You are reading Week 33 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.

If your debt situation seems to be at a stand still, you may be wondering if balance transfers and debt consolidation could potentially help you overcome a plateau. There are many options when it comes to eliminating debt from your life. As we have journeyed through this year, balance transfers one topic we want to include as it can be a great option.

When working toward getting rid of debt, with almost any choice you make the numbers are the important factor. Look not only at immediate numbers, but at your overall goals as well.

Will the balance transfer result in lower interest or lower payments? Ultimately the goal behind initiating a balance transfer or debt consolidation is to make your financial situation better. Look at your options and make sure that the balance transfer will come with a lower overall interest rate as well as more reasonable payments for you each month. You still want to maintain the goal of paying more than your minimum payment, but if you are currently struggling with that, this might help the situation become easier until you get in a better income place.

Do your research to see what card is best for you.  Also, keep in mind that you may be getting a great rate with the balance transfer but if you miss a payment, you’re interest rate could skyrocket.   Ensure you’re in the right place financially to make your payments on time.

Remember – You are not transferring the balance to a new credit card, just to add more debt to the card that now has a zero balance!!!!

Don’t close accounts after the balance is clear. You see that zero balance and instantly get the desire to close the account so you can no longer use it or have any additional debt. This however, is not a good decision. An account in good standing that shows a paid balance is good for your credit score. Leave the account open and stop using the account.  Alternatively, put one of two purchases on the card that can be paid off each month to keep the account “active”.

If having the account is too tempting, cut up the credit card.  Out of site, is (usually) out of mind.

Avoid using consolidation companies. There are many companies out there that promise to consolidate your debt for you. Avoid these and work with individual creditors instead. Not only will a company charge a fee (more debt), you will typically not get as good a rate, payment or deal as you can when handling this for yourself.  Look back at our how to negotiate with creditors article from a few months ago.

As you focus harder on paying down debt, don’t let balance transfers or debt consolidations frighten you. While they are not always recommended, they do have their place in the world of getting rid of debt. This is a great way to make sure you can manage your monthly payments with ease.

Week 33 Challenge:

If you are in a situation where credit card balance transfer is right for you, start looking into your options and crunching numbers.   This may be a good way to help pay off the last of your debt even faster.

Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.

You are reading Week 32 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.

As a child many of us stood by our grandparents as they pulled weeds in a backyard vegetable garden. Gardening as debt relief isn’t far off point. In fact, it can be an excellent way to save money in your household budget, and for some can even offer an extra source of income. There are so many ways that growing a vegetable or fruit garden is beneficial to your finances. This week we will look at some of these reasons and encourage you to consider even small container garden as an investment.

Gardening as debt relief

Home grown produce is good for consumption now and in future months. You can easily grow exceptionally large crops of produce that can provide your family with food both now, and in the future. Canning produce has been common for centuries, but you can easily invest in a vacuum food saver method of storing fresh foods in the freezer. Flash freezing fresh vegetables in air tight packages can keep them delicious for up to a year in your freezer. This provides your family with much needed vegetables year round at very little cost outside your effort and the storage supplies.

Home grown produce gives you ample opportunities to make money. If you have a local farmers market, you can easily make a nice amount of money on the weekends selling your excess produce. With reasonable prices and quality foods, you can make back your investment plus easily hundreds more. Organically grown vegetables are much more sought after in this day and time. If you can use natural fertilizer and remain pesticide free in your growth process you will get even more paying customers.

Home grown produce has little investment with high rate of return. For less than $50 you can have a great starter garden setup. This $50 investment can yield you easily $500 in vegetables. That is a huge savings for your grocery budget, and you have the knowledge of exactly what was used on the food and how it was handled in the process.

While we often forget about the benefits, gardening truly is an excellent form of debt relief. Simple container gardens, raised bed gardens or elaborate backyard gardens that take up an acre of land are all great ways to feed your family as well as make some extra money on the side.

Week 32 Challenge:

Look around your yard and see where you can plant a garden.  Even a few tomato plants in containers on your patio can save money.

Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.

You are reading Week 31 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.

It is my belief that education is a huge part of getting out of debt and remaining debt free. Saving On Education Expenses can be crucial to your success. Not only do we believe your education about debt and finances is imperative, we also believe your own literal education in school, college and universities is important. This week we are going to look at some specific education related expenses and how you can save money on them while providing yourself and your children with the much needed education they deserve.

Get good grades. Nothing is more important than getting good grades. As you look to get scholarships that could potentially pay for further education, this is very important. Whether it is your child in school now, or yourself looking to get more education, great grades and test scores will help make that happen. Education isn’t just about being in the classroom, but about learning and succeeding in and outside that setting.

