What are your best get out of debt tips?
@happythoughts (4109)
United States
August 11, 2015 4:27pm CST
As much as I hate to admit it, I am in debt and I hate it. There are so many things I would rather be doing with my money. I bought a new car a little over a month ago, new to me any way. I love it and I love that it fits my whole family but I hate having a car payment again. I am trying to get really motivated to pinch every penny and get it paid off really fast. What are your best tips to get out of debt as fast as you can?
2 responses
@tiffnkeat (1673)
• Singapore
12 Aug 15
First, make a plan that won't make you suffer and one that you can abide by. Make sure you have enough for yourself to live to your comfort level.
Stick to the payments of the car installments without fail. I am sure you do not want to incur interest on unpaid instalments.
If you ever get additional cash (e.g. work bonus) that you can do without, use it to pay the car.
The other alternative that you can consider is do you really need or you wanted the car? Rethink this question if you feel you are struggling from month to month. OK?
Everyone loves a nice car, until they realise the nice reminds them of "Now I Cannot Enjoy" other stuff.
@happythoughts (4109)
• United States
12 Aug 15
While we can make our payments okay right now I would like to get rid of them as fast as I can. You never know when life will send you a surprise that will end up costing you money. I really want to have a less stressful life and I think being debt free would be a great start to that. I think having a plan and living by it is a great idea.
@ACETY5 (174)
• Guangzhou, China
12 Aug 15
i am not sure how to deal with the money stuff quickly.
debet is a fact now, why don't look forward , make a positive thing , you own the lovely car could share with your family ,, that is the beatiful moment and happy thing.
and do some part-time job ?or use the money in plan, maybe that could help, cause the salary not increase expect spent. haha, have a good day
@happythoughts (4109)
• United States
12 Aug 15
My goal is to pay off my car as soon as I can. The bank says I can take seven years but we are shooting for two. That way my car is still running when its paid off and we can start saving for the next one. Hopefully by the time we need our next car we have enough cash in the bank to pay for it rather than get a loan. Here is to dreaming.