Mobile Menu

  • Menu
  • Skip to primary navigation
  • Skip to secondary navigation
  • Skip to main content
  • Skip to primary sidebar

Before Header

  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Home Jobs by MOM

Insights. Ideas. Improvements.

  • Lifestyle Insights
  • Business Ideas
    • Online Tools for Bloggers
  • Improving Family Life
  • Contact
  • Search

7 Tactics That Make Digging Yourself Out Of Debt Super Easy

You are here: Home / Lifestyle / Money / Budgeting / 7 Tactics That Make Digging Yourself Out Of Debt Super Easy

October 21, 2020 //  by Home Jobs By Mom//  7 Comments




Tweet
Pin47
Share103

This article contains affiliate links which means we receive compensation if you purchase a product through them. Visit our disclosure page for more information.

debt repayment, debt repayment plan, debt repayment tips, debt repayment tools, debt repayment ideas, debt payoff, how to pay off debt, get out of debt, reduce debt, debt consolidation

A few years ago I would have thought nothing about dropping money on an expensive night out or a new wardrobe – at least not until the bill arrived. I knew I was in trouble, but ignoring the problem seemed easier than trying to fix it. Eventually, though, debt problems catch up with you.

When I found myself falling behind on my house payment, panic gripped me and I knew it was time to make some changes. These seven tactics helped me conquer my debt for good.

#1: Make the Tough Calls


The first step was the hardest to take. I don’t like confrontation, so my heart was beating a million miles a minute when I started dialing my creditor’s phone number.

In retrospect, I should have done so sooner.

Your creditors don’t want you to default. With the first phone call, I was able to secure a lower interest rate and minimum payment. This gave me the courage to continue.

By the end of the afternoon, I had managed to get my payments lower by securing an easy debt consolidation loan.

It’s much easier to keep track of one payment than several. Plus it gave me a better idea of where I stood financially.

Digging yourself out of debt might take some work but be easier than you think. Learn how to free up a lot more money for debt repayment!Click To Tweet

#2: Trim the Car Fluff

My next series of calls was to get quotes on my car insurance.

The premium renewal was coming up, so this was an opportune time to save some cash. Once I was armed with a lower quote, I called my current provider.

I was prepared to switch companies, but I was able to negotiate a lower rate. I was surprised to find I was covered for things I didn’t need.

Why would I need rental car insurance when I have a second car at my disposal?

I also called and got info on fighting that speeding ticket that I had gotten. I fought the ticket and won without even having to go down to court!

Had I paid that ticket, the points would have raised my premium significantly and I would have had to contact a specialist car insurance broker to get a decent rate.

#3: Put in More Than the Minimum


Paying just the minimum balance is a surefire way to stay in debt for many, many years. People handle payoff differently – some prefer to wipe out the smallest debt.

I went for the one with the highest interest rate. I paid just the minimum on everything else, focusing higher payments on just that one debt.

Once it was taken care of, I repeated the process on the next one. It was satisfying to see the numbers dropping each month!

#4: Cook at Home

It’s crazy how much of my budget was going to food. First, I started cutting back on the lunches and dinners out, but soon I was ready for a bigger challenge.

I took the time to prepare work lunches at home, assembly-line style, every Sunday evening. I made dinner menu plans, choosing quick, easier to prepare foods. Soon it was second nature.

On the few instances when I just couldn’t bring myself to cook, I’d stop by the grocery store deli and pick up an oversized sub sandwich or bag of chicken – still expensive, but at a fraction of the cost of the fast-food alternatives.

#5: Downsize Your Car Loan

Remember that second car? It finally hit me how silly it was to have an overpriced car loan on a vehicle we rarely drove – especially on a gas-guzzling SUV in the city.

I did the research and sold it online with CarBrain, using the profits to purchase an older model, fuel-efficient car with the profits. That freed up a lot more money for debt repayment.

#6: Ignore the Windfalls


Tracking my money soon gave me insight into how many windfalls and bonuses had been slipping through my fingers.

I made it a habit to instantly tuck away every bit of extra cash, whether it was a $20 rebate check or an annual bonus, instead of spending it.

I treated raises the same way – I didn’t allow lifestyle creep to increase my rate of debt or spending.

This money helped me get out of debt more quickly. Now that I’m debt-free, all the bonuses are adding to my retirement fund and savings balances.

#7: Reward Yourself

As humans, we crave acknowledgment. Don’t fall into the trap of rewarding debt repayment with new debt or expensive “prizes,” though.

I set incentives throughout the process, but I kept them free.

For example, when I paid off the first credit card, I took a paid personal day to go hiking in a nearby area I had been longing to visit.

Delayed gratification made the reward all the sweeter. Good luck!

How do you keep your debt in check?

Home Jobs By Mom
Home Jobs By Mom

Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.

Tweet
Pin47
Share103



Related Posts

You may be interested in these posts from the same category.

How to Create a Nostalgic Game Night With Classic Board Games

Water Softener Benefits: Why You Need One

The Top 3 Things to Focus on When Selling a Home

5 Car Repair and Maintenance Tasks Every Driver Needs to Know

Summertime Blues? These Confidence Building Exercises Can Help!