Shop for used equipment and books. Never pay full price when you don’t have to. Shop resale shops and swap shops for used sports equipment for your kids. Shop online on Amazon and at Campus Book Rentals for low cost books and instruction manuals for various classes and needs. Used will save tons of money, plus it gives you the option to sell it back later for part of the original cost.

Offer to tutor other students. One of the best ways to make extra money and even get brownie points with your professors and fellow students is to offer to be a tutor in subjects you excel at. Offer to tutor other students to make back part of your tuition expenses, or as part of a work study that pays for our tuition expenses.

Shop sales for school supplies. We have already mentioned this year how important shopping sales and using coupons can be, and this is one more instance to take advantage of both. Rarely is there ever a need to pay full price for any school supplies or even school clothing.  Keep up on all the back to school sales to save on everything from crayons, to notebooks to calculators.

Saving on education expenses is just another way to ensure you are providing your family the future they deserve. A quality education can be expensive, but it doesn’t have to put you into debt. Working hard and being diligent in your education and savings plans can make this a reality.

Week 31 Challenge:

It’s never to early to think about savings money on education.  Even purchasing supplies and books for Kindergarteners can get expensive.  Be thrifty when it comes to education expenses.  Don’t rush out and pay full price.  Research your options and watch for sales.

Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.

You are reading Week 30 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.

Ultimately as you work toward getting out of debt, you are going to have to Embrace A Simpler Lifestyle. If you are here and following our series, then you are most likely already in a place that needs help financially. With extra debt weighing you down, it can become difficult to function. Working harder to simplify your life and create more room in your budget is important not only for paying off debt, but for remaining debt free.

This doesn’t mean you can’t enjoy any of the luxuries in life. It means that you will focus more on meaningful experiences instead of meaningful possessions. Let go of the things that could draw you in and suck money from you. This week we get serious about the mentality of a simpler lifestyle that will free up money and help you connect to things of valuable.

Don’t look at brand names, but at quality and usefulness. This goes for everything from your smart phone to the clothing you buy. We often get caught up in the, “best brand on the market”, but forget all bout the fact that it may actually not be the best as much as the most known brand.

In everything you choose to buy, look at how useful and functional it will be and less at how popular that item may be. Kids simply do not need a pair of shoes that cost $100 for sitting at a desk in school all day long. Expensive clothing and shoes for children is generally a waste of money when they will grow far quicker than they will use the item.   Adults should consider the quality of an item and how long it will last.

Before making a purchase, ask yourself how long you will wear an item.  Will it go out of style quickly?  Will the fabric fade after just a few washes?  Is it just for special occasions or could you wear it daily?   Make the most out of each and every purchase.  Spend wisely. Don’t make purchases just because it’s the brand everyone else is wearing.

Create home cooked meals. Take out and convenience food have become the standard. Instead of going out to eat as a special treat, get in the kitchen and prepare a real home cooked family dinner. Your budget and your family will thank you for the effort. A steak dinner at home for a family of four can cost as little as $20, but in a restaurant could cost upwards of $100. Which is a better choice?

Walk more and drive less. Remember the days when not every family had a car? Neither do I, but I know it was a fact. The truth is not only would our budgets be healthier, our bodies would be too if only we took up this habit again. If you live in the city you can easily put your shoes on and walk to the store a few blocks away instead of driving. You can even take advantage of public transportation to save on expenses in some areas.

Focus on conversation instead of entertainment. How often do our date nights or family nights involve sitting in front of a movie or television show for entertainment? Embrace a simpler lifestyle simply by making conversation or a family project mandatory. Focus on getting to know each other instead of getting to know the latest movie star.

This year as you work toward getting out of debt, focus on how you can create long lasting changes that will stay with you in years to come. Getting rid of debt isn’t always about how much more money you are making, as much as it is embracing a simpler lifestyle and way of living.

Week 30 Challenge:

How can you live a more simple life?  Talk with your family about ways you can cut out the unnecessary.  Cook together, take walks together, talk more.  Enjoy being a family without all the distractions of the 21st century.

Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.

You are reading Week 29 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.

Use you’re experiences and mistakes with budgeting to teach your kids healthy money habits. One important thing for kids to learn from your mistakes is that debt isn’t something they want to have. This week we are going to look at some practical ways to teach your kids healthy money habits.

Practical Ways to Teach Your Kids Healthy Money Habits:

1. Encourage them to save. Whether they receive an allowance, have birthday money or have a part time job, it is your job to encourage them to save their money. If you are at all in control of the money they receive (allowance), make savings mandatory.

Go with them to your local bank and open a simple savings account that allows them access to their money as needed, but also encourages them to put money away for the future. Some banks even off incentives for kids to open accounts.  Out of sight often does mean out of mind. An actual savings account makes that much easier for children to manage.

