Becoming debt-free can be a reality for you. You can pay off all of your credit card bills, student loans, car, and other financial responsibilities. I know that some of you think that you cannot live without a credit card. That is not true! Paying things off with cash is best. What happens if there is an emergency? Have enough cash on hand to get through any emergency. When you pay with cash you are settling your debt now instead of tacking on payments with interest for later. If you continue to use credit cards and take out loans you will always end up paying more for your purchases, and you may always live from paycheck to paycheck.
In fact, you will always be just one or two checks away from financial ruin. What will happen if you lose your job tomorrow? Will you be able to pay your mortgage or pay your car note? I am working on becoming debt-free! You can do it, too!
Wipe Out Your Debt One Bill at a Time
I follow financial expert, Dave Ramsey’s advice. He teaches people to collect all their bills, and pay off the lowest bill first. Even if the bill is simply a overdue library fine, pay it off. This act will build your confidence and make you feel a sense of achievement. Next, pay off the second highest bill, and so on. Any money that you are saving (after paying off recurring bills) should be added to the next bill.
For example, if you follow this technique and paid off your car loan, which was $300 per month, take the $300 and use that to pay off another bill. You will use that $300, and the minimum payment for the bill (if it was a recurring bill, like a credit card bill or a loan) and pay the combined amount every month until that bill is paid. So, you will be paying the regular minimum payment plus the $300 that you used to pay for the car payment.
What if You Don’t Have the Money to Pay it Off?
If you had the money to pay off all of your bills, you probably wouldn’t need this blog! You will have to work extra hours in a second job or a part-time job in order to generate the extra income. This blog is not about providing a get rich scheme. It will take a great deal of work to be able to Kiss Your Debt Goodbye. I am, however, providing your some tools and resources that will help you find extra work that you can do at home in your spare time. You can also start your own business, doing something that you enjoy. I stress, that if you need money now, it’s best to get a job with a reputable company, earn an income, and start your business when you are more financially stable.
If you don’t have the time to work, make the time. It’s worth it. Imagine, being able to buy a car with cash. Imagine having bills that consist only of house taxes, and utilities. With that type of money, you can save the bulk of your paycheck for retirement or emergencies.
Posted by Claudine in Make Money at Home