Want to spice up your budget planning in a meaningful way? Check out these 9 budget planner ideas, and create a budget you love planning!
If you’re like me, you might struggle to stick to a budget each month, and overspending becomes an inevitable part of each pay period.
Taking control of your finances can be overwhelming and tricky, but with a few simple changes, you can stop busting your budget. You can control your money, instead of your money controlling you.
This post is all about nine must-try budget planner ideas to help you stay focused and make budgeting fun for ultimate success.
1. Meal Plan
A meal plan might seem like a strange thing to include in your budget planner, but food is a large part of most people’s spending. Including it in your budget just makes sense.
Meal planning has several positive effects in regard to your budget.
Saving money at the grocery store- you will know exactly what ingredients you need for each meal.
Avoiding eating out- by having a plan, you are less likely to overspend your budget by going to a restaurant or grabbing fast food.
Due dates are crucial to your success with budgeting. By listing your due dates in your budget planner, you can be sure that you never miss a payment.
I recommend writing your due dates on a calendar along with the amount that you estimate that is due. This not only makes sure you pay everything on time, it also gives you an overall view of when your bills are due and how to best plan ahead for the month.
3. Special Events
Of all of the budget planner ideas, writing down special events is the one that I am guilty of forgetting the most. However, this category can prove to be the biggest budget buster if forgotten.
Be sure to start your month by writing down all special events that are happening during that pay period. These special events could include family birthdays, anniversaries, holidays, and other important events.
Being able to budget for these occasions at the beginning of the month will keep you from overspending at the time of the event.
Be sure to include extras in your budget. If your special event requires a gift, don’t forget to budget in wrapping paper or greeting card. If you’re mailing your gift, don’t forget to budget for shipping.
4. Daily Events
Much like special events, you also want to write down your daily events. These smaller events, like children’s concerts or games can require tickets or donations to attend.
These events can also include haircuts, doctor’s appointments, and routine maintenance appointments. Because these events don’t happen every month, can be easy to forget. Be sure to write them in your budget planner, so you won’t forget to allocate an appropriate amount for those activities.
One other thing to consider around these daily events is how you will manage to eat around them. If the timing of these activities would keep you from being able to eat at home, you will want to make sure to budget for your food that day.
5. Bucket List
One of my favorite budget planner ideas for making budgeting fun, is to include something from my bucket list as often as possible. You may not be able to accomplish a bucket list item every month or even most months; however, you should include one or two every year, if possible.
Bucket list items do not have to be big events, such as visiting a foreign country or climbing Mount Everest. Sometimes bucket list items could be to try food from a different country or taking a day off of work to do something fun with your spouse.
Sometimes budgeting can become restricting, but there is no need for that. You can budget in your bucket list goals.
You’ll want to list the thing you’re wanting to do and determine how much it will cost. Figure out how much you can save each month to accomplish that goal.
6. Goals
Having daily, weekly, monthly and yearly goals is very important. These goals should be specific and measurable. As you work on your budget planner, be sure to keep your goals in mind and include any expenses that might be associated with your goal.
There are a lot of recommendations based on research that your goals should follow the SMART rules. This means they should be specific, measurable, attainable, relevant, and time based.
One of the best budget planner ideas is to use colors to your advantage. There are many ways to use colors in your planner to help with organization.
Some ways that you can add color to your budget planner include using different colored pens, highlighters, and stickers.
I like to use all three of these items to add color and differentiation to my budget planner. Some ways you can use them is to put all bills in one color and all events in a different color. You can use a third color for to do’s.
There is an unlimited way to use colors in your planner. Check out some budget planner ideas that others are trying.
8. Quotes
Including quotes in your budget planner can help you stay on track when monthly budgeting becomes repetitive. Quotes can be both motivational and inspirational.
There are two types of quotes that people find to be the most inspiring:
Quotes from leaders
Bible verses
Bible Verse Motivational Quote Sticker
9. Stickers
Stickers can not only add color and interest to your budget planner, but it can also cut down on your time. There are two types of planner stickers that can be helpful with your budget planner ideas: functional and decorative.
Functional stickers are usually tabs or stickers with words that remind you when to pay a bill. Their job is not to necessarily make your budget planner pretty, but they can make budget tracking easier. Many people like to use these stickers to make it more obvious when bills or special events are happening.
Decorative stickers are made just to make your budget planner look pretty. They can double as a functional sticker, but usually don’t serve any true purpose other than to be decorative.
I like to use a combination of decorative and functional stickers in my budget planner.
Grab some decorative or functional stickers today, and make your budget planning more exciting!
This post was all about the nine budget planner ideas you should try right away for making budgeting fun.
If you have any budget planner ideas that you’ve implemented in your monthly budgets, I’d love for you to share them in a comment below.
One of the best things you can do for yourself and your loved ones is to get out of debt. Cut the worry, stress and overwhelm, and use these five steps to begin your journey to an amazing debt-free lifestyle.
Are you feeling stressed, overwhelmed, or at your wit’s end with your money? Do you dread any little thing going wrong that could put your finances in jeopardy? I’ve been there.
