This document outlines 11 easy steps to get out of debt, as presented on the I Heart Frugal website. The steps include creating and sticking to a budget, cutting spending in various areas like eating out and subscriptions, spending less than you earn, paying more than the minimum on credit cards, paying bills on time, stopping bank fees, meal planning and cooking at home, downsizing expenses, selling unused items, and paying with cash instead of credit cards. Following these steps will help readers pay off debt and save money.
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Get out of Debt in 11 Easy Steps
1. Debt hurts all of us. Let’s figure it out together!
www.iheartfrugal.com
2. Get Out of Debt in
11 Easy Steps
This slide show is brought to
you by I Heart Frugal –
www.iheartfrugal.com
3. Learn How to Get Out of Debt
Henry David Thoreau once said, “Almost any man
knows how to earn money, but one in a million knows
how to spend it.”
Translation: Most people have not mastered the simple
art of frugal living – living within your means.
4. Debt is a Common Problem
The average American family carries a credit card debt
of $8,377 according to CNBC.com
5. Reasons to Pay Off Debt
Piece of mind
Ability to save for an emergency fund
Less stress
No family fights about money
Own your house and car outright
Less bills
Pay less interest
7. Step #1 – Create a budget and stick
to it
Use a spending journal to track spending
Create a budget with monthly bills as categories
Subtract from your take home income
Find money left
Put it in savings
8. Step #2- Cut Spending
Make your own coffee
Eat out less
Meal plan
Coupon
Carpool
Cut magazine subscriptions
Cut gym memberships
Follow store sale cycles
Eat vegetarian 2-3 times a week
Do your own manicure
9. #3 Spend Less than You Bring In
Live within your means
Find ways to save
Cut your grocery bill
Cut out areas that are not essentials or needs
10. #4 – Set aside money to pay off
debt
Find a side hustle if you cannot pay your bills
If you earn more, save extra money instead of
spending more
Pay off debt and save for an emergency fund
11. #5 – Pay more than the minimum
on your credit cards
Only paying the minimum will add years to your debt
By only paying the minimum you will pay an enormous
amount more because of interest charges
Follow Dave Ramsey’s Debt Snowball and pay off your
smallest bill first, than put all of you money towards
your next debt and so on
12. #6 – Pay Your Bills on Time
Use a reminder service for your credit card or set a
reminder on your phone each month
Make sure you have enough in your account to cover
your bills
Set up automatic payments if possible
13. #7 – Stop Paying Bank Fees
Find out what your bank charges
If you are being charged a monthly fee for checkins or
savings, consider switching banks
Use your home ATM to avoid additional charges
Do not overdraft your checkings account
14. #8 – Eat at Home and Meal Plan
Use meal planning and only shop twice a month
Stop going out to eat unless it is a once in a while treat
Stop ordering carry out
Check out an example of meal planning here!
15. #9 - Downsize
Trade your car in for a used car with a cheaper payment
with better gas milage
Find an apartment that you can afford
Sell your house and downsize if needed
16. #10 – Sell Unwanted or Unused
Items
Use sites such as LetGo, Mercari to sell just about
anything
Sell clothing on Poshmark
Use Craigs List or local facebook groups to sell
furniture or baby items
17. #11 – Pay Cash
Cut up your tempting credit cards once and for all
Use a cash envelope system labeling envelopes for each
bill in your budget
18. Create your Budget and Stick to it!
Learn how to budget
Take baby steps
Track spending
Cut spending
Pay off bills one at a time starting with the smallest
one first
Save for an emergency
19. I Heart Frugal
This slide show was brought to you by I Heart Frugal, a
blog about saving money and budgeting to live an
amazing debt free life
Check out more money saving tips over on the blog
here: www.iheartfrugal.com