Best Ways to Eliminate Credit Card Debt

Are you having a hard time getting out of credit card debt? There are a lot of people struggling to get rid of their credit card debts especially those in their 20s but as well as those older, having a credit card is beneficial but along with it is a great responsibility. I round up the best ways to eliminate credit card debt fast. 

Best Ways to Eliminate Credit Card Debt

1. Set a Goal - In every action we do it is important that we have specific goal to attain. Keep in your mind that your goal is to eliminate your credit card debt as soon as possible to avoid bigger debt in the future. In this way your mind will be focusing on how to reduce your credit card debt as well as prevent possible debts.

2. Don't Use Your Credit Cards - It is very simple, if you don't want any credit card debt then stop using it. As much as possible train yourself using cash, aside from avoiding debt, it is more likely that you can save more. Carrying big amount of cash is very inconvenient which means that you will just bring enough money when going outside.

3. Make a Budget - Creating a budget is very powerful in any aspect. It is a must that as early as now you can create an effective budget that you can use to handle you finances wisely. If you think you don't have enough money to buy something then make sure to cut it out to your budget in order to avoid using your credit card in buying.

4. Make Two Minimum Payments per Month - Making two credit card payments every month is a real changer in your debt status. Every time you will pay, it will reduce your daily average balance. It can also help boost your credit card score.

5. Make Use of Your Savings - If you have big savings in your bank account then try to consider paying it to your debt. I know that is not a good idea to use your emergency fund in this matter but if it’s the best way to help you eliminate your credit card debt then do it and learn from your lessons.

6. Reduce Your Expenses - If you have an addiction to spending money then try reducing it to avoid using credit card. This is the right time to apply any possible savings tips like in grocery, using of coupons and other savings hacks that you can read in personal finance blogs and other resources.

7. Ask for Lower Interest Rate - Call your creditors and ask them if they can lower your credit card interest rate. Even a slight decrease in the interest rate will have an effect in the long run. Credit card companies often give a reduction to the interest rate since the customers are their life blood.

 

Photo by Got Credit

Ways to Save Money for Teenagers

Teenagers have a lot of short term goals like buying the latest gadgets, clothes, pair of shoes, luxury bags and other trendy stuffs. Being a teenager it is very challenging to save money since theres a lot of temptations like going to the clubs and other vices. Spending now is way easier than the previous era in just one click online we can buy stuff.

It is essential that at a very young age we must know how to save money and be responsible with our personal finances. I will round up the best ways to save money for teenagers. 

 

ways to save money for teenagers

1. Create a budget. One of the best way to save is to create a monthly or weekly budget as you can monitor all your expenses and eliminate or lessen it as soon as possible.

2. If possible live at home. If your house is near to university then better live at your house as everything is free like foods and other necessities. After you finish studying then you can already live alone.

3. Avoid going to malls. Going to malls is one of the traps teenagers can't hardly avoid. Decide to go to the mall if you have something important to buy and make sure that you list them out in order to locate it easily and avoid impulse purchases.

4. Develop financial discipline. This is the best time to develop financial discipline. This is the time to learn how to be financially aware so that when you live by yourself you can handle your finances wisely.

5.Bring snacks and pack lunch to school. As you notice snacks and lunch at school canteens are a bit pricey so its better to bring with you some snacks and lunch.

6. Be with frugal friends. Most of the time we are with our friends so if we are socializing with frugal people then most likely we will be one of them too. They can also teach us some ways to save money as a teenager.

7. Know the difference between wants and needs. If you know what the difference between wants and needs then more likely you can save more money. It is like knowing our priorities.

8. Save atleast 10% of your allowance. I know it is very hard to start saving but 10% percent of your allowance will not hurt you. This is also the start of making savings a habit.

9. Apply for scholarship.There are a lot of scholarships available, look for one you think you are qualified and apply.

10. Buy secondhand items. Learning to buy secondhand items will save you alot. Go to sites like Craigslist and eBay and find good deals. You can but secondhand textbooks which sometimes costs half of the original price.