Five years ago, I was over $100,000 in debt and living paycheck to paycheck. Working to get out of debt was the best thing I did for a real life change. I followed these exact steps to get out of debt, and still, use them today to work towards more financial freedom.
After learning the steps to get out of debt, you’ll be ready to embark on your debt-free journey and change your future.
This post is all about how to get out of debt and begin living a debt-free life of freedom.
List all of your Debts Smallest to Largest
This first step can either be one of the easiest steps or one of the hardest. When I first started working to get out of debt, I had no idea how much we actually owed. You might find yourself in this same boat.
Start by gathering all of your monthly debt information. Make sure you know:
Your minimum payment
Total amount owed on each debt
You will then list your debts in order from smallest to largest based on the total amount you owe. We’ll talk more about this later, but you will use this information to implement the debt snowball.
Create a Monthly Budget
Creating a budget is one of the most important steps to get out of debt. While many people associate a budget with restrictive living and negativity, it is actually a plan for how you will spend your money each month.
Creating a budget can be started by following these four simple steps:
1. Start with your income
Write down how much income you bring in each month after taxes. Make sure to include any side hustles, overtime, or other sources of income you might have.
Your income is your starting point and the total amount you have to spend. This amount goes at the top of your budget sheet.
2. List your bills in order of date due
Under your income, you’ll list your monthly bills. I recommend listing them in order by the due date, so you can check them off as they are paid. This also helps you to avoid missing a payment.
This section of your budget will include bills such as your housing, electricity, water, subscriptions, credit card payments, loans, and any other regular expenses that you pay on a schedule each month.
Deduct the amount of these bills from your income.
3. List your monthly expenses
Next, you’ll want to list any expenses that you have such as groceries, gas, haircut money, entertainment, or blow money.
These are items that do not have a due date or a set amount you must pay. These expenses will vary from month to month, depending on events that are specific to you.
You might be including an oil change, car registration, or birthday gifts on any given month; however, these aren’t items that occur every month.
Deduct the amount of these expenses from your income.
4. Use the debt snowball to complete your budget
When you are listing your bills in step 2, you will be sure to list the minimum payments due for each debt. This step is detailed more in the debt snowball section, but you will pay all extra money left over on your smallest debt until it is paid off.
Tracking your expenses goes along with keeping a budget. By doing daily tracking, you will be able to monitor and make adjustments, if needed, to your budget in real-time.
Tracking expenses only takes two easy steps:
Write down the amount of every purchase you make or bill you pay.
Subtract it from how much money you have.
To track your expenses, you will want to use a budget tracker. The type of tracker you use can vary depending on your preferences. The three most popular ways to track expenses are:
Paper Tracker
Spreadsheet Tracker
Budget App
I highly recommend trying more than one type of tracker to see which works best for you. I used to use a paper tracker, but it was easy for me to skip transactions (or to be honest, just pretend some transactions never happened).
I decided to switch to a budget app, so every purchase came through and I was forced to assign it to a category.
The EveryDollar app is what I use now because it can sync directly with a bank account. It also has a free version, so you can get started with it right away.
Cut Spending
It’s difficult to cut spending, but this step is imperative for success in getting out of debt. The top reason you need to cut spending is so you can use that savings to throw at your debt.
There are many places to cut your budget, and I have done many of them. As a matter of fact, I have continued to do many of them.
Here are top ways to save money to get out of debt fast:
1. Unsubscribe
After examining your completed budget, see if you can identify one or more subscription services that you can do without. Some subscriptions to consider would be
Cable
TV/ Movie Streaming services, if you have more than one or two
Fancy cell phone plans
Physical or online magazines
Physical or online newspapers
Subscription boxes
Music Streaming Services
Book Services
2. Cook at home
If you’re like me, this might be difficult. If you work full-time, have kids, and are involved in a lot of evening activities, cooking at home can be a challenge. However, not only is it good for your bank account, but it’s also good for your health.
Some ways to make cooking at home easier can include these options:
Make crock-pot meals that cook while you’re at work.
Because energy bills can be one of your biggest expenses, and you have some control over them, reducing energy bills can be an easy way to save money to get out of debt.
Here are a few quick and easy changes you can make to reduce energy today:
Take advantage of natural light
Use LED light bulbs
Turn off or unplug game systems
Use a crock-pot for cooking
Use task lighting.
These are all inexpensive changes to make without much trouble. Try one or more of these today!
There can be many pitfalls when doing your grocery shopping. To avoid these, always have a plan before purchasing your groceries. Here are some tips that I’ve learned to help avoid overspending or wasting money buying groceries.
Do a meal plan for the week or month before you buy. This will allow you to make a comprehensive list and avoid things you don’t need.
Order your groceries online. Most grocery stores now offer free pickup and delivery for a small fee. Take advantage of this to avoid impulse shopping. You will also know exactly how much you’re going to spend and can adjust your purchases, if necessary.
Do not grocery shop while hungry. My mom used to tell me this all the time, and it is 100% true. You will buy many extra items if you’re hungry while shopping.
5. Use your local library
This has become one of my favorite ways to save money while working to get out of debt. Local libraries are definitely not the same place that I used to go to as a kid. They offer so much more than just books nowadays, and a library card is my favorite price…free!
