 4, 2020

Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review our Privacy Policy for more information.

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Saving money from day to day is hard ass work.

Especially when we live in a world that is constantly shoving new products in our faces, tempting us to purchase with words like “need,” “can’t-live-without,” and “limited edition.”

This overwhelming need to have the newest and coolest stuff can lead to poor spending habits and maxed out credit cards.

Which ultimately leads to huge financial stress.

So:

If you want to stop living paycheck to paycheck, worrying about money, and feeling like you’ll never get ahead, you need to stop spending money on stupid stuff.

The proof is in the pudding:

When we stopped buying these 11 (stupid) things, we saved over $500 a month!

Need to start saving money fast?  These are 10 stupid things that we were wasting hundreds of dollars on every single month.  Click to see what 10 things you should stop buying to save money. #savemoney #frugal #saving

Here’s the deal:

Cutting unnecessary spending from our budget was the smartest thing we ever did for our finances.

Now, to understand where we were overspending, we tracked our normal spending in a budget binder for a month.  Then, we sat down and clearly saw that we were spending an arm and a leg on (stupid) things like paper towels and bottled water.

Having a clear picture of what we were spending our money on made it super simple to stop buying these 11 things to save money.

So, bottom line?

Keep reading to find out what YOU should stop buying to save money!

1.  BOTTLED WATER

Buying bottled water can add up verrrryyyy quickly.

I mean, if you are drinking the recommended 64oz of water every day, you need three cases of water a week.

Meaning you need TWELVE cases of water for a family of four every. single. week.

12 x $3.99 = $47.88

Yikes!  You need to stop making this silly spending mistake!

(Not to mention how utterly terrible it is for the environment to be throwing away this many plastic water bottles!)

Instead, invest in a long-lasting water bottle like a Hydroflask and a Brita water filter pitcher.

This way, you have unlimited fresh water forever for a low, one-time cost.

If you are a family of four you will save yourself $190 a month when you stop buying bottled water.

MONTHLY SAVINGS POTENTIAL: $190

Hint:  This hydroflask dupe is on sale RIGHT NOW and, come on, could it be any cuter??!

2.  ALCOHOL

I mean, who doesn’t like to end their day with a nice, tall glass of wine?

Psh, I know I used to!

But, let’s face it:

Alcohol is expensive and just plain old not good for you.

With a decent bottle of wine running you upwards of $20 and a case of beer about the same, spending money on alcohol adds up quickly.  (And don’t even get me started on the prices at bars and restaurants!)

So:  To improve your health and fatten up your wallet, you need to stop buying alcohol!

I know you’ll be surprised by how much money you’ll save when you stop buying alcohol.

We certainly were — (we were spending $150/month on wine and beer!)

MONTHLY SAVINGS POTENTIAL: $340

3.  MEAT + DAIRY + EGGS

In case you haven’t heard, eating meat, dairy, and eggs is killing our planet, YOU, and your wallet.

Here’s the deal:

The average American household spends over $100 per month on animal products.

And, as I said, meat, dairy, and eggs are TERRIBLE for you and the environment.

This is crazy, but:

The top three leading causes of death (cancer, heart disease, and diabetes) are all increased for you when you eat meat and other animal products.  And, methane – the gas that is primarily produced by animal agriculture – is the leading cause of global warming.

Fruits and veggies are where it’s at, peeps!!!

So, to save you, the planet, and your wallet, stop buying meat, dairy, and eggs.

We save over $100 every month since going vegan 3 years ago. (A.K.A. $3,600 to date!)

MONTHLY SAVINGS POTENTIAL: $440

4.  NEW CLOTHES + SHOES

I used to shop for new clothes and shoes at an excessive rate.

And then I realized something – I only ever wear the same, like, five outfits over and over again.  (I know you’re the same way!)

So, I stopped shopping for new clothes.

Instead, I started shopping at local thrift stores for new clothes for me and the kiddos – only when we NEEDED clothes.

We’ve easily saved hundreds of dollars over the years since we stopped shopping for new clothes that we simply do not need.

MONTHLY SAVINGS POTENTIAL: $600

Hint:  thredUP has the world’s largest online selection of thrifted clothes and shoes!  Get 50% off your first purchase by clicking here.

5.  PRE-PACKAGED/PRE-CHOPPED FOOD

Here’s the deal:

Stores will always try to sell you on convenience, but DON’T BUY INTO IT.

(Eh, you see what I did there?)

I’m sure your grocery store is like mine – there is loose produce and pre-chopped/packaged produce.

However, you’re always going to pay more for pre-packaged and pre-chopped fruits and veggies, so stop buying them to save money!

I mean, you can chop a few carrots, right?

MONTHLY SAVINGS POTENTIAL: $650

6.  PAPER + PLASTIC PRODUCTS

Not only are paper and plastic products expensive and bad for the environment, but you go through them constantly, making your monthly shopping bill skyrocket.

These are things like:

  • paper towels
  • storage baggies
  • paper plates/bowls
  • plastic utensils
  • napkins
  • plastic cups

Although these items are handy when you’re in a pinch, avoid stocking them in your house regularly.

We easily save $50.00 a month since we stopped buying them to save money.

MONTHLY SAVINGS POTENTIAL: $700

7.  MAKEUP

I rarely wear makeup but would find myself purchasing new makeup items all the time.

You too?

Because of this, I created a minimal makeup routine (including 4 items) and only ever purchase something new once I’ve run out of a product.

This keeps my spending on makeup and skincare items in check and has saved me tons of money.

Trust me, you do not need to have your “face beat” for everyday life.

MONTHLY SAVINGS POTENTIAL: $750

8.  PROTEIN POWDERS + OTHER FITNESS GIMMICKS

I totally get the intrigue of protein/health powders.

I mean, who doesn’t wanna add a spoonful of green youth to their smoothie every morning?

But, don’t be fooled.  You can get every damn nutrient you need from fresh fruits and veggies from your local market.

You do not need powders to get enough protein to build muscle.  You just need enough healthy calories from fresh fruits and veggies, beans, nuts, seeds, and grains.

These gimmicky fitness powders can run you upwards of $30, so, stop buying them to save money.

MONTHLY SAVINGS POTENTIAL: $780

9.  GYM MEMBERSHIPS + APPS

Keeping up with your physical health is so important, but it doesn’t need to come with a high price tag.

Gym memberships are crazy expensive, and personally, I find exercising in the comfort of my home (with no onlookers) way more enjoyable.

You can get your basic gym equipment (such as weights and resistance bands) on Amazon and still have a kickass workout.

Not to mention the wealth of fitness and yoga videos available to you for FREE on Youtube.

So, cancel your gym membership to save hundreds of dollars a month and get your groove on in the living room!

MONTHLY SAVINGS POTENTIAL: $840

Hint:  Fitness Blender & Yoga With Adriene are my favorite YouTubers for fitness content!

10.  NEW BOOKS

So, no.  You shouldn’t stop buying books.  (Come on, guys, I’m not a monster!)

But, you should stop buying NEW books.

You can find cheap books:

  • at thrift stores
  • at second-hand bookstores
  • on Amazon
  • at yard sales
  • from friends & family

And of course, go to your local library to enjoy books for free.

Depending on how much you read, you could be saving hundreds of dollars a year!

MONTHLY SAVINGS POTENTIAL: $860

Hint:  I recently signed up for Used Books Monthly and I’m in looooveee.  For just $5/month they’ll send you one book each month in the genre of your choice – And I’ve never been disappointed in a book I’ve received.  Click me to get your first book!

BONUS:  STOP BUYING EVERYTHING YOU WANT TO SAVE MONEY

Let’s talk about the easiest way to save money:

Stop buying every damn thing you want.

Before making a purchase, evaluate if it is a want or a need — And if it’s a want, don’t buy it!

