I remember when I first starting dating my husband. When we got serious we discussed marriage which led to conversations about our future. Things like a budget, debt, student loans, etc. are all important topics. I was young and unfortunately racked up quite a bit of debt on a credit card. Apparently I did not make a very wise decisions which resulted in paying off that debt for years. I have learned my lesson since then!
So how can you stay out of debt? Here are five 6 Smart Money Tips:
As I mentioned I racked up a high debt on a credit card. The credit card had a high interest rate. I felt like I could not get my head above the water. So even though it took me awhile to pay it off I was able to transfer the amount from a high interest rate to a lower interest rate credit card.
Always pay off higher interest rate debts before lower interest rate debt.
Do not live beyond your means. I know people who just buy, buy, buy to just have stuff. When I make a purchase I think, “Do I need that”? Most of the times its no so I do not buy it.
When my husband and I met he had student loans. It literally took us 11 years of our marriage to pay these loans off. Hind sight is 20/20. He says if he could have done it all over again he would have taken classes at the local college instead of a university because it was more expensive. His loans were a burden to us because financially we were trying to start our family. So little by little we paid his loan off. When it was all said and done it was a huge relief. Financially it does not have to be a burden because there are programs that can help students with their student loans.
Make sure you have a budget. Consider all of your bills, leave money for emergencies and do not spend outside of your budget. Example: If you paid off a car loan then set the monthly payment aside as if you were still making the payment so that when the time comes you have the cash available to pay for a new car and not to have to take a loan.
Most of all there is Nationwide Debt Reduction Services which can help you become debt free! Their debt settlement program is customized to your unique situation. You can take back control of your financial life with their debt negotiation program. Nationwide Debt Reduction Services can help you settle your debt for less than what you currently owe. You will PAY NO SETTLEMENT FEES until you receive an acceptable settlement offer from your creditors. Your debts will be settled in a professional manner with agreements from all of your creditors.
What tips do you have to stay out of debt and keeping your finances in line?
Mama to 6 Blessings wrote this post on behalf of Nationwide Debt Reduction Services and their PR Company. This is a sponsored review and all views and opinions are of my own and were not influenced in any way. Mama to 6 Blessings is disclosing this in accordance with the Federal Trade Commissions 16 CFR, Part 255 Guides Concerning the Use of Endorsements and Testimonials in Advertising.
Not living beyond your means is the #1 lesson people should learn. Not everyone can afford a Mercedes or to dine out every day!
My biggest fear for my teen heading off to college in a few months is that he is going to get sucked up by a credit card company and end up in debt. Great tips and I will definitely be talking to my kid before he leaves home!
Yes, not living beyond your means can be so hard when you are first starting out but it is also so important. You don’t want to be paying interest on a store card long after that outfit has worn out!
When I was single, I could never save money! I had major money issues. I’ve been married for over 20 years, and it’s been a never-ending struggle to save money. Never too late to use the tips you wrote!
Great reminders and tips. The struggle we have is home repairs that are creeping up on us. We have been good about the credit card thing and living within our means though. Things usually work out somehow.
All great tips, especially not living beyond your means. I see so many people doing that these days and they can really get into trouble.