Here are some great resources that are available at most libraries:
DVD’s- libraries now carry a large selection of dvd’s to check out, including new releases! One of my favorite parts about checking dvd’s out from the library is the return policy. You’ll have to check your library’s return policy, but mine allows you to keep them for a week.
Electronics- most libraries now have computers and sometimes even tablets that you can use while you’re at the library. If you’re trying to save money on internet bills, this is a great way to still have access to a computer while not having all of the expense of owning your own.
Events- Libraries have become a center for local events in many cities. Check your library’s website for upcoming events they might be hosting. They will often have famous authors come to speak about their books, local artists come and teach classes on their field, concerts for local musicians, and outdoor movie nights. This is a great way to get entertainment for free!
Books- I can’t leave this one out. The research shows so many benefits to reading, such a stress reduction, helping you fall asleep at night, improving vocabulary, fighting depression, and improving cognitive abilities. These are all great reasons to pick up a book at your library today!
6. Go outside
This has been one of my favorite distractions from spending money. There are so many great things to do outside that are free, and there are many health benefits to being outside.
Here are some of the top things to do outside and some of their benefits:
Go for a walk
Go for a bike ride
Plant a garden
Go fishing
Play frisbee or disc golf
It’s been proven that getting outside has amazing health benefits. Not only can you lower your stress, but you can also improve your muscle and bone health. Negative effects from diseases have been shown to be greatly reduced by getting out in nature.
Of course, for us, a great benefit is saving money. Instead of firing up the tv or going out for a movie, get outside and do something free and good for your health.
7. Make your own coffee, tea, and snacks
Many people have developed a habit of stopping on the way to work in the mornings and picking up coffee, tea, breakfast, or snacks.
While the price of coffee can vary greatly anywhere from $1.00 to over $5.00 a cup, this is a great way to save money. If you routinely buy a $2.50 coffee and a $2.50 pastry, you’re spending roughly $100 a month.
That extra $100 a month could make your get out of debt plan go much faster. Make your coffee, tea, breakfast, or snacks at home and start saving money today.
8. Do a no-spend month
No-Spend months are very popular right now and can help jump-start your ability to get out of debt. In order to complete one, you will want to follow the steps below.
Make an inventory of what items you have in your refrigerator and pantry.
Plan meals that will use up these items. Do not buy additional items that you already have.
Refrain from buying non-necessities during the month. These could include:
clothes
shoes
take out food
home decor
beauty supplies
The idea of a no-spend month is not that you will spend $0 because you’ll still have bills and necessities. The goal is to not spend on anything that isn’t pre-planned and is not 100% necessary during that month.
Check out these fun no-spend trackers to keep you motivated during your month of savings.
One of the best ways you can generate money to get out of debt quickly is to sell items around your house that you aren’t using.
There are many items around your home that others would like to buy, and you can sell these items at a garage sale, on the Facebook marketplace, Craigslist, Poshmark, or probably a hundred other sites or apps.
One thing to keep in mind is that you will not be able to sell these items for the amount you paid for them. I highly recommend researching to see how much your items are currently selling for.
Here are some of the best things to sell to generate money to pay off debt:
Vehicle
Recreational vehicles (RV’s, boats, ATV’s, etc…)
Toys
Small kitchen appliances
Musical instruments
Expensive hobby items
Furniture
Game systems
Clothes
Shoes
All of those “just in case” items you have around the house
You might never need some of these items again, such as old toys and kitchen appliances; however, some of the items might be temporary sacrifices.
If your family loves to go boating, then selling your boat might be temporary while you get out of debt. Later, when you are out of debt and save up more money, you might buy a different boat.
We made several of these tough choices and later purchased better items by saving up and paying cash for them.
Increase Income
I love this step in the plan because it often means using your talents and skills to help you get out of debt. There are many ways to bring in extra money, but I’m only going to focus on the ones that I know are proven to work.
1. Work Overtime (if applicable)
Working overtime may or may not apply to you, as it does not apply to me. However, if you have the opportunity to work overtime at your full-time job, that is a great way to earn extra money.
You don’t need to learn any new skills or spend any additional money, and they pay you at a higher rate than normal.
This is a great way to earn extra to get out of debt.
2. Teach others
We all have skills that others want to master. It may be a hobby or something you’ve done at a job, but there is something you’ve learned how to do that you can share.
Some popular skills others will pay to learn:
English, Math or Foreign Language
Digital marketing skills
Programming (Coding)
Spreadsheet skills
Graphic design
Photography
Exercise techniques
Healthy Eating
Meal Planning
This list only scratches the surface, so start brainstorming all of those skills you could teach others as a side gig.
3. Freelance
You can use your skills to freelance work for others on websites, such as Fiverr, Upwork, 99 Designs, and many others.
These sites offer opportunities to complete individual jobs, including designing logos or websites, doing voiceovers, or content writing. There are hundreds of different types of work on these sites that you could do in your free time.
I have personally not done freelance work, but I have paid for it. It is a blessing for those of us with small businesses.