2. Get them involved in family budgeting. Each month as you sit down to go over your own household budget, encourage your children to participate. Let them in on the inner dynamics of how your household runs, what it takes to pay for things like rent, insurances and food. Let them help make decisions, or look over the numbers and add or subtract to verify your calculations. Getting them involved teaches them healthy budgeting habits for future use.

Obviously, kids do need to be protected from certain aspects of your financial situation.  While kids do need to realize there isn’t money for all their wants, you don’t want them thinking they can’t eat when their hungry because you need to save money.  As parents know, kids something don’t fully grasp what is going on.  Make your budget talks age appropriate.

3. Make them responsible for some expenses. For older children this is easier to encourage, but even youngsters with a small allowance can be held accountable for the way they spend their money. Things like buying gifts for friends birthdays, bus fare or even expenses related to extra curricular activities can all be items you require them to handle out of their own money.  This teaches them real life practical budgeting, and helps them understand the value of their money in a more practical fashion.

My kids know there are certain things we will buy and other things they need to save their own money to purchase.  If my son REALLY wants a new Nerf gun, he needs to save up his own money.  It’s interesting to see how a toy or game previously HAD TO HAVE, it’s really necessary when they have to shell out their own cash.

One idea to help kids understand money is Financial Peace Junior by Dave Ramsey. My kids have completed the course. They even enjoy using the give, save, and spend buckets to track their money.

As a parent, you don’t want your children to suffer from the same mistakes you have made. These practical ways to teach your kids healthy money habits will help them to stay on the road to financial freedom as adults.

Week 29 Challenge:

Sit down with your kids and discuss what debt is, when it can be necessary, like home-ownership, and when it should be avoided, like putting new clothes on the credit card when you really can’t afford them.  Teach kids that money really doesn’t grow on trees.  Let them know that you do have to pay for the things you swipe with your credit card. Have them use cash and watch you do the same.  Maybe let kids help add and subtract money in your cash envelopes for more hands on experience.

We live in a time when everyone expects instant gratification and believes they NEED the latest and greatest gadgets and toys to be happy.  Help kids understand the value of a dollar and what it means to work and save for the things they want.  They will thank you later.

Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.

You are reading Week 28 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.

In all of our debt relief topics, you’ve probably wondered why we haven’t mentioned how to vacation for free or cheap. Reality is, this is a possibility. Sure, you expect thousands of dollars in debt to take your family on a vacation, but it isn’t necessarily true.

Vacations are what you make them, and they can be cheap or even free. As you work to get out of debt, it’s more than just paying down your credit card balances. It’s all about rethinking the way you look at any expense.

How to Vacation for Free or Cheap:

Save rewards points. If your credit is in good standing, just more than you would like, there are numerous credit cards that offer great rewards. Not only can you redeem points for miles with popular airlines, you may be able to redeem them for all inclusive resort vacations. Rewards points can be used to pay for all but a few expenses involved with great vacations.

I just used points from my Bank of America Travel Rewards card to get train tickets FREE!

Spend time with family. There is no shame in staying with your out of town parents for a week and considering that a vacation. If family or friends welcome you to their home, take advantage for a low cost and potentially free vacation.

Go to free entertainment. Stop thinking about vacations as being pricey theme park laden events. Focus instead on fun family friendly destinations with tons of free entertainment options.

You don’t even have to leave home for your vacation.  Have you ever heard of a staycation?  Play tourist in your own city.  You will be surprised at the number of free and cheap activities on the tourism website for your city.

St. Louis is a great location with literally tons of totally free things like kids museums and the zoo at no charge.  You can visit the Smithsonian museums in DC for free.  Hampton Roads locals might like my article, free and cheap things to do in Virginia Beach.

Whether you’re planning to stay home or travel, look for free activities.  Google and Pinterest are your friends when it comes to finding things to do in your city.

Go camping. Cook out on the grill with food from your own pantry while you sleep in tents under the stars.  Go fishing, swimming, and hiking by day.  Camping can be totally free depending on where you set up camp.   You can also get low cost campground fees for a few nights at a nearby national parks.

While you are working on getting rid of debt, you must also learn to focus on free options to meet you families needs and desires. Giving up everything can create frustration and burnout that results in more debt later on. Knowing how to vacation for free or cheap can make a big difference in your family and their state of mind.

Week 28 Challenge:

If you’re like many people, you’re ready to take a summer vacation.  You may not be in a financial situation now for a cruise or trip to Europe, but you can still enjoy time off with your family.  Think outside the box by using credit card miles, staying with friends and family or choosing to stick close to home and enjoy some of the free activities your town has to offer.

Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.