How To Start Your Debt-Free Journey This New Year’s


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New Year’s is just around the corner and what better way to start off the New Year than with a plan to become debt-free.

It’s absolutely possible! Now, I am no financial expert, but I can share some tips and tricks to get you headed in the right direction.

  1.  Adopt a frugal and simple-living mindset
  2.  Build up an emergency savings or emergency fund to cover unexpected bills *Recommendation is to have at least $1000 set aside*
  3. Make a list of all your debts, smallest to largest
  4. Write down all of your income

1.Side Hustles:

Sometimes our income alone isn’t enough to cover monthly payments of debts every month. That’s where side hustles come in. Do you have a hobby like crafting or do you have some free time on the weekend to clean houses?

You could easily sell those wooden signs that you love to make or make a couple hundred dollars a weekend cleaning houses. That extra income from your side hustle can help pay down debt. Here are some ideas of some side hustles:

Pet Sitter – Such as . Many people make hundreds a month by pet sitting fur babies!

Become a Driver – Uber, Lyft and Sidecar are always looking for drivers to assist with their rising call volumes!

Rent out your House – Airbnb is a popular website that allows to people to rent out personal spaces. Check it out!

House Sit– Despite having security systems, they just can’t water those house plants can they? Many people need house sitters to look over their homes while they are gone and maybe take care of a few daily tasks to keep everything running smoothly.

Do Odd Jobs – Mowing the Lawn, Helping your neighbor put up that gazeebo or anything else you can think of can benefit your goals.


2. Cut Expenses : 

This doesn’t have to be a permanent solution but until that debt is paid down, it’s a good idea. Stop those monthly subscriptions and use those extra funds to paying down debt. If it’s not a necessity, then it is best to think about cutting it off for the time being.

Check out what you spend monthly on going out to eat or other entertainment. Start making your meals at home and maybe go out for a movie once a month.


3.No Big Purchases:

So you spent the month of January hustling to pay down debt.. and then you bought all new furniture. That probably wasn’t necessary, was it? It’s best to spend at least 6-9 months making sure you are paying off debt before considering any big purchases. If the purchase adds to your debt, then maybe holding off for a little while until things are better is probably the best idea.


4.Sell What You Don’t Use:

There are so many apps out there now that can help you sell a lot of your things! Start clearing out your garage, storage unit and your house of things things you no longer use or want.

-sell your used books on bookscouter

-sell on Amazon or Ebay

-If you are a great photographer, sell your photos on websites such as Istock or Shutterstock

-sell on Craigslist ( be careful, take precautions and be sure to use designated meeting spots for selling on Craigslist)

5. Get Cash Back:

There are some really cool apps that can give you cash back for your purchases. If you need to do any online or instore shopping, then use the Ebates app. I use it around the holidays the most and can get at least half of what I spend back! Each store gives you a certain percentage of cash back (For Example: 4% of your total purchase) for things you are going to buy anyways.  This is probably my all-time favorite app because it’s so easy to make money on it. Not only do you make cash back on your purchases but you can also refer other people to use this awesome app and make a commission.
Ebates Coupons and Cash Back
6. Downsize:

This will not be easy for everyone. My husband and I downsized considerably to pay off debt and save money. We went from living in an apartment to RV living. We also went from two vehicles to only one vehicle.

I understand that won’t work for everyone, but think about the areas in which you can downsize and put it in motion. This doesn’t have to be a permanent solution either! Sometimes you have to do what is necessary to make ends meet.

What are your New Year’s goals? How will you pay down any debt you have?



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