4. Start a blog
Did you know that when you do a google search, the results are articles written by real people just like you? All of those answers are written by people who have done the research and have experience in the topic you’re seeking information on.
You have information, skills, and the ability to research to help others through a blog.
Full disclosure, you will need to spend some money on tools to get started, but compared with starting other businesses, the cost is relatively small.
The best course that I used to get started with my blog was Perfecting Blogging by Sophia Lee. Her information is super easy to understand, and she shows exactly what she does to earn $100,000 a month with her blog.
I used other courses, but Perfecting Blogging was by far the best one for getting started with blogging.
5. Sell on Etsy
I absolutely LOVE selling on Etsy. Etsy is the platform that I have had the most success with earning money to get out of debt. Millions of people shop on Etsy every single day.
There are so many different items sold on Etsy, so most people can find something that they like to sell.
Handmade items
If you are a crafty person, Etsy just makes sense, because most items sold on Etsy are handmade. You could create and sell wreaths, jewelry, stickers, dolls, etc… There are just so many options.
Print on demand
If you aren’t a crafty person, selling print-on-demand items, such as t-shirts, necklaces, watches, Christmas ornaments, blankets, shoes, and so many other items is easy and popular.
To do print-on-demand, you create a design for your item, such as a t-shirt. Then you connect a print provider, such as Printify to your Etsy shop. When someone orders your design, Printify will print the t-shirt for you and mail it to your customer.
You only need to create the design and upload it to the program and Etsy. Many people thousands of dollars without ever touching the actual items they’re selling.
This is a very low-cost way to get started with Etsy, as you only need a graphic design program to make your designs and an account with a print provider.
The design program that I love to use is Canva. It has a free option or a paid option, which provides many more fonts and pictures for your designs. You can try Canva today with a 30 day free trial of the premium features with my link.
My recommended print providers are Printify and ShineOn. I have worked with both of these companies and had stellar experiences.
Digital Downloads
Many people, including myself, sell digital downloads. These could be SVG’s that people can use with their Cricut cutting machines, printable wall art, printable coloring sheets, Instagram highlight covers, business logos, and so many other digital files or printable items.
All you need to create digital downloads is a graphic design program, and again, I just love to use Canva. You can even get a 30 day free trial of their premium with my link.
If you are new to using Canva, check out the Design with Canva YouTube channel. I have learned a ton from their tutorials.
6. Other ways to earn money
You may be wondering why I haven’t mentioned many other options for earning money that other articles mention, such as doing surveys, transcription, or delivery.
I have tried these ways to make money, but have not had success with them.
The surveys, honestly want a lot of personal information, and the payouts are not very big. You would need to do A LOT of them to make significant money.
I did enjoy doing transcription, and I worked through Rev. Unfortunately, I was only able to make about $3 or $4 an hour. However, if you are really fast at typing and don’t make many mistakes, you may do much better than I did.
My husband tried doing delivery service more than once. He did make pretty good money delivering pizza, but it can be dangerous depending on the area you deliver to, and his car smelled like pizza forever…
As for Uber or food delivery service, he was not able to make enough to offset the gas and wear and tear on the car.
I’m not discouraging you from trying these side hustles but wanted to give you our honest experiences for you to consider.
The final step to get out of debt is to use the debt snowball method. With the debt snowball, you will take all the extra money that you have been able to accumulate from your budget, cutting spending, selling things, and earning extra money and throw it all on your smallest debt.
There are three easy steps to implementing the debt snowball:
Go back to your list of debts that you started with. They should be ordered from smallest debt to largest debt by how much you owe in total.
Pay minimum payments on all debts except the smallest.
Pay all of the extra money that you can get onto the smallest debt until it is paid off.
When the smallest debt is paid off, start paying everything you were paying on the smallest debt onto the second smallest debt.
Keep snowballing the amount you’re paying into each debt until you get to the largest one.
By starting with the smallest debts, you will be able to keep your momentum going by having quick wins at the beginning. By the time you get to the larger debts, paying them off will have become a habit, so it will be easier.
Many people argue against the debt snowball, and say you should start paying off the debt with the highest interest rate first. While this seems logical, that may be a very large debt. it could easily become discouraging to take so long to pay it off.
We used the debt snowball to pay off over 25 credit cards and loans a few years ago. I can attest to the fact that it works.
Being stuck with monthly payments can be overwhelming, but you can escape that life. Try these eleven ways to get out of debt and start crushing your money goals today.
Living in debt can be a crushing feeling. I know, I’ve been there. Debt comes with worry, stress, and overwhelm. Luckily, you don’t have to be in debt.
It’s not easy to get out of debt, but I can promise you it is 100% worth it.
After learning about the eleven ways to get out of debt, you’ll be ready to get started today. You can banish your money worries and take back control of your income.
This post is all about ways to get out of debt and how to get started crushing your financial goals.
1. Start a Budget
Starting a budget is a total game-changer for getting out of debt. A budget helps you to identify where you are doing the most of your spending and to determine what things are most important to you.
Many people associate a budget with restrictive living and sacrifice, but I’ve found a budget is very freeing. It is an excellent start to the ways to get out of debt.