I know:

There is a hella lot of pressure to buy new and on-trend things, but living a simple life is far more fulfilling than spending your every dollar on useless stuff.

These 11 things that we stopped buying to save money helped us stop living paycheck to paycheck and eliminated the money stress in our lives.

So, do the same for yourself by stopping buying these things to save money!

Need to start saving money fast?  These are 10 stupid things that we were wasting hundreds of dollars on every single month.  Click to see what 10 things you should stop buying to save money. #savemoney #frugal #saving
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HAPPY SAVINGS!

– Michelle

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25 Free Budget Printables For 2020

25 Free Budget Printables For 2020

Updated On May 12, 2020Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review...

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10 Things To Stop Buying To Save Money

10 Things To Stop Buying To Save Money

Updated On May 4, 2020Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review...

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2020 BUDGET BOSS BINDER

(40 PAGES)

$19.00 $9.00

BULLET JOURNAL BUNDLE

(87 PAGES)

$32.00 $12.00

Need to start saving money fast?  These are 10 stupid things that we were wasting hundreds of dollars on every single month.  Click to see what 10 things you should stop buying to save money. #savemoney #frugal #saving
Need to start saving money fast?  These are 10 stupid things that we were wasting hundreds of dollars on every single month.  Click to see what 10 things you should stop buying to save money. #savemoney #frugal #saving
Need to start saving money fast?  These are 10 stupid things that we were wasting hundreds of dollars on every single month.  Click to see what 10 things you should stop buying to save money. #savemoney #frugal #saving
17 Best Budgeting Apps To Manage Your Money Like A Pro

17 Best Budgeting Apps To Manage Your Money Like A Pro

17 Best Budgeting Apps To Manage Your Money Like A Pro

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These are 17 of the best budgeting apps to download! Whether you need to make a budget, track your spending, save money, pay off debt, or make extra money, there is an app in this list for you. Most of these apps are free and available on an iPhone or Android. Click to explore all these good budget apps like Mint. #budgeting #apps #budgetapps #budgetingapps #free #iphone

Disclosure:  Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review our Privacy Policy for more information.

Apps, apps, apps.

There’s an app for everything nowadays, and the budgeting niche isn’t an exception.

Here’s the dealio:

Whether you need to track your budget, save money, or pay off debt, there is an app for you.

Let’s not waste any more time and dive right into the best budgeting apps that you should definitely download.

1.  Mint (Free)

I’ve been using Mint for yearssss and man can I tell you how far they’ve come.

Their dashboard is simpler than ever to use and allows you to manage/monitor your budget, transactions, bill due dates, and investments.

With Mint, you’ll also be able to:

  • monitor your credit score
  • create and track financial goals
  • apply for credit cards, personal and student loans, and life insurance

Mint is undeniably one of the best budgeting apps out there to help you manage your money like a pro.

Price:  Free

Click here to download the Mint app.

2.  YNAB (Free Trial, $11.99/Month)

YNAB will help you learn how to budget using their proven method, overcome debt, save money, and stop living paycheck to paycheck.

Their award-winning software and proven method have been successfully used by hundreds of thousands of people.

Included in your membership, you’ll be able to:

  • budget your money
  • sync your budget with your partner
  • set and track financial goals
  • create reports showing you spending trends

YNAB is definitely worth the investment if you want to manage your money to the best of your ability!

Price:  Free trial for 34 days
After free trial:  $11.99/month or $84/year

Click here to sign up for your free trial of YNAB.

3. EveryDollar (Free, Optional Upgrade)

With the EveryDollar app, you can monitor your income and expenses to make sure you’re living within your means.

Additionally, you can track your spending to make sure you’re sticking to your budget.

When you use EveryDollar, you’re able to bring your budget with you everywhere – making budgeting easy and stress-free.

And, there’s more:

For just $129.99/year, you can unlock EveryDollar plus and a boatload more features.

These include:

  • connecting your bank account for easy budget balancing
  • access to Financial Peace University (9-lesson class that teaches you how to pay off debt, save, and build wealth)
  • debt snowball tool

EveryDollar is a one-stop-shop for your all your budgeting and money management needs, making it one of the best budgeting apps available.

Price:  Free
Plus Version: $129.99/year

To check out EveryDollar, click here.

4.  Personal Capital (Free)

Personal Capital helps you manage your wealth and cash so you can make the best financial decisions.

With Personal Capital, you can:

  • assess your income and expenses
  • calculate your net worth
  • set up and track your budget
  • monitor your investments
  • plan for retirement

And more.

Their team of experts will help you make sure your money is being spent, saved, and invested well.

Price: Free

To get started with Personal Capital, click here.

5.  Truebill (Free)

Truebill is the perfect budgeting app for those who want to monitor their spending habits and make better use of their hard-earned cash.

When you download the Truebill app, they will:

  • manage your subscriptions (so you don’t have to keep paying for things you aren’t using)
  • lower your bills
  • get you refunds for fees and outages
  • give you a clear snapshot of your financial wellbeing

And, get this:

To date, they’ve helped their customers save a combined $14 million dollars.

To be added to that list of money-savers, click here to download Truebill for free!

Price:  Free

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These are 17 of the best budgeting apps to download! Whether you need to make a budget, track your spending, save money, pay off debt, or make extra money, there is an app in this list for you. Most of these apps are free and available on an iPhone or Android. Click to explore all these good budget apps like Mint. #budgeting #apps #budgetapps #budgetingapps #free #iphone

6.  Trim Financial (Free)

Trim Financial is very similar to Truebill in the sense that their goal is to save you money.

When you sign up for Trim, they will:

  • negotiate lower costs for your WiFi, cable, and cell phone bills
  • find and cancel unwanted subscriptions
  • lower your APRs and bank fees
  • negotiate a discount or payment plan for medical bills
  • automatically move money into your emergency fund (or other savings accounts)

So far, Trim has saved its users $40 million dollars!

Price:  Free
Premium Option:  $99/year

To save tons of money, get started with Trim by clicking here.

7.  Honeyfi (Free Trial, $59.99/year)

Ever feel like you and bae will never be on the same page when it comes to your money?

Well, not anymore.

With Honeyfi, you can save money, pay off debt, and get ahead financially as a couple.

Using their simple tools, you can choose which accounts to connect and share, what money goes where, and how to spend your hard-earned cash.

Here’s the low-down on everything Honeyfi provides:

  • unlimited accounts
  • savings goals with 1% bonuses
  • customizable budgeting
  • bill tracking
  • spending notifications and analytics
  • the ability to control which accounts you share and which you don’t

And, get this:

On average, couples save $700 their first-month using Honeyfi!

Price:  Free for 30 days
After free trial:  $59.99/year

To start your free trial with Honeyfi (and your boo), click here.

8.  Tally (Free)

The Tally app is the first automated debt manager created.

With Tally, you can:

  • manage all of your credit cards in one place
  • personalized debt manager to help you get out of debt faster
  • late fee protection on your credit card payments
  • low-interest credit line to pay off your credit card debt faster
  • save tons of money on interest rates

Price:  Free to download

To see if Tally is the right fit for you and your debt management, click here

9.  Chime Banking App (Free + $50 Gift)

You might be wondering why I’m including a banking app in this list.

I mean, you probably already have a bank that you use and that has an app to go along with it.

But, here’s the deal:

Chime is the future of online banking.

When you sign up for a Chime bank account (and savings account), you will benefit from tons of stuff like:

  • not paying crazy fees (like monthly minimum balance requirements, overdraft fees, foreign fees, or service fees)
  • getting paid up to two days earlier than your coworkers
  • automatic savings feature

I’ve been a member of Chime for about 6 months and I love them – they’re a no-hassle bank that has your best interest at heart.

To sign up for your own Chime bank account and get a $50 free gift, click here.

