Tips to getting out of Debt by Dave Noodlez
This has been one hell of battle for me but last month I paid off 1 of my 3 credit cards. 2 years ago I was about 8k in debt, now I’m at about 3k. I’m still in this battle but using these tips and tricks have helped me big time. Hope they can help you.
I no way want anyone to stop living their life to the fullest but I know a lot of people wish they had more $ and I know a lot of people want to have a lot of $ when they are older so they can retire. Well paying Credit Cards interest your entire life is not a way to build wealth, a retirement, a home, a yacht, a Lamborghini, a kids college fund, etc
You Must Work your @$$ off (I’m talking 140-160 hours a month). Get 2 jobs if you have to.
You really have to work really hard. Like people diss me for working so hard. “Dave why you working so hard?” Thing is I want to get out of this debt and really start saving for my future.
Stop using your credit card. Take the credit card out of your pocketbook or wallet and tape it to your wall. Put the amount you owe on top of it and every month write down how much you paid it off. Thats it. Pretend the only thing you can use it for is paying it. You must stop using the card!
Never pay the minimum. This is a trick the Credit companies do to make you think their doing you a favor. Always pay double or triple the minimum. If you have the means to pay more do it. Never ever the minimum!
You want your $ to work for you. It is not worth paying someone else an extra 20% interest cause you work hard for your $. We already get taxed. We can’t control that. We need to pay taxes in order for the world to go round but we can control our credit card debt.
Don’t be tricked by “Use your card and save 20% sales”. Remember the interest on your card is about 20%APR. So you save it the day you shop, so you shop even more. haha Then when you get the bill they tack on the interest 20% (more or less) and it’s as if you never saved it.
You must do these things repeatedly in order to successful complete your mission.
The past couple months I have been blessed enough to go on a cruise, celebrate my girlfriend and my birthdays and our 1st year anniversary. Other than that I have reduced the amount I go out. I normally stay home (and just make t-shirts, hats, accessories) for Stereotype. I still go out but I have reduced the amount of times a week to help me hit my goal.
Eat food don’t let it eat you. I also budget every week how much $ I will spend on food. Since I always eat with my better 1/2 we keep our budget at about $100 a week. (50$ per person a week) We eat out a few times a week for lunch and maybe once or twice for dinner. The rest of the $ we use for food shopping where we cook over 60% of the meals we eat for the week. This has enabled us to eat healthier and save money on buying every meal out.
I only pay cash for everything. I live within my means. If something is 600$ I work my @$$ off until I get it and then buy what I want. This way I have bought a lot less things because when you have to use your actual $ it makes you realize “Ok this is not really worth it.” or “Maybe I really don’t need 5 pairs of 200$ shoes this month”
When I get older I want to be able to buy a house, have a family, invest and run a business so my first plan to build wealth for this is to eliminate my debt. I guarantee if you do them it will benefit you. Speed of results will def vary based on your debt, the amount you pay each month, your job, your budgeting and your discipline with these rules. I hope these tips benefit you.
Sincerely
Dave Noodlez