Here are four steps to get started with creating a monthly budget:
List your bills in order of due date.
List your monthly expenses.
Deduct the amount of your bills and monthly expenses from your income.
Use any extra left in your budget to pay off your debt.
Once you’ve created your budget, you’ll want to use a budget tracking system to monitor your daily purchases and expenses.
To do the daily tracking, you’ll write down each expense for that day and deduct it from your income for the month. Not only does this keep you aware of your spending, but it also allows you to identify areas in which you might be overspending.
There are several ways to track your expenses. Finding the one that works best for you is important. Don’t be afraid to try more than one option until you find the one you like best.
Here are some of the popular expense tracking systems:
Paper trackers
Spreadsheet trackers, such as Google Sheets or Excel
App trackers, such as EveryDollar or Mint
Online Bank trackers (many banks offer online tracking)
3. Use the Envelope System
The envelope system is an old system that my parents and grandparents used before credit cards were common. This system can help you stay on track with your spending.
One of the biggest hurdles to paying off debt can be overspending during the month. By using the envelope system, you can be sure that you only spend the amount of money that you have allocated for the month on each category in your budget.
Follow these five easy steps to begin using the cash envelope system:
Identify a category for cash, such as groceries. In our example, we’ll say we’re budgeting $350 for groceries each month.
Withdraw $350 and place it into a cash envelope labeled “Groceries”.
Every time you go to the store and buy groceries, you pay with the cash from your envelope. IMPORTANT: You must make sure you know how much you can spend each week, so you do not run out of grocery money before the end of the month.
Write the date and how much you spent on the envelope, to track your cash spending.
When your envelope is empty at the end of the month, you must quit spending in that category.
If you don’t want to use actual envelopes in this system, you can pick up a cash envelope wallet, like the one I use that is made to work with cash.
4. Use the Debt Snowball
I highly recommend using the debt snowball as one of your ways to get out of debt. My family used the debt snowball to pay off over $107,000 in debt.
The snowball system is very easy to implement, and you can start it today, no matter how much money you make. This system is one of the main ways to get out of debt that my family used.
Follow these 6 steps to implement the debt snowball:
List all of your debts from smallest to largest.
Pay all minimum payments on your debts, except the smallest.
Put all the extra money that you can on the smallest debt.
Pay the smallest debt off as fast as possible.
Roll the amount you were paying on the smallest debt into your payment on the second smallest debt.
Continue paying off debt snowballing your payment as you pay each one off.
If you’re a social person, this suggestion for ways to get out of debt may be difficult; however, the word no can be a game-changer for your get out of debt plan.
Whether it’s saying no to friends or family, you may come up against some protests. Staying focused on your ways to get out of debt will be necessary.
Some things you might need to say no to:
Optional exchange gifts
Upgrading electronics
Going on a vacation
Paying for daily coffee
Going out to eat with friends, family, or coworkers
6. Cook at Home
Cooking at home can be one of the most lucrative and healthy ways to get out of debt. Not only will you save lots of money by eating at home, but you can also choose healthier foods.
As an example of the kind of savings, you can have, an average steak dinner costs around $20. For $20, you could easily purchase multiple steaks along with your sides and feed several people. Your savings could be between $40 and $60 or more.
Another benefit to cooking at home includes leftovers. Many times we have food leftover after we cook, and it’s easy to put that food away at the end of the meal. Leftover dinner is great for the next day’s lunch or another dinner.
7. Meal Plan
Along with cooking at home, another great way to save lots of money on food is to do meal planning. To meal plan effectively, you should start by determining what meals you want to have for the week.
Once you have your plan written down, you purchase only the items at the grocery store that you need to prepare those meals.
Stick to your meal plan each day, and you will not only save money but you will also alleviate any possible stress around what to make for dinner.
It’s been 12 years since we cut our cable, and have saved over $100 a month. This is a large expense that can be substituted in several ways.
Pay for a streaming service
Streaming services are much cheaper than cable. While the choices may be limited, all streaming services now boast thousands of shows and movies.
Depending on your favorite type of show or movie, there are streaming services tailored to your tastes.
Check out DVD’s from the library
Most libraries have large numbers of DVD’s available for checkout. One of the benefits of borrowing from the library is that you often have a week or longer before they have to be returned. This can save you in return fees.
Go to a restaurant to watch sports
Many restaurants keep their TVs on live sporting events. Some venues even do watch parties at their establishment.
Check out some other options for free entertainment below.
9. Use Free Entertainment
In 2022, there are many more options for free entertainment than there used to be. Two of my favorites are using streaming services that are paid for by other services and the library.
Free streaming:
Check with your cell phone or internet provider to see what free services they may offer. Many providers have started including free streaming from Disney+, Netflix, and Hulu as part of their plan.
Library:
It may surprise you to know that the library of 2022 is not the library of your youth. Some free resources you can use from the library include:
DVD’s- Most libraries now boast a large library of DVD’s that can be checked out for free.
Technology- Many libraries now provide access to computers and tablets for free or at a small charge.
Events- Libraries are expanding their free events, including special guest speakers, concerts, and outdoor movies for the family.