10.  Rakuten (Free + $30 Gift)

If you shop online (or in stores) frequently, then you need Rakuten in your life to start earning cash back.

Rakuten is super simple to use.

Before you shop, simply:

  • Open the Ebates App or login via Ebates.com
  • Find the store you want to shop from and shop as usual
  • Earn as much as 20% cash back for your purchase

You can turn in your cash for PayPal payments or a check.

Price:  Free

To download the Rakuten app and start earning cash back, click here.

(You’ll also get a $10 free gift!)

11.  Ibotta (Free + $20 Gift)

Ibotta will save you tons of money on things you already buy.

It’s simple:

  • Download the Ibotta App
  • Add eligible offers from your favorite retailers (like Target, Uber, Olive Garden, and more) to “My Offers”
  • Shop as usual online or in-store
  • Snap a pic of your receipt to get cash back!

You can also add your debit/credit card to your Ibotta app and get cash back automatically on qualifying purchases.

Then, you can turn in your cash for PayPal payments, gift cards, or Venmo payments!

Sign up today to start saving and earn your free $10 welcome bonus!

12.  Dosh (Free + $5 Gift)

Rewards apps are basically giving away free money these days.

Here’s the deal:

Dosh is hands down the easiest way to start earning cash back on purchases you already make.

All you have to do is download the Dosh App and connect your debit or credit card.

Then, shop as usual and earn cash back instantly.

You can earn as much as 15% cash back on normal purchases by swiping the same card you always do.

Here’s the best part:

Dosh will give you $5 for free just by signing up and linking a card & you’ll get $5 for every friend you refer!

#ilovefreemoney

13.  Acorns ($1/month)

Want to start investing your money but don’t know where to start?

Well, I have good news:

The Acorns app is the perfect way to get started with investing.

Once you connect your accounts to Acorn, they’ll invest your spare change for you to start growing your portfolio.

Acorns will also help you save for retirement by recommending an IRA perfect for you!

Price:  $1-$3/month

To start easily investing in your future, click here to download the Acorns app.

14.  Charlie (Free)

Sooooo Charlie is 100% the cutest way to manage your money.

When you download the Charlie app, you’ll be connected with their adorable prodigy Penguin who will help you:

  • reduce your bills
  • avoid unnecessary charges/fees
  • track your spending
  • create savings plans for you

 

For real:

If you only download one app on this list, make it this one.

Price: Free

Click here to download Charlie and get in on the savings (and cuteness).

15.  Survey Junkie (Free)

Ever wonder if you could get paid for all the time you spend on your phone?

Well, now you can.

When you’re waiting in the doctor’s office, commuting to work or school, or just plain bored, you can take surveys on Survey Junkie and earn extra money!

With Survey Junkie, you can easily become an influencer by sharing your opinions of trending brands and products.

Cash-out your earnings via Paypal or for gift cards!

Price:  Free

To start earning extra money download Survey Junkie today!

16.  Opinion Outpost (Free)

Another option for taking surveys and earning extra money is Opinion Outpost.

When you sign up for Opinion Outpost, you can easily earn money online without the hassle of starting your own business.

If you want to easily earn extra money for you and your family, this is the budgeting app for you.

Price:  Free

Download Opinion Outpost to start earning extra money!

17.  Fresh Books (Free Trial, $6.00/month)

Do you have your own business?

Then, the FreshBooks app is the perfect budgeting solution for your small business.

When you use the FreshBooks apps, you can:

  • send invoices in seconds
  • organize your expenses
  • get paid faster

 And ultimately successfully run your business from anywhere.

Price:  Free trial for 30 days
After free trial: $6-$20/month

Click here to start managing your businesses finances better.

There you have it:

The 17 best budgeting apps to manage your money like a pro!

Here’s the deal, though:

Obvs you shouldn’t download all 17 of these apps — that would be crazy.

Instead, choose the ones that help your current financial needs and organize them in a “finances” folder on your phone.

These apps will help you stick to your budget, save money, make money, pay off debt, and ultimately take control of your finances, so don’t miss out!

These are 17 of the best budgeting apps to download! Whether you need to make a budget, track your spending, save money, pay off debt, or make extra money, there is an app in this list for you. Most of these apps are free and available on an iPhone or Android. Click to explore all these good budget apps like Mint. #budgeting #apps #budgetapps #budgetingapps #free #iphone
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happy budgeting,

– michelle

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Keep reading…

25 Free Budget Printables For 2020

25 Free Budget Printables For 2020

These are the best free budget printables to organize your finances! Included in this roundup, you’ll find budget templates, debt pay off trackers, savings trackers and challenges, expense trackers, and more. Click now to download your free budget printables to organize your finances or create your DIY budget binder! #budget #printables #free #freeprintables #budgetprintables #templates #budgeting #freebies #finances #budgetmoney #worksheets

9 Best Tips On How To Prepare For A Recession

9 Best Tips On How To Prepare For A Recession

9 Best Tips On How To Prepare For A Recession

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These are 9 things you're gonna wanna know when the 2020 recession hits.  Click to learn how to prepare for a recession so you can survive a recession!  Don't miss these recession tips.   Download your checklist, too! #recession #2020

Disclosure:  Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review our Privacy Policy for more information.

Ugh, a recession.

Nobody enjoys the idea of their income plummeting or their finances being ruined.

But, unfortunately, here’s the deal:

The United States (as well as other parts of the world) are likely heading towards a recession in 2020.

(If we’re not already in one, as some experts think.)

So, let me ask you this:

Will your finances survive if/when a recession hits next?

(Here’s a hint:  They will after you read this and make the 9 best money moves to prepare for a recession.)

What Is A Recession?

So, like, what the heck even is a recession?

A recession happens when there is a large decrease in economic activity.

Or, in other words:  You enter into a recession when there are HUGE drops in spending.

…Such as when the world is hit by a pandemic that causes people to lose their jobs, stay home, and stop spending money.

But, there is good news:

You can prepare your finances for a recession and rebound strongly.

Just use these 9 tips:

How To Prepare For A Recession In 9 Simple Ways:

1.  Review Your Budget

To prepare your finances for a recession, start with the basics, such as your budget.

For starters, review your income and expenses to make sure you’re living within your means.

Then, create a zero-based budget to make sure that every cent you earn is being spent strategically.

Using a budget (like the zero-based budget) to help you spend your money on only bills, necessities, and savings will be HUGELY beneficial to you when a recession hits.

When preparing your budget for a recession, you also want to avoid unnecessary fees – like late fees on missed payments or overdraft fees.

So:

To avoid this, use a resource like our Budget Boss Binder to track your bill pay, personal spending, and bank account balance.

2.  Get Rid Of All Unnecessary Spending

When you’re preparing for a financial crisis, you need to stop spending money on things you don’t need.

Trust me:

That $5 you spend every morning on coffee and that $78 Target run are better spent in your savings account.

So, to get rid of your unnecessary spending, do these 3 things:

1.  When you’re preparing your budget for the month, don’t account for personal spending.  Pay your bills, buy your groceries, and that’s it!

2.  Switch to Chime Bank to get rid of ALL banking fees (and get a $50 free gift)

3.  Sign up for Trim who will scour your bank records to find subscriptions you didn’t know you were still paying for (and get rid of them!)

However much you save from these tips, move that money into your savings account to have on hand for the *hopefully unlikely* occasion that you are personally affected by job cuts or pay decreases due to a recession.

3.  Stop Paying Off Debt (And Do This Instead)

Ok.  I know what you’re thinking:

“I should stop paying off my debt?!”

And here’s the deal:

No.  You should not stop making your minimum debt payments.

But, in the event of a recession, you should stop pushing your extra cash towards paying off debt (like when you’re using the snowball or avalanche methods).

Instead, move the extra cash that you would normally put towards paying down debt into a savings account.

Bottom line?