Natural Solutions for Inducing Sleep and Beating Insomnia

Tips to Make Shopping for Cute Clothes for Tweens Fun and Easy

4 Tips to Improve Your Sleep If You Work and Study

How to Transform a Dull Garden into Your Perfect Paradise

Simplify Life With This Decluttering Checklist

Get Plump Bouncy Skin with Vegan Skincare #TerrakaiSkin

Birthday Party Planning: 11 Ideas for a Great Kids’ Birthday Party

Previous Post: «essential oils for bugs Essential Oils for Uplifting Mood
Next Post: Putting Your Home on The Market? Here’s What You Have to Consider  »

Reader Interactions

Comments

  1. desitheblonde

    April 29, 2017 at 9:10 pm

    that good infor you have here

    Reply
    • Krystle

      May 13, 2017 at 7:57 pm

      I’m glad you found it useful! Thanks for stopping by!

      Reply
  2. Dawn D.

    April 19, 2019 at 6:11 pm

    Having a budget written out on paper has always been a great help for my husband and I. It’s kind of like having a grocery list when shopping, it helps us not to stray &/or overspend.

    Reply
    • Home Jobs By Mom

      April 27, 2019 at 9:52 am

      We kind of do that but on the computer. We just keep a list of everything we know we need to spend money on in the next month or so and make sure we set money aside for it.

      Reply
  3. Calvin

    May 5, 2019 at 8:35 am

    Good to be consistent, it may seem a daunting task at first, but move forward and you will see

    Reply
    • Home Jobs By Mom

      May 13, 2019 at 1:49 pm

      Consistency def does help! Just have to keep chipping away at it.

      Reply
  4. Renee T

    October 22, 2020 at 8:44 pm

    All good tips. Thanks for sharing.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Welcome!

Get a look into a mom's inkling into this crazy thing called life.
Read More…

Recent Posts

How to Create a Nostalgic Game Night With Classic Board Games

How to Create a Nostalgic Game Night With Classic Board Games

Water Softener Benefits: Why You Need One

Water Softener Benefits: Why You Need One

The Top 3 Things to Focus on When Selling a Home

The Top 3 Things to Focus on When Selling a Home

5 Car Repair and Maintenance Tasks Every Driver Needs to Know

5 Car Repair and Maintenance Tasks Every Driver Needs to Know

Summertime Blues? These Confidence Building Exercises Can Help!

Summertime Blues? These Confidence Building Exercises Can Help!

Blogger Opp: Inflamade Deep Sleep Gummies Giveaway #BloggersWanted

Blogger Opp: Inflamade Deep Sleep Gummies Giveaway #BloggersWanted

Natural Solutions for Inducing Sleep and Beating Insomnia

Natural Solutions for Inducing Sleep and Beating Insomnia

What to Do Next with Your Unique Business Ideas

What to Do Next with Your Unique Business Ideas

Tips to Make Shopping for Cute Clothes for Tweens Fun and Easy

Tips to Make Shopping for Cute Clothes for Tweens Fun and Easy

4 Tips to Improve Your Sleep If You Work and Study

4 Tips to Improve Your Sleep If You Work and Study

Giveaways

Cannabiva CBD Oil Giveaway (Ends 8/31) @SilvieArmas

Cannabiva CBD Oil Giveaway (Ends 8/31) @SilvieArmas

Inflamade Deep Sleep Gummies Giveaway (Ends 9/5)

Inflamade Deep Sleep Gummies Giveaway (Ends 9/5)

HGTV Sweepstakes to Enter: Exciting Prizes and Inspiring Shows

HGTV Sweepstakes to Enter: Exciting Prizes and Inspiring Shows

Onforu Bluetooth Bike Speaker Giveaway (Ends 9/5) @Onforuled @Versatileer

Onforu Bluetooth Bike Speaker Giveaway (Ends 9/5) @Onforuled @Versatileer

Terrakai Skin Hyaluronic Acid + Collagen Serum Giveaway (Ends 9/5)

Terrakai Skin Hyaluronic Acid + Collagen Serum Giveaway (Ends 9/5)

Sandra Aris Toddler Padded Pants Giveaway (Ends 8/31) @SilvieArmas

Sandra Aris Toddler Padded Pants Giveaway (Ends 8/31) @SilvieArmas

Nat Geo Kids Dinosaur Books Giveaway (Ends 9/5) @NGKidsBks

Nat Geo Kids Dinosaur Books Giveaway (Ends 9/5) @NGKidsBks

Demine LED Garage Lights Giveaway (Ends 8/31) @Versatileer

Demine LED Garage Lights Giveaway (Ends 8/31) @Versatileer

@IQAir Breathe Easy Giveaway (Ends 8/31) @DeliciouslySavv

@IQAir Breathe Easy Giveaway (Ends 8/31) @DeliciouslySavv

@TRENDHIM Lazy Bear Backpack Giveaway (Ends 8/31) @Versatileer

@TRENDHIM Lazy Bear Backpack Giveaway (Ends 8/31) @Versatileer

            Enter more giveaways here!

Free Download

Productivity-Planner-Preview

“Every day is another chance to get stronger, to eat better, to live healthier, and to be the best version of you.”

Download the FREE Colorable Productivity Planner to get your life more organized. Sign up as a newsletter insider today!

Be A Better You

This website uses affiliate links which means we receive compensation if you purchase a product through them. Visit our disclosure page for more information.

  • About Home Jobs By Mom
  • Terms & Privacy
  • Contact

Site Footer

  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Copyright © 2022 Home Jobs by MOM · All Rights Reserved