Books!- Of course, the library is also full of books, and there are many benefits to reading, including lowering stress levels, living longer, and improving your ability to focus.
It might be surprising to know that you can make quite a bit of extra money selling unused items around your house. When I was getting out of debt, I sold everything from unused kitchen appliances to toys my kids outgrew and even a vehicle.
Selling a vehicle may eliminate a large chunk of your debt if you’re like me. We were able to eliminate $24,000 in debt by selling my van and driving a cheaper paid-for vehicle.
Selling items can seem a difficult task because we often don’t want to part with our things. Just to put it into perspective, they are only things and can be re-purchased at a later time.
I drove my cheaper vehicle for four years, and I only recently was able to save up, with all of the money that I no longer pay to credit cards, for a new vehicle.
While you may not get a lot of money for some of the things you sell, that money will add up, and it is one of the best ways to get out of debt.
11. Have an Accountability Partner
Whether you are married, in a relationship, or single, having an accountability partner is very important. If you are married, your spouse must be on board to make the most impact on paying off debt.
Many times spouses are not fully on board, but it’s important to work together. In full disclosure, it took 7 years for my husband to convince me that we needed to become debt-free. I’m sure it was very frustrating for him, but once we both started working on the same goal, we made great progress.
If you are not married, it will be very beneficial for you to have an accountability partner. This is someone that can ask you about how you’re doing on your goals. This person can also remind you not to spend when necessary.
Often, we justify a purchase to ourselves, but our accountability partner can remind us to stay focused on our goals.
12. Use Debt Payoff Trackers
Debt payoff trackers can be a great way to stay motivated with your ways to pay off debt. Using a tracker is very easy, and it’s a great way to get the whole family involved in your debt-free journey!
Here’s how to get started with a debt-free tracker:
Find a tracker that you like and print it out.
Hang your tracker in a prominent place.
Count how many icons or spaces are on the tracker.
Divide your total amount owed by the number of spaces on the tracker.
Each time you pay off that amount, color in an icon or space.
When your debt is paid off, celebrate your success!
13. Pick Up a Side Gig
Picking up a side hustle or second job is one of the best ways to get out of debt. There are many that I have tried and used to pay off the debt in the last several years. Here are some that I recommend:
Use your experience from your full-time job.
As an example, I’m a teacher in my day job, and I tutored and taught students online. This brought in several hundred extra dollars a month that we could throw on our debt.
There might be a second job that you are qualified for based on your experience in your day job.
Use your experience from your hobbies
Do you have a hobby or two that others would like to learn? This can be a great way to earn extra money. As an example, I have experience teaching music, so I directed a choir in a retirement home. Some people may teach guitar, trumpet, or archery lessons.
Many people are eager to learn a new hobby, and you could be the best person to teach them!
Sell things you make online
One of my favorite ways to make extra money for paying off debt is to sell things that I make online. I have operated an Etsy shop for a while now, and it has proven to provide my family with several hundred dollars a month we can throw at debt.
Many sellers make selling online a full-time job. That would require a lot of time and effort, but it can be a cheap and fairly easy way to earn extra money.
Start a blog
Many people are starting blogs these days to share their knowledge and to earn extra income. Blogging can be a great way to make money on the side or as a full-time job for stay-at-home moms.
After starting my blog, I’ve learned that it does take a lot of effort, but there are many resources available to help you get a good start.
Are you wondering how to save money for a car? These five simple steps will walk you through how to save for a car quickly and easily.
One of the biggest purchases that most people make is their vehicle. Many times, people are faced with taking out a loan to purchase a vehicle, but there is no reason to pay interest for a car that will go down in value.
You can easily save more money by saving up and paying cash.
After learning about how to save money for a car, you’ll be all set with the tools for purchasing a vehicle of your choosing with cash.
This post is all about how to save money for a car and seven simple steps to get you there quickly and easily.
1. Decide on what type of car
Step one is to decide what type of car you want and you can save the money for. There are many options available at varying prices, so this is a crucial step.
One consideration is if you want to purchase a new or a used car. There are several pros and cons to each type of purchase.
New Car
Pros of buying a new car:
New car smell
Longer time before repairs needed
Low mileage
Cons of buying a new car:
Will cost more money
Will pay more
Depreciates faster
Will pay more for a vehicle that will lose value faster than a used car
Requires longer to save for than a used car
Used Car
Pros to buying a used car:
Depreciation value
Lower insurance rates
Can get more options for a lower price
Cons to buying a used car:
Reliability may be reduced depending on the make, age and mileage of the vehicle
Choice may be more limited
If you’ve never purchased a used one before, you might check out this used car buyers guide.
Dave Ramsey recommends not purchasing a new car until you have a million-dollar net worth, because the value depreciates. Whether you agree or disagree with this suggestion, keep in mind that a car will never be worth as much as it is brand new.
2. Decide how much you want to spend
3. Consider other expenses
There are many expenses to owning a vehicle besides just the purchase price. Being able to afford these other expenses could directly impact how to save money for a car.
Some other expenses to consider include:
Tags, Tax, and Title
Every time you buy a vehicle, whether it’s new or used, you will be required to pay for the tags, taxes, and title.