When a recession hits, you just don’t know when you’ll need large sums of money on hand, so make your minimum debt payments but no more than that.

There is a silver lining though:

These are 9 things you're gonna wanna know when the 2020 recession hits.  Click to learn how to prepare for a recession so you can survive a recession!  Don't miss these recession tips.   Download your checklist, too! #recession #2020

Interest rates usually decrease during a recession.

So, you have 2 options to take advantage:

  1. Ask your lender to decrease your interest rate OR
  2. Consolidate your debt using a personal loan with a low-interest rate

Lowering your interest rates will decrease your overall debt, so it’s a win-win that you definitely should take advantage of when a recession hits.

4.  Increase Your Savings

When a recession hits, you want to:

a.) have a well-stocked savings account, and

b.) have as much money flowing into your savings account as ever before.

 So, if you don’t have one already, I highly recommend starting an emergency fund that would cover 3-6 months of wages.

To grow your emergency fund quickly, create a budget that automatically sends money to your savings account each time you are paid.

And, as I mentioned, get rid of your personal spending allowance and stop paying more than your minimum debt payments and put that extra money into your savings account.

Read Next…

Wouldn’t it be nice if your bills paid themselves and your savings account grew on autopilot?

Well, with this budgeting method, they can!

5.  Ride Out Your Investments

During a recession, stocks and other investments are bound to take a hit.

But, here’s the deal:

Don’t panic and make rash decisions about your investments just because you read some article floating around on the internet.

Yes, your investments are going to take a hit during a recession.

But:  They will improve as the economy improves.  So, if you withdraw your investments now, you’ll be losing money.  If you ride it out, you will see a better outcome over time.

And, better yet:

If you continue investing during a recession, you’ll be able to scoop up stocks at record low prices.  Then, when things turn around for the better (as they always do), you’ll see large returns on your investments!

A great way to get started with investing is with the Acorns app.

Using your spare change, Acorns helps you build a portfolio of exchange-traded funds.  All you need is $5 to get started here!

6.  Earn Extra Money

Having extra money flowing into your bank account is awesome all the time – but especially when a recession hits.

Because consumer spending drastically decreases during a recession, you might be subject to lay-offs or reduced hours.

This sucks.

But:

If you have multiple streams of income, you will fare much better during a recession.

To start bringing in extra income into your life, do these 3 things:

1.  Start a Side Hustle – Side hustles are the perfect way to earn extra money.  For instance, you could open an Etsy shop, start a YouTube channel, or rent out extra space in your home on Airbnb.  Honestly, the possibilities are endless when it comes to side hustles – simply use a skill you already have and profit off of it.

2.  Freelance – Another great way to profit off of a skill you already have is to become a freelancer.  You could become a freelance writer, editor, accountant, and more.  To find high paying freelance work, check out Fiverr, Task Rabbit, and Flexjobs.

3.  Blogging – You can turn a pretty profit from blogging if you do it correctly…like $10k a month!  Learn how to start a blog by reading this guide or buy a blog that’s already profitable.

Bottom line?

Get started earning extra income ASAP.  This money can fund your savings account for when a recession hits and/or be your safety net if you lose income due to a recession.  It’s a win-win, always.

7.  Reevaluate Your Interest Rates

I touched on this when we were talking about debt, but it is worth mentioning again:  When a recession hits, interest rates usually take a nosedive with the economy.

You MUST take advantage of lowered interest rates by doing these 4 things:

1.  Credit Cards – Reach out and ask your creditor to consider decreasing your interest rate to match current trends.  If this doesn’t work, consolidate your credit card debt with a personal loan that has a low-interest rate.

2.  Mortgage – Refinance your mortgage for a lower interest rate.  You can get a quote from Credible in just 3 minutes without affecting your credit score.

3.  Student Loans – Refinance your student loans for a lower interest rate with Credible.

4. Car Loans – If you have a car loan, work with your current creditor to lower your interest rate or shop around for better options.

Here’s the deal:

When you lower your interest rates, you’ll save tons of money in the long run – something that is invaluable when you’re in a recession.

8.  Earn Cash Back On Purchases

Did you know how easy it is to earn cash back on purchases you’re already making?

Seriously, there are apps out there basically handing out free money.

Here’s how they work:

You shop at the places you love, they give you money back automatically.

Use these 3 cash back apps to save money (and make money) on everyday purchases:

1.  Ibotta – Simply download the Ibotta app (and snag $10 free dollars), connect your debit/credit card, shop as usual, and earn cash back automatically on qualifying purchases.  You can withdraw your earnings using PayPal or Venmo!

2.  Rakuten (AKA Ebates) – Before online shopping, go to Rakuten.com.  Then, enter the stores you wish to shop at and earn as much as 20% back on all your purchases.  When you sign up today, you’ll get $10!

3.  Dosh – Just like Ibotta, Dosh will give you cash back automatically for qualifying purchases.  All you have to do is download the Dosh app, connect your debit/credit card, and shop as usual.  You can earn cash back at grocery stores, restaurants, and more.  Click here to sign up and score $5!

Bottom line?

Don’t let free money sit on the table when you could be sending it back to your bank account without even trying.

9.  Decrease Your Fixed Expenses

When a recession hits, you’re going to survive a lot longer when you don’t have as many bills to pay.

So, to prepare your budget for a recession, decrease your fixed expenses right now.

To get started, list out all of your fixed expenses.  Next, create a game plan for how to decrease every single one.

For example, these are the things I did to decrease my fixed expenses (plus some other helpful ideas):

1.   for a lower interest rate with Credible ( in only 3 minutes without hurting your credit score!)

2.  Begin paying your mortgage bi-weekly to pay it off quicker

3.  Ask your landlord for a rent decrease in exchange for signing a longer lease (we cut $100 off our rent when we signed a 2-year lease!)

4.  Get rid of cable (and WiFi if you have a mobile hotspot) (getting rid of both cable and WiFi saved us $140/month!)

5.   with a lower interest rate (I saved $150 a month by doing this!)

6.  Trade-in your current car (if you’re paying monthly for it) for a cheaper option

7.  Refinance your car loan for a lower interest rate (doing this cut my car payment down by $75!)

8.   to compare rates and switch to the cheapest option (this saved me $35/month!)

9.   to negotiate lower prices for your cable, internet, and cell phone bills

10.   for a lower rate or sign up for income-based payments so you only pay as much as you can afford

11.   to decrease your phone bill by over 50% (seriously, they have plans starting at $15/month!)

As you can see, I saved $500 a month by taking a few hours out of my day to decrease my fixed expenses.

Trust me:  It is well worth your time!

10.  Chill The Fuck Out

When a recession hits, it is easy to lose your cool and start to panic.

But:  Try your best to chill outtttt.

Because, here’s the deal:

When you make decisions based on impulse (because you’re freaking the fuck out), you don’t always think your decisions through.

You see, on impulse, you might end up withdrawing an investment that bounces back just fine — and then you’re SOL.

Bottom line?

A recession will come and it will go.  And it will be hard on some and harder on others.  But, a clear head always makes better decisions, so take a deep breath and chill the fuck out before doing anything cray!

(Honestly, this is a great time to start meditating and practicing gratitude!  There is always something to be grateful for, even when it feels like the world is collapsing in on you.  Find those moments of gratitude and focus on them instead.)

This might sound crazy, but:

You’re gonna be hella prepared for a recession now that you read this post.

Simply take one step at a time and do the hard work now so you aren’t screwed later.

And:

Download your free recession checklist by signing up for our resource library below!

