Skip to main content

Ways to Pay Off Your Debts

If you’re like most parents, people told you all about the joys and rewards of having children. They told you about the good things; the love, the smiles, the milestones, and the memories you would be building. What they didn’t tell you about are the many unfortunate downsides to parenting; sleepless nights, stubborn toddlers, and the expenses involved with having a child. The costs of having a child have been skyrocketing in recent years, and many parents have gone into debt just trying to provide for the basic needs of their family. The good news is that with a bit of commitment and patience, there are ways to pay off those outstanding debts.

Reduce Spending

The first thing that you need to do if you’re trying to dig your way out from under a mountain of debt is to find money you didn’t know you had. The best way to do this is to start tracking your spending and then find ways to reduce it. You probably don’t know off the top of your head exactly how much you spend on groceries or eating out each month, and if you’re like most people, you’ll be surprised when you start tracking and see just where your money went.

Create a Budget

Once you’ve started tracking your monthly spending, you can begin to set a budget for yourself. There will be some line items that are inflexible, such as housing payment and car insurance. But there will be other expenses that you can whittle down with a bit of creativity; adjusting the thermostat a few degrees to save on your heating and cooling bill, getting rid of a high cable television bill in favor of a much less expensive streaming services. Even if you only free up $25 a month, it’s money that can be put towards paying it down.

Don’t Add New Debt

One of the biggest keys to getting rid of debt is to avoid adding new debts. It can be tempting to use the balance that you just freed up on your credit card to handle an unnecessary expense, but don’t do it. All you are doing is extending the amount of interest that you are paying each month. Your budget should include starting a short-term savings account for handling emergency expenses.

Have a Plan

One of the keys to paying down debt is developing a plan for paying down debts and sticking to it. The most common and effective method is the snowball method. List your debts showing both the interest rates and the balances, and then pick one. You then make the minimum payment on all other debts and put any extra income towards that debt each month. When it is paid off, you move on to the next one, adding the previous payment to the new amount. You’ll be taking a bigger chunk out of your debt with each one that you pay off.


If you have the option, consider a debt consolidation loan. This is where you take out a loan large enough to cover all your debts and pay them off all at once. It is very useful for turning revolving credit card debt into an installment loan, and frequently has a much lower payment than what you were spending trying to pay off the debts individually.

Start Investing

Once you have gotten your plan in place and have a bit of extra cash, you can try putting your money to work for you. Even if you don’t have tons of cash laying around, you can begin with something that doesn’t require a large deposit, like Forex Trading. With a minimal investment and a little bit of research, you cab begin earning money with the money you already have.

Alana Downer works at and and she is an experienced blogger whose main interest lie in finances and new technologies. She might often be found online, sharing her insights into technology trends which shape the way both businesses and individuals function.


Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!

Amazing Ways To DIY Your Nails In The New Year

Having beautiful fingernails can really boost a woman's confidence. Not only do they feel sexy and sassy but they look well maintained and professional. There are a number of different styles of manicures you can get done professionally but they can be costly and if you are trying to stick to a budget and save money it is best to give DIY a try. These beautiful nail designs are easy to do and look fantastic. There are some that are more intricate and some that are simple but all will be amazed that you made them yourself. Try using small gems and crystals at the tips to add a touch of sophistication.  Tips make a world of difference and they can be as easy as you wish. There are so many beautiful polishes that have amazing colours you can match. These simple nail designs can be done by any busy lady and make a lasting impression to anyone who comes across them. Hot Beauty Health has all the instructions for these super simple nail designs. There are a large number