The amount for car insurance can vary greatly depending on your state, the value of the vehicle, your driving record, and any discounts that you might qualify for, such as good student discounts.
Call your insurer before purchasing to get an estimate of your monthly premiums to be sure you can afford the insurance for that vehicle.
Regular Maintenance
So types of regular maintenance that you will want to budget for include oil changes, tire rotations, and air filter changes. Every few years, you will also need to buy new tires and brakes.
Future Repairs
At some point in the life of any vehicle, it will require repairs. Anything from needing new spark plugs to a new transmission.
It is wise to keep in mind the need for future repairs before your purchase to be prepared. Because it will probably be a while before you need these types of repairs, you should have plenty of time to save up for them.
4. Find out how much your current car is worth for sale or trade in
One of my favorite tools for determining car value is Kelley Blue Book. You can go to kbb.com and put in all of your information about the vehicle you currently have, or there is an app. It will give you a very accurate picture of how much you could get on trade-in or sell.
Be sure that you know the year, make, and model of your current vehicle. You should also know what style your car is, such as limited, sport, etc. The program will ask you for the number of miles on your car and all of the features that your vehicle has.
Once you’ve put all of this information in, you can see the value of your vehicle based on the overall condition. It will give you an approximate value for Fair, Good, and Excellent conditions.
5. Create a car savings account
It will be very helpful if you create a special savings account specifically for your car fund. If you’re planning on saving for a year or two, you can open a money market account. It will grow very little, but it will earn a small amount of interest.
If you are going to be funding your purchase over less than a year, then just opening a regular savings account will be sufficient.
By using a separate savings account, instead of keeping cash, you are more likely to be successful with your savings. It’s easy to go remove some cash for pizza or to spend money out of a checking account with a debit card.
By using a savings account, you have to actually go to the bank to remove the money, and this sets you up for success. If you are looking for successful ways on how to save money for a car, this one can be a make or break.
6. Fund your savings account
I highly recommend automating your savings, by auto-deducting the amount you are saving each month from your check. By automating, you cut the risk of spending that money on something else each month.
Many banks now have the option of either scheduling a bill payment or a transfer to a separate account on a given date each month. Set this to come out the day you get paid or the day after.
These are all great ways to stay motivated on your savings journey for how to save money for a car. Use one or more of these ways for ultimate success.
Reasons Not to Use Credit
There can also be many reasons that purchasing a car with credit can be impossible or a really poor choice. If any of these apply to you, you should avoid purchasing a vehicle with credit:
Credit score under 670
According to Experian, having a credit score under 670 can cause your interest rate to be incredibly high, which would cause you to pay an unreasonable amount of extra money each month. Some people can end up paying upwards of 15.99% in interest.
Even if you have a credit score between 670 and 739, your interest rate may still cause you to pay double the amount in interest over the amount of the loan.
Debt-Free or FIRE Lifestyle
After the struggles and job losses that came with the lockdowns of 2020 and 2021, many more people have adopted a debt-free or FIRE (Financially Independent Retire Early) lifestyle.
To be free from the struggles to continue paying on debt when hard times hit, many are opting out of using debt to make purchases.
Bible Believer
While the Bible does not say that it is a sin to use debt, it does state many times that we should not be in debt to anyone. Here are some bible verses that illustrate that point:
”The rich rules over the poor, and the borrow is slave to the lender.” -Proverbs 22:7 ESV
“Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.” -Romans 13:8 ESV
“Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you?” -Proverbs 22:26-27 ESV
Benefits to Paying Cash for a Car
There are many fantastic reasons to purchase your next vehicle with cash and avoid the headaches and expense of credit. Here are just a few:
Flexibility
Buying a car with cash gives you a great deal of flexibility, regarding what vehicle you purchase. You are no longer limited to what a loan company says you are eligible for.
Your savings is in your hands, having the ability to save as little or as much as you’d like for your next vehicle.
No Interest
By paying cash, you are guaranteed to pay zero interest throughout the life of the car. Instead of paying several thousands of dollars extra to a loan company, you can pay that money to yourself.
Pay Yourself
Paying cash for a car allows you to have great flexibility with your money. Instead of paying a monthly car payment, you can pay yourself by investing that money in long-term savings or investments.
Using the benefits of compound interest, you can grow the amount of money you would have been paying for your car payment. Several years down the road, your investment will have grown exponentially, while your car will have gone down in value.
Freedom
As I mentioned above, many people are seeking a debt-free or FIRE lifestyle, and to do that, you must eliminate things that hold you back. Having debt is one of those things.
By eliminating the debt that you could use purchasing a car, you gain the freedom of using your money the way you want, having the vehicle you want, and being able to make decisions about your life that you might not have been able to make before.
My husband was recently able to quit a difficult job and pursue a new career, and we would have never been able to do that if we were still weighed down by payments. I highly recommend making following the steps below on how to save money for a car, instead of using credit.
Practically Murphy-proof
When your vehicle is paid for in full, you don’t have to worry when Murphy strikes with a job loss, medical emergency, or other unexpected events.
While there will still be issues that arise running your vehicle, worrying about making a car payment during an emergency will not be one of them.