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you got this,

– michelle

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These are 9 things you're gonna wanna know when the 2020 recession hits.  Click to learn how to prepare for a recession so you can survive a recession!  Don't miss these recession tips.   Download your checklist, too! #recession #2020
These are 9 things you're gonna wanna know when the 2020 recession hits.  Click to learn how to prepare for a recession so you can survive a recession!  Don't miss these recession tips.   Download your checklist, too! #recession #2020
These are 9 things you're gonna wanna know when the 2020 recession hits.  Click to learn how to prepare for a recession so you can survive a recession!  Don't miss these recession tips.   Download your checklist, too! #recession #2020

Keep reading…

25 Free Budget Printables For 2020

25 Free Budget Printables For 2020

These are the best free budget printables to organize your finances! Included in this roundup, you’ll find budget templates, debt pay off trackers, savings trackers and challenges, expense trackers, and more. Click now to download your free budget printables to organize your finances or create your DIY budget binder! #budget #printables #free #freeprintables #budgetprintables #templates #budgeting #freebies #finances #budgetmoney #worksheets

The Debt Snowball Method To Pay Off Debt Fast

The Debt Snowball Method To Pay Off Debt Fast

READY TO AFFORD 

THE LIFE OF YOUR DREAMS?

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The Debt Snowball Method To Pay Off Debt Fast

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Becoming debt-free is no easy task.

Between high-interest rates and an inability to afford more than the minimum payment, paying off debt can feel like an impossible task.

But, fear not!  I have good news:

These are the five best budgeting methods.  I bet you're ready to afford your dream life. I know I was! That is when I transformed my finances, starting with my budget. These are the 5 best budgeting methods to help you afford your dream life. If you want to stop living paycheck to paycheck, pay down debt, or save more money, one of these budgeting methods will help you. Being responsible with your money means creating a plan. These budgeting methods are the best to do that. Click to discover which budget method works best for you.
Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review our Privacy Policy for more information.

When you use a debt payoff strategy, like the Debt Snowball Method, becoming debt-free will become your reality.

Today, we’ll go over:

  • what the debt snowball method is,
  • the pros and cons of using this method,
  • how to set up your own debt snowball,

and more.

Now, let’s dive in so you can become a debt-free badass ASAP.

WHAT IS THE DEBT SNOWBALL METHOD?

The Debt Snowball Method is a strategy for paying off debt that has you prioritize your debt payoff in order from lowest amount owed to highest.

In other words:

When you use the snowball method, you will make minimum payments on all your debts EXCEPT for the one with the lowest total amount owed.

For your debt with the lowest total amount due, you’ll pay your minimum balance PLUS all EXTRA income until this debt is paid off in full.

Next, repeat this process for all of your debts until you are debt-free.

THE PROS & CONS

One of the reasons why paying off debt is so difficult is because most of us can’t afford more than our minimum payments.

Because of this, even if you continue to pay your minimums on all of your debts, month after month, your total debt won’t decrease by hardly anything.

But, when you use the debt snowball method, you will be able to knock out your lowest debts first, which frees up tons of money for paying off your larger debts.

This is the biggest pro to using the debt snowball method: You won’t feel like you’re in a never-ending cycle of debt payoff.

Now, you might be wondering:

“This sounds great and all, but if I can’t afford more than my monthly minimums, where is this extra cash coming from to put towards my lowest debt?”

Well, in order to free up money for extra debt payments, you’re going to have to do three things:

  1. Reevaluate your current budget
  2. Cut unnecessary expenses
  3. Track your spending

Don’t worry:  I’m not gonna leave you hanging.

Let’s take the time to go over each of these steps, now.

1.)  Reevaluate Your Current Budget

Do you have a budget that you stick to each month?

Maybe yes, maybe no?

Either way, take the time to reevaluate your current budgeting method by:

1.  Writing down your monthly income sources and your monthly expenses

2.  Next, subtract your total monthly expenses from your total monthly income to see if you’re living within or beyond your means.

If the number you calculated is positive, then you are living within your means and have extra money each month – extra money to put directly towards paying off debt.

If the number you calculated is negative, then you are living beyond your means and are spending more than you earn each month.  

Therefore, you will have to minimize unnecessary spending and decrease your monthly expenses to free up money for your debt.

Keep reading to learn how to decrease your monthly expenses by up to $1,000!

Read Next…

Need help starting a budget?

Click to learn about the 5 best budgeting methods and decide which one is best for your lifestyle!

2.)  Cut Unnecessary Expenses

When you take the time to actually write down everything you pay for each month, it becomes very obvious which bills you’re overspending on and which bills you can get rid of altogether.

So, first things first, write down all of your expenses (and mark which ones are fixed expenses and which are variable expenses).

(Monthly Expense Organizer found in our Budget Boss Binder)

Next, take your variable expenses and get rid of all non-necessary items, such as cable and take out money.  Then create a budget for the rest of your variable expenses such as $100/week for food and $20/week for gas.

Finally, let’s look at your fixed expenses – things like rent, car insurance, and cell phone bills.

Go down your list and make a plan to decrease each item (if you can).

For example, you should:

These are just a few examples of how you can easily decrease your monthly expenses by hundreds of dollars — hundreds of dollars you can now put towards debt!

Read Next…

Who knew saving hundreds of dollars could be so simple?

Furthermore, who knew you were missing tons of opportunities to save money on things you already buy?

Click to learn 101 ways to save money!

2.)  Track Your Spending

Do you know how much money you spend each month on coffee?  Trips to Target?  Random late-night shopping sprees?

It’s cool.  Neither did I.

It wasn’t until I started tracking my spending in a budget planner that I realized this:

It is insane how much money I was spending without even realizing it.

And, you probably are, too.

It’s a simple fix though:

Start tracking your spending in a budget planner and then stop your bad spending habits.

This budget-saving tip freed up $250/month for me to put towards debt!

HOW TO SET UP YOUR DEBT SNOWBALL

Awesome!

Now that you’ve freed up tons of money to put towards your debt, you can finally set up your debt snowball.

It’s super simple, just follow these steps:

  1. List your debts in order from the lowest total due to the largest total due
  2. Make your minimum payments on all debt + put all extra money towards the debt with the lowest total balance until it is paid off
  3. Put your first debts minimum payment towards your next lowest debt + all extra money until it is paid off
  4. Repeat this process until all debt is paid off

Let’s see each step in action….

STEP 1:  List your debts in order from lowest total balance to highest

Before diving into your journey to becoming debt-free, it is crucial that you know exactly how much debt you have.

So, make a list of every debt you have, including your minimum monthly payment and your total balance due.

Then, number this list in order from your lowest total balance to your highest total balance.

(Make sure you’re not forgetting any debts by using a copy of your credit report from Credit Karma!)

For example:

  • Debt 1 – Credit Card #1: $70 minimum payment + $3,000 total balance
  • Debt 2 – Credit Card #2: $145 minimum payment + $5,000 total balance
  • Debt 3 – Car Loan: $390 minimum payment + $8,500 total balance
  • Debt 4 – Studen Loan: $100 minimum payment + $11,000 total balance

**To help you with this step, I’ve created a super simple worksheet that you can download as part of your Budget Boss Binder.

*Debt worksheets included in our Budget Boss Binder

STEP 2:  Make minimum payments on all debts + put all extra money towards debt #1

This is when you’ll start paying off your debt by making minimum payments on all your debts EXCEPT your number one priority debt.

On your debt with the lowest overall balance, make your minimum payment + put all your extra money towards additional payments.

I know, I know.  Extra money.  Ha!

The reality is that most of us don’t have extra money lying around (or we probably wouldn’t be in debt).

So, don’t forget these tips:

1.  Refinance your mortgage for a lower interest rate & start paying biweekly

2.  Sign up for Trim to cut your cable, phone, and WiFi bills in half

3.  Switch to Mint Mobile to save hundreds on your cell phone bill

4.  Refinance your car loan for a lower interest rate

5.  Shop around for lower car insurance

6.  Invest in energy-efficient options to reduce utility costs

7.  Consolidate your credit card debt into a personal loan to decrease your interest costs and create one low monthly payment

8. Refinance your student loans for a lower interest rate

9.  Switch to Chime Bank (it’s SO simple!) to get rid of all banking fees (and get a FREE $50 gift right now)

10.  Make & stick to a budget

And, lastly, you can always make more money to put towards your debt by asking for a raise, working overtime, getting a second job, starting a blog or side hustle, selling your stuff, renting out a spare bedroom in your home, and more.