11. Look for part time jobs. For you to save more then consider looking for a part time job. If you can't save on your allowance then increase the cash flow.

 

 Related: Best Part-time Jobs for Students  

12. Educate Yourself. Try reading financial books, you can find it online. There are lots of useful financial blogs worth reading.

13. Take Advantage of Discounts. There are some services and products that offer students discount. Look for shops that have at-least 10% discounts for students.

14.  Get a Piggy Bank - I know this is very classic but very effective in terms of disciplining yourself  to save as well as keeper of your excess coins throughout the day.

15. Use your time wisely. Make every minute of your life productive or simply practice time management.

Photo Courtesy: 401kcalculator.org

Ways How to Save Money Fast

We are now living in a very fast-paced world. I think our money savings habit should also join the trend. How do you save? Do you just save if you have something in mind that needs substantial amount or the moment you think you really need it? Well its not the end for you, you can save money fast by some simple ways.

Saving money is actually a long process but sometimes we really need to save money fast to earn more and easily meet our financial goals. Saving money is not a joke as we need to consider a lot of factors like our salary and expenses but in the end of the day all our hard works will be rewarded. How to save money fast? We want to save money as fast as we can, so how can we do it? I compile simple ways on how to save money fast. 

Ways How to Save Money Fast

1. Sell Things on eBay or Organize a Garage Sale

Look around your house and try to find stuff that you are not using anymore.I think its the best time to eliminate some and sell it on eBay so you can save money fast. If you have DVDs, DLSR, used clothings, game consoles or other things that will give you reasonable amount sell it on eBay or if you have time during weekend have a garage sale. You can also ask your family members or friends to join you so that you can make more money.

2. Automate your Savings

One way you can save money fast is by automating your savings. There are now couple of banks that are offering this kind of product to help you save easily without minding it at all. You can schedule the transfer bi-weekly or monthly and decide if how much of your salary will be going to your savings. By this kind of method you can save money fast without noticing it.

3. Make Small Changes

For some making changes is very easy but for others it is hard to make some small changes. The best example of this is when you go to coffee shop everyday it is better to do it every other day or thrice a week. You can save easily and the few savings a week will add up overtime which you can use for more important things. Imagine if you save $25 a week you can save $100 for one month which is a good amount at a reasonable time.

4. Do Some Freelancing Gigs

Improving your cash flow will makes saving more easier and fast. If you have some skills try to find additional gigs during your free time. You can do blogging or do some online jobs which requires few hours a week. You can also learn new skills so that when you find some gigs there's a big chance of landing one easily.

5. Moderate Smoking and Drinking

We all know that vices are so expensive like liquors and cigarettes. If you cant stop it then do it moderately like if you are smoking one box everyday then go for half of it. Overtime the savings will add up and not just your savings will become healthy but yours as well. Its like hitting to birds with one stone.

6. Stop going to the Movie Theaters

How often you go to movie theaters? If you always watch the latest movies I think its time to stop it to save more money. The alternative of this is to just ask your friends if they have DVDs so you can still watch the movies you want. Delaying gratitude is very useful to help you save money fast.

7. Stop Buying Gifts for Others

How to save money fast but stop buying gifts for others? I know almost every month there's a two or three who have birthday or anniversary. Not giving gifts means you don't care much  to them. You can just send or make a personalize greeting which I am sure that they will appreciate it more than having expensive gifts.

8. Save Money at Home

Lessening your electricity consumption will help you save money fast. Some of the very easy ways are by unplugging your appliances when you leave or when unused, turning down the thermostat, and other electric saving hacks. This is one of the easiest way to do.

9. Collecting you Excess Coins

Everyday we have excess coins in our bags or pockets try to collect it and put it in a jar then called it a save money fast jar. If there are other people in your house tell them to put their excess coins inside the jar.

10. Stop Eating Outside 

One way to save money fast is by limiting or if you can do stop eating outside. Aside from you will use your car going to restaurant that will cost you additional expense why not try to just cook your own foods. 

Photo Courtesy : Newton Free Library