After following these seven simple steps for how to save money for a car, you will be set up for successful savings.
I hope these steps on how to save money for a car have been helpful to you in your journey to meet your money-saving goals.
Do you have other tips for how to save money for a car? I’d love for you to share them in a comment below!
Crush all of your money goals with these five tips for a save money plan you can stick to. These money saver ideas are simple and very effective.
If you are like me you may have struggled with saving money. Maybe you get started and then get sidetracked with life. It’s easy to put off saving for another day.
One of the most effective ways to stay on track with saving money is to have a good plan.
After learning these five ways to implement a solid save money plan, you’ll be on your way to meeting your savings goals for an emergency fund, to travel, for a new car, or any goals you have for the future.
This post is all about how to start a save money plan for meeting your savings goals.
1. Set Savings Goals
The first thing to get started with a plan for saving money is to set your goals. To get started you should identify the types of goals that you have, and what you’ll be saving for. There are two types of goals, short-term and long-term.
You should ideally have both long-term and short-term goals in your save money plan because you will need both at different times. You will want to ensure both are included as you proceed through the succeeding steps.
Short term goals
Short term goals can be for things that you’re going to use your savings on within a couple of years or less, such as:
Car repairs
Future car
Vacation
Medical procedure
Clothing
Christmas
Gifts
Home Downpayment
Long term goals
Long term goals are typically savings that require many years to accumulate, such as:
Retirement
Investments
College Funds
2. Use a planner
Using a planner became key in my own journey to controlling my finances and saving money. Planners help you keep track of future events and purchases, as well as track past events and purchases.
Some ways a planner can be used to help with your save money plan is for meal planning, habit tracking, preparing for upcoming special occasions, and tracking bills and purchases.
My favorite way to use a planner is in the bullet journal style. I like to use the Moleskine Dotted Notebook for creating my planner. If you aren’t familiar with bullet journaling, you can read more about it here.
Bullet journaling requires setting up each page in your planner to meet your unique needs. If you want an “already done for you” planner, I have used the Happy Planner Notebook successfully before. This style allows you to customize and add your own pages if you want.
3. Make a budget
Creating a budget is a game-changer for taking control of your money. So often, the word “budget” is associated with restrictive living and sacrifice, but this just is not true. A budget puts you in charge of your spending.
My favorite part about using a budget each month is getting to decide what spending is important to me each month.
To create an effective budget for your save money plan, follow these 5 easy steps:
List your monthly income
List your bills in order of due date, such as:
Housing
Electricity
Water
Transportation
Insurance
Bills
List your monthly expenses, such as:
Food
Gas
Eating Out
Blow Money
Entertainment
List your monthly savings
Long term savings
Short term savings (Sinking Funds), such as:
Future vehicle savings
Pet care
Christmas
Gifts
Clothing
Home Maintenance
Adjust your budget until you have all of your income distributed, and you have zero dollars left over.
Tracking your spending is an important part of your save money plan. To keep track of your purchases,
I recommend tracking your spending daily, to always know how much money you have available, and staying on track with your plan.
Write down each expense for the day, and deduct that amount from your income. Write down which category that expense belongs to in your budget; such as food, housing, etc.
Keeping track of every expense that comes out of your account will help you stay focused on your plan.
If you’re looking for an easy-to-use Spending Tracker, I like to use this one.
5. Use cash envelopes
One of the best ways to avoid overspending is to use the cash envelope system. This has helped my family to stay on track with sticking to a budget.
For certain categories of spending, it works to withdraw the amount for that category and place that amount into a cash envelope. When you need to buy something in that category, you pay with the cash from your envelope. When all of the cash is gone from the envelope, then you stop spending in that category.
Here are the steps to using the cash envelope system:
Identify a category for cash, such as groceries. In our example, we’ll say we’re budgeting $400 for groceries each month.
Withdraw $400 and place it into a cash envelope labeled “Groceries”.
Every time you go to the store and buy groceries, you pay with the cash from your envelope. IMPORTANT: You must make sure you know how much you can spend each week, so you do not run out of grocery money before the end of the month.
Write the date and how much you spent on the envelope, to track your cash spending.
When your envelope is empty at the end of the month, you must quit spending in that category.
6. Think of Spending Annually
This mindset shift can be incredibly life-changing when it comes to spending money. If you think of your purchases in terms of how much you are spending on that item every year, you can get a bird’s-eye view of your spending habits.
For instance, if you routinely stop for a drink in the morning on the way to work and spend $2.50. That spending can easily add up to $600 a year. Is that drink worth $600, or could you put together your own drink at home and use that money for something more worthwhile?
7. Cut Spending
So, if you want to create great progress with your savings goals, it’s a great idea to cut your spending. There are many benefits to spending less, including focusing on priorities, spending time on more worthwhile things than shopping, and living a life of contentment.
Some tricks for cutting your spending can include:
Hi, I'm Carrie. Welcome to my blog, Carrie Jay Budgets. I'm an educator, life long learner, and mom to three kids. I learned the hard way that saving money and budgeting is essential to living a life of freedom. Read more about my journey.
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