Here is what step #2 should look like:

  • Debt 1 – Credit Card #1: $70 minimum payment + $3,000 total balance  MAKE $70 MINIMUM PAYMENT + ALL EXTRA MONEY YOU HAVE
  • Debt 2 – Credit Card #2: $145 minimum payment + $5,000 total balance – MAKE $145 MINIMUM PAYMENT
  • Debt 3 – Car Loan: $390 minimum payment + $8,500 total balance  MAKE $390 MINIMUM PAYMENT
  • Debt 4 – Studen Loan: $100 minimum payment + $11,000 total balance  MAKE $100 MINIMUM PAYMENT

You will continue step #2 each month until debt 1 is paid off in full.

STEP 3:  Put debt 1’s minimum payment + extra money to debt 2

Once your first debt is paid off (yay!), you can put its minimum payment + all extra money towards your next debt.

This means that your second debt shouldn’t take as long to pay off because you’ve significantly increased the amount of money you have to put towards payments.

For example:

  • Debt 1 – Credit Card #1: $70 minimum payment + $3,000 total balance – MAKE $70 MINIMUM PAYMENT + ALL EXTRA MONEY YOU HAVEPAID OFF
  • Debt 2 – Credit Card #2: $145 minimum payment + $5,000 total balance – MAKE $145 MINIMUM PAYMENT + $70 MINIMUM PAYMENT (FROM DEBT 1) + ALL EXTRA MONEY
  • Debt 3 – Car Loan: $390 minimum payment + $8,500 total balance – MAKE $390 MINIMUM PAYMENT
  • Debt 4 – Studen Loan: $100 minimum payment + $11,000 total balance – MAKE $100 MINIMUM PAYMENT

Once debt 2 is paid off, put debt’s 1 and 2’s minimum payments towards debt 3, and so on.

STEP 4:  Repeat this process until you are debt free!

Once you’ve gotten the hang of the debt snowball and have paid off your first two debts, you’ll simply continue the same process until you are debt-free.

By the time you’re working to pay off your 3rd, 4th, 5th, debt you’ll have so much money to put towards payments that clearing your debt will become a breeze.

Woo-hoo!

HOW TO MAKE SURE YOU  STICK TO YOUR DEBT PAYOFF PLAN

Now, sticking to your debt payoff plan is easier said than done.

So, how do you make sure you follow through each month on your debt snowball?

I’ve got two ways to motivate you to continue paying off your debt:

  1. Create a reward system
  2. Track your progress

Firstly, after you pay off each debt (or half of each debt), reward yourself!  Go out on a celebratory date, buy a new outfit, pop some champagne, etc.

After paying off large sums of debt, you should acknowledge and feel goooooood about such a big accomplishment.

Secondly, and most importantly, you should track your debt repayment progress each month to make sure you’re sticking to the plan.

To track your debt repayment progress, I highly recommend using our Budget Boss Binder.

When you use our Budget Boss Binder to track your debt repayment progress, you will be able to map out your budget each month to make sure you’re putting as much money as possible towards paying off debt.  You’ll also be able to track your debt payments using a monthly tracker.

And, I’m excited to tell you:

Because we love our readers so much (where would we be without you!?), we’re offering our Budget Boss Binder for only $9 (66% off) RIGHT NOW.

Just click the link below!

SPECIAL OFFER!

SAVE $18 RIGHT NOW

When you act fast, you can download our best-selling Budget Boss Binder for only $9!  But, quick!  This deal ends tonight at midnight!

Alright!  There you have it!

A complete guide to the debt snowball method for paying off debt!

Will you be using this strategy to become debt-free?  Or do you have a better way?  Leave a comment below!

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DESTROY YOUR DEBT!
– michelle
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25 Money Related New Years Resolutions To Afford Your Best Year Ever!

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25 Money Related New Years Resolutions To Afford Your Best Year Ever!

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Ah, 2020.

She snuck up fast, didn’t she?

I know you want to afford the best year of your life (cuz why wouldn’t you), and I’ve got a secret:

These are the five best budgeting methods.  I bet you're ready to afford your dream life. I know I was! That is when I transformed my finances, starting with my budget. These are the 5 best budgeting methods to help you afford your dream life. If you want to stop living paycheck to paycheck, pay down debt, or save more money, one of these budgeting methods will help you. Being responsible with your money means creating a plan. These budgeting methods are the best to do that. Click to discover which budget method works best for you.
Some of the links in this post are “affiliate links.”  This means if you click on the link and purchase the item, WSW will receive an affiliate commission.  Additionally, Who Says What is a member of the Amazon Affiliate Program.  Please review our Privacy Policy for more information.
You’re gonna need to make some money changes in 2020!

Because here’s the dealio:

To afford an epic 2020 (I’m talking bills paid, debt gone, savings up, vacations booked), you need to make some money New Years resolutions!

These are the best money new years resolutions to get started with next year:

1.  Start Budgeting

Having a budget will relieve tons of money stress that you don’t need weighing you down next year.

To get started with budgeting, read this post and choose a budgeting method that works best for you.

Once your budget is set up, don’t forget to track it throughout the month to make sure you’re sticking to it!

2.  Save money on expenses

If you take a gooood look at your budget, I’m willing to bet that we’d agree on this:

You’re wasting money each month!

Next year, vow to stop throwing your hard-earned cash out the window by saving money on your expenses.

These are my top 3 ways to save money on your expenses:

1.  Connect your bank accounts to Trim who will analyze your spending and negotiate lower prices for your bills. (I saved $150/month after signing up for Trim!)

2.  Switch to Mint Mobile to decrease your cell phone bill by $100+!  (Don’t worry, you can keep your current phone.)

3.  Use $5 Meal Plans to save tons of money on food.

Related Reading: 14 Ways To Save Mad Cash Every Month, Trim Review: Scam Or Legit?

3.  BECOME DEBT FREE

Debt is a total money sucker.  And, an unnecessary expense.

And, while debt can seem like a never-ending hole you’ll be trying to dig yourself out of forever, you’ve got to start somewhere.

Next year, use the debt avalanche method or personal loan consolidation to work towards becoming debt-free!

4.  Build an emergency fund

Start building an emergency fund next year to prepare for unexpected expenses, job loss, and more.

This emergency fund challenge is a great place to start for this money New Years resolutions!

5.  STOP USING CREDIT CARDS

Credit card debt can wreak havoc on your finances if you aren’t smart about paying back your balance.

And, unfortunately, most of us are using credit cards as replacement income and cannot afford to pay much more than our minimum payments.

This means one thing:

You’re spending wasting a crap ton of money on interest costs (and will for yearssss!)

So, next year, STOP USING CREDIT CARDS for good.

(Got credit card debt?  Use this guide to save money while paying it off.)

6.  SAVE FOR A HOUSE

Make a money New Years resolutions to challenge yourself to save for your dream home this year!

We’ll be doing it with you 🙂

7.  BECOME MORE FINANCIALLY RESPONSIBLE

Do you know exactly how much money you make each month?  How about how much money you spend each month?

If not, you could benefit from becoming more financially responsible next year.

Because, here’s the real deal:

If you don’t know how much money you’re making or spending, you aren’t making wise financial choices.

So, to afford your best year ever next year, organize your finances with our Budget Boss Binder and set yourself up for financial success!

SPECIAL OFFER!
SAVE $18 RIGHT NOW
When you act fast, you can download our best-selling Budget Boss Binder for only $9!  But, quick!  This deal ends tonight at midnight!

