Our country has opened back up and we’re guessing that you probably spent a lot more money this summer compared to last year. Consumer spending isn’t going anywhere, student loans are ever-present, and car loans are becoming even more of an issue as consumers take out 72 and 84 month loans. The reality and feeling of drowning in debt is compounded when folks don’t know how to get out from underneath this crushing weight. Where do you even begin?! What we need is a plan to help us get out of debt and get our feet set in the right direction this year. Now is the time to get your personal finances in order and creating a debt payoff plan is vital to achieving your financial goals.
- Maybe instead of feeling guilt when you spend some money on a splurge, invest an equal amount.
- We mentioned episode 141 where we dive into the fact that not all debt is bad, sometimes it can make sense.
- There are lots of free resources online like this debt snowball calculator if you’re an Excel nerd like I am!
- There are also apps like Qoins and Tally that you can check out, but we prefer a more DIY approach that is free.
- Here are our favorite 0% APR balance transfer cards to help you pay off debt.
- Extra cash – And regardless of where you are on the path to financial independence, we believe in the responsible use of credit cards. It’s smart to utilize the additional benefits that credit cards offer- for instance the 60,000 points that come with the Chase Sapphire Preferred Card. That’s $750 when you redeem through Chase Ultimate Rewards! This is no joke- I’ve already done this myself which we discussed on a recent episode after I met the initial spending requirements of $4,000 over 3 months!
During this episode we enjoyed a Barrel Aged Yeti Imperial Stout- thanks to our friends there at the brewery for donating this one! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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