8.  START INVESTING YOUR MONEY

To start investing your money, you can:

1.  Use an investment app like Acorns to make investing super simple

2.  Invest in an income property that you can rent out or list on Airbnb

3.  Read this guide on how to start investing in the stock market

9.  CULTIVATE A POSITIVE MONEY MINDSET

Being rich (and affording your best life) all starts with your mindset.

This is crazy, but:

Your thoughts about money (i.e., “I don’t deserve to be rich,” “I am poor.”) will dictate whether or not you achieve your financial goals.

It really is true:  If you think you are poor, then you will remain poor.

So, next year, make certain that you crush your money goals by focusing on a positive money mindset!

You can get started by reading this post and saying these money affirmations.

10.  START SAVING FOR RETIREMENT

Start saving for retirement with a Roth IRA.

11.  BE MORE FRUGAL

Here’s the deal:

You can live frugally and still enjoy your life (and money).

Better yet:

You need to live frugally to afford your best life.

Look at it this way:  If you embrace a frugal lifestyle and save money on things like food and clothes, you’ll free up tonssss of money for things like vacations and experiences.

To live more frugally in 2020, read this ultimate guide to frugal living!

Read Next…
Who knew saving tons of money could be so simple?

Furthermore, who knew you were missing tons of opportunities to save money while buying the things you already do?

12.  DONATE MORE MONEY

Remember how I mentioned that your thoughts about money determine your reality with money?

Well, the same goes for your actions with money.

You see:  When you give your money away to charities you’re passionate about, people in need, or communities in despair, you’re showing the universe that you’re living a life of abundance, gratitude, and love.

And in turn, you’ll receive more abundance, gratitude, and love.

So, donate more money (or time) next year <3

13.  ORGANIZE YOUR FINANCES

Organize your finances like a boss in 2020 by using our 40+ page Budget Boss Binder!

14.  EARN CASH BACK FOR YOUR PURCHASES

Stop leaving free money on the table next year by earning cash back for your everyday purchases.

The best way to earn the most cash back is by doing this:

1.  Use Rakuten (Ebates) when shopping online to earn instant cash back on your purchases (You can also score cash back on in-store purchases by connecting your debit/credit card to your Rakuten account.)

2.  Download the Ibotta app and upload pictures of your receipts to earn easy cash back.

3.  Connect your debit or credit card to the Dosh app to earn instant cash back on eligible purchases (without doing any work!)

Doing these 3 things puts $100 (or more) back in my wallet every single month!

15.  STOP FIGHTING WITH BAE ABOUT MONEY

Ugh.  Fighting about money is so overrated!

Don’t let something silly like money ruin yours and bae’s relationship.

Instead, either work together to set up a budget or split your financial responsibility 50/50 to avoid future fights about whether or not you can afford that late-night Taco Bell run.

16.  FIND WAYS TO TRAVEL MORE ON A BUDGET

Do you wish you could travel more but don’t know how you could ever afford to?

Next year, do these 3 things to make traveling a priority in your life:

1.  Add a travel category to your budget where you put aside money specifically for traveling

2.  Use discount travel websites, Airbnb, and Groupon to save money on flights, hotels, and activities

3.  Create a travel saving plan to afford your ultimate dream vacation

Ahhhh, see ya in paradise cool

17.  TEACH YOUR KIDS ABOUT MONEY

It is never too early to start teaching your kids the value of a dollar.

(Honestly, I wish somebody had taken the time to teach me before I got my first apartment!)

Knowing how to budget and manage your spending is an essential part of life, so do your kids a favor and set them up for financial success at a young age.

This post will give you tons of ideas and activities!

18.  MAKE MORE MONEY

Making more money is always on my to-do list.  And that remains true as we head towards 2020.

Use these ideas to increase your income next year:

1.  Start a blog (make as much as $10k/month!)

2.  Manage a few side hustles

3.  Ask for a raise

4.  Switch careers

5.  Invest in an income property

6.  Rent out spare bedrooms on Airbnb

7.  Take surveys in your spare time

8.  Get paid to watch TV

9.  Purge your home and sell your stuff

10.  Postmate on the weekends (use code FL-XP1V7 at signup!)

Ballin’!

19.  SWITCH TO A BETTER BANK

Paying fees to your bank is sooo last year.

Next year, don’t be caught paying outrageous fees because you overdrafted your account by $2.37.

How, do you ask?

By switching to Chime Bank, of course!

But for real:  Chime won’t hit you with a fee when your account is overdrawn, there are no minimum account balances, and you will get your paychecks two days early when you bank with them.

Oh…and just when you thought it couldn’t get better, it does.

When you sign up for a Chime bank account, they’ll deposit $50 into your account! money-mouth

You can read more about why I love Chime in this post.

20.  REFINANCE YOUR STUDENT LOANS

Got student loans?

Get rid of them next year by refinancing them with Credible to lower your interest rate and reduce your monthly payments.

21.  DECREASE YOUR PERSONAL SPENDING

Do you know how much money you spend on fast food each month?  Trips to Target?  Coffee runs?

Get in the habit of tracking your personal spending next year.  (You’ll be shocked at how much money you’re spending!)

Then, you can redirect that money into a savings account for your next vacation!

(Our Budget Boss Binder includes spending trackers!)

22.  AUTOMATE YOUR BUDGET

Automating my budget was the best. thing. I. ever. did…(sorry kids!)

I [almost] never have to think about budgeting anymore since setting up an automated budget!

You can learn how to automate your budget by reading this post.

23.  TRY A NO-SPEND CHALLENGE

Do you think you could do a no-spend challenge for the whole entire year?

Hey, tell me I can’t and I’ll show you I can!

24.  INCREASE YOUR CREDIT SCORE

This is one of my favorite money new years resolutions:

Join the 800 club by working hard to increase your credit score next year.

You can do this by paying down debt, paying your bills on time, diversifying your loan history, and more!

25.  DON’T LET MONEY DICTATE YOUR HAPPINESS

Because we need money for what feels like everything, it can be difficult not to correlate it with happiness.

But, at the end of the day, we must all realize that money is not the most important thing in life and having a lot of it doesn’t automatically mean we’ll be happy.

So, in 2020, set money new years resolutions to continue improving your money mindset so you can be happy with what you have and open to receiving more abundance!

There you have it!  

The 25 best money New Years resolutions to afford your best life in 2020!

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– michelle
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The Ultimate Guide To The Debt Avalanche Method For Paying Off Debt

The Ultimate Guide To The Debt Avalanche Method For Paying Off Debt

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The Ultimate Guide To The Debt Avalanche Method For Paying Off Debt

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Paying off debt is haaarrrdd work.

Between high-interest rates and an inability to afford more than the minimum payment, becoming debt-free can feel like an impossible task.

But, there is good news:

These are the five best budgeting methods.  I bet you're ready to afford your dream life. I know I was! That is when I transformed my finances, starting with my budget. These are the 5 best budgeting methods to help you afford your dream life. If you want to stop living paycheck to paycheck, pay down debt, or save more money, one of these budgeting methods will help you. Being responsible with your money means creating a plan. These budgeting methods are the best to do that. Click to discover which budget method works best for you.
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When you use a debt payoff strategy, like the Debt Avalanche Method, becoming debt-free will become your reality.

Today, we’ll go over:

  • what the debt avalanche method is,
  • the pros and cons of using this method, 
  • how to set up your own debt avalanche, 

and more.

Let’s dive in so you can become a debt-free badass ASAP.

WHAT IS THE DEBT AVALANCHE METHOD?

The Debt Avalanche Method is a strategy for paying off debt that has you prioritize your debt payoff in order from highest interest rate to lowest.

 In other words:

When you use the avalanche method, you will make minimum payments on all your debts EXCEPT for the one with the highest interest rate.

Next, you will put as much extra money as you can afford towards paying off your highest-interest debt until it is paid off.

Finally, you’ll repeat this process until you are debt-free.

THE PROS & CONS

One of the reasons why paying off debt is so difficult is because of high-interest rates.

Because of interest rates, each month when you make a payment, part (or in some cases almost all) of your payment will go directly to the loan company and only a small amount will go towards lowering your overall debt.

But, when you use the debt avalanche method, you will save tons of money on interest in the long run by eliminating your high-interest rate debts first.

This is the biggest pro to using the debt avalanche method: You won’t waste tons of money paying off interest.

Now, you might be wondering:

“This sounds like the best answer for paying off debt, how can there be any cons?”

Well, while you will save a ton of money, usually your highest interest rated debt is your largest, thus, it might take you a long time to pay off this debt.

Because of this, using the debt avalanche method can result in low satisfaction when you do not see huge progress after making many payments.  And with this, comes a lack of motivation.

However, with that being said, I still believe the debt avalanche method is the best strategy for paying off your debt if you want to save money in the long run.

HOW TO SET UP YOUR DEBT AVALANCHE

Setting up your debt avalanche plan is super simple.

Just follow these steps:

  1. List your debts in order from highest interest rate to lowest
  2. Make your minimum payments on all debt + put all extra money towards the highest interest rated debt until it is paid off
  3. Put your first debts minimum payment towards next debt + extra money
  4. Repeat this process until all debt is paid off

Let’s go over each step in more detail, now:

STEP 1:  List your debts in order from highest interest rate to lowest
Before diving into your journey to becoming debt-free, it is crucial that you know exactly how much debt you have.

So, make a list of every debt you have including how much you owe, your interest rate, and your minimum monthly payment.

Then, number this list in order from your highest interest rate to your lowest interest rate.

(Make sure you’re not forgetting any debts by using a copy of your credit report from Credit Karma!)

For example:

  • Debt 1 – Credit Card #1: 27.5% interest rate, $8,000 balance, $145 minimum payment
  • Debt 2 – Credit Card #2: 19% interest rate, $3,000 balance, $70 minimum payment
  • Debt 3 – Car Loan: 6% interest rate, $8,500 balance, $390 minimum payment
  • Debt 4 – Studen Loan: 5.8% interest rate, $11,000 balance, $100 minimum payment

**To help you with this step, I’ve created a super simple worksheet that you can download as part of your Budget Boss Binder.

*Included in our Budget Boss Binder
STEP 2:  Make minimum payments on all debts + put all extra money towards debt #1
This is when you’ll start paying off your debt by making minimum payments on all your debts EXCEPT your number one priority debt.

On your debt with the highest interest rate, make your minimum payment + put all your extra money towards additional payments.

I know, I know.  Extra money.  Ha!

The reality is that most of us don’t have extra money laying around (or we probably wouldn’t be in debt).

But, the good news is:

Finding extra money for your debt repayment is simple.

Firstly, go over your current budget (or make a budget if you don’t have one) to ensure you’re not carelessly spending money.

Secondly, free up extra money for your debt payments by lowering your monthly expenses.

You can:

1.  Refinance your mortgage for a lower interest rate & start paying biweekly

2.  Sign up for Trim to cut your cable, phone, and WiFi bills in half

3.  Switch to Mint Mobile to save hundreds on your cell phone bill

4.  Refinance your car loan for a lower interest rate

5.  Shop around for lower car insurance

6.  Invest in energy-efficient options to reduce utility costs

7.  Consolidate your credit card debt into a personal loan to decrease your interest costs and create one low monthly payment

8. Refinance your student loans for a lower interest rate

9.  Switch to Chime Bank (it’s SO simple!) to get rid of all banking fees (and get a FREE $50 gift right now)

And, lastly, you can always make more money to put towards your debt by asking for a raise, working overtime, getting a second job, starting a blog or side hustle, selling your stuff, renting out a spare bedroom in your home, and more.

Here is what step #2 should look like:

  • Debt 1 – Credit Card #1: 27.5% interest rate, $8,000 balance, $145 minimum payment – MAKE $145 MINIMUM PAYMENT + ALL EXTRA MONEY YOU HAVE
  • Debt 2 – Credit Card #2: 19% interest rate, $3,000 balance, $70 minimum payment – MAKE $70 MINIMUM PAYMENT
  • Debt 3 – Car Loan: 6% interest rate, $8,500 balance, $390 minimum payment MAKE $390 MINIMUM PAYMENT
  • Debt 4 – Studen Loan: 5.8% interest rate, $11,000 balance, $100 minimum payment – MAKE $100 MINIMUM PAYMENT

You will continue step #2 each month until your debt 1 is paid off in full.

STEP 3:  Put debt 1’s minimum payment + extra money to debt 2
Once your first debt is paid off (yay!), you can put its minimum payment + all extra money towards your next debt.

This means that your second debt shouldn’t take as long to pay off because you’ve significantly increased the amount of money you have to put towards payments.

For example:

  • Debt 1 – Credit Card #1: 27.5% interest rate, $8,000 balance, $145 minimum payment – MAKE $145 MINIMUM PAYMENT + ALL EXTRA MONEY YOU HAVE –  PAID OFF
  • Debt 2 – Credit Card #2: 19% interest rate, $3,000 balance, $70 minimum payment – MAKE $70 MINIMUM PAYMENT + $145 MINIMUM PAYMENT (FROM DEBT 1) + ALL EXTRA MONEY
  • Debt 3 – Car Loan: 6% interest rate, $8,500 balance, $390 minimum payment – MAKE $390 MINIMUM PAYMENT
  • Debt 4 – Studen Loan: 5.8% interest rate, $11,000 balance, $100 minimum payment – MAKE $100 MINIMUM PAYMENT

Once debt 2 is paid off, put debt’s 1 and 2’s minimum payments towards debt 3, and so on.

STEP 4:  Repeat this process until you are debt free!
Once you’ve gotten the hang of the debt avalanche and have paid off your first two debts, you’ll simply continue the same process until you are debt-free.

By the time you’re working to pay off your 3rd, 4th, 5th, debt you’ll have so much money to put towards payments that clearing your debt will become a breeze.

Cheers to becoming debt-free!

HOW TO MAKE SURE YOU  STICK TO YOUR DEBT PAYOFF PLAN

Now, sticking to your debt payoff plan is easier said than done.

So, how do you make sure you follow through each month on your debt avalanche?

I’ve got two ways to motivate you to continue paying off your debt:

  1. Create a reward system
  2. Track your progress

Firstly, after you pay off each debt (or half of each debt), reward yourself!  Go out on a celebratory date, buy a new outfit, pop some champagne, etc.

After paying off large sums of debt, you should acknowledge and feel goooooood about such a big accomplishment.

Secondly, and most importantly, you should track your debt repayment progress each month to make sure you’re sticking to the plan.

To track your debt repayment progress, I highly recommend using our Budget Boss Binder.

When you use our Budget Boss Binder to track your debt repayment progress, you will be able to map out your budget each month to make sure you’re putting as much money as possible towards paying off debt.  You’ll also be able to track your debt payments using a monthly tracker.

And, I’m excited to tell you:

Because we love our readers so much (where would we be without you!?), we’re offering our Budget Boss Binder for only $9 (66% off) RIGHT NOW.

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When you act fast, you can download our best-selling Budget Boss Binder for only $9!  But, quick!  This deal ends tonight at midnight!

Alright!  There you have it!

A complete guide to the debt avalanche method for paying off debt!

Will you be using this strategy to become debt-free?  Or do you have a better way?  Leave a comment below!

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DESTROY YOUR DEBT!
– michelle
P.S.  Was this post helpful?  Consider buying us a coffee to show your love <3
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