9 Online Jobs the Pay Well

9 Online Jobs the Pay Well

The nine-to-five office grind isn’t for everyone. Some people are more productive when they’re at home. Luckily, the internet has a way of providing new opportunities for almost everyone, especially SAHMs.

If you are looking for ways to earn extra income without sacrificing your time with the kids, here are online jobs you can get into:

Freelance Writer

If you have a way with words, freelance writing is a viable option that you should consider. A lot of industries are in need of writers especially when the products, services, or topics involved are niche.  There is a wide variety of subjects to be covered such as travel, sports, fitness, housekeeping, and more. The write-ups needed usually come in the form of blog posts, journalistic articles, and online lists. Starting out, you can expect around $15 per post, but with more experience and better connections, you can make a lot more.

Blogger

Blogs that generate a lot of traffic can be turned into a profitable side business. If your blog shares the same interest and direction with a company, they may be willing to pay you to run ads that link to their site. For example, if you have a home cooking blog, companies selling kitchenware may ask you to connect with them (or the other way around). Pay is usually based on how much people click on the ads via your blog and it ranges from $10 to $50 for every 1,000 hits.

Virtual Assistant

A lot of people are in need of other’s help to stay organized. You can monetize on that by becoming a virtual assistant. From reading and responding to emails, scheduling meetings, managing websites, and more, it is a position that requires you to do just a little bit of everything. Rates usually start out at $10 per hour and can get to up to $30 if you are more experienced.

Graphic Designer

As technology develops so does the need for companies to go digital. Businesses and professionals are always looking to establish a web presence, and if they already have one, they are may be looking to update it. If you are adept at creating custom graphics, then designing online can be a lucrative source of income with a rate that averages about $45 per hour.

ESL Teacher

Your proficiency in English can be used as a means of income. Teaching and tutoring English as a second language is sought after in countries with locals trying to learn it such as South Korea or the UAE. Rates are about $25 per hour and can go north of that. It also might open doors for you to travel across the world.

Online Seller

A lot of people have things lying around their home that they want to get rid of, but they are too busy to do so. You can actually reach out to them and do it yourself. With various sites at your disposal, you can sell anything from appliances to mint condition toys, or you can create your own site for selling used clothes. As a seller, you can take a percentage off the total sales or have a “per-item” fee that varies depending on the value of the item being sold.

App Developer

With smart phones developing more and more, apps play a bigger part in our daily lives. Developing one is another way of making money. There are some hobbies and niche areas where apps have no presence in yet, and acting on it can yield a profitable reward.  

Google Paid Ad Specialist

The world of paid internet marketing is as lucrative as it is huge. If you are familiar with your way around Google’s Ads, you can make extra money managing a company’s campaign. The better you are at optimizing ads, the more you will start bringing in more clients.

Social Media Manager

There are companies that look for individuals adept at maintaining a social media presence. Whether it be Facebook, Twitter, or Instagram, these platforms help with a company’s or professional’s internet exposure. Some are too busy to build their brands online, and they are in need of people who can do so.

I hope you enjoyed and got a few ideas from 9 Online Jobs that Pay Well!

6 Ways to Save More Money Every Month

6 Ways to Save More Money Every Month

If saving money was easy, everyone would be doing it. Unfortunately, the excuses for not are easy to stack — what with mortgage or rent, utilities, kids, student loans, pets, food and just the slightest social life, it can seem like there isn’t a penny to spare.

The trick to saving more is to make it simple, make it automatic and make it something you never have to think about. Still not convinced you can hack it? Check out some of these easy ways to save more every month and you might be surprised how much your bank account grows.

1. Sign Up For an Account That Automatically Saves For You

Many banks make it easy for customers to save these days by doing it for them automatically. For example, enroll in Bank of America’s Keep the Change program and for every purchase you make using a Bank of America debit card, the bank will automatically round your purchase to the nearest dollar and transfer the difference from your checking account to your savings. How easy is that? Check with your own bank to see if they offer a similar program.

2. Automate Your Savings Yourself

If you’re more of a “do-it-yourself” kind of person, automate your savings yourself by signing up for a monthly transfer directly from your checking into your savings account. You’ll know the transfer is coming every month, which will make you feel good, but you won’t have to go in and physically make the transfer yourself, which will feel even better. If you can, try setting up multiple savings accounts for your different goals (i.e. house, travel, emergency, etc.). By purposefully diverting your hard-earned money into specific buckets, you’ll feel more like you’re working toward an actual goal, rather than just generally saving for a rainy day.

3. Use a Financial App to Track Your Progress

If you find that it’s hard for you to save because you aren’t seeing your progress at any given time unless you log into multiple accounts, there’s an app for that. Download a budgeting app and you can connect all of your banking in one area for ease of use. Don’t feel comfortable with an app? Your bank may offer something similar on their website. Now every time you make a purchase, put money into savings or take cash out of the ATM, you’ll be able to see exactly how your money moves have affected your current savings, goals and budget.

4. Make the Most of Your Credit Cards

If your current credit card isn’t garnering you some type of rewards, it may be time to make a switch. These days, credit cards offer such great incentives through rewards programs, so unless you’re prone to carry a balance on your card from month to month (rewards cards can come with higher annual percentage rates, which can cut into any rewards you earn), you could be missing out on some serious savings. If it’s pure cash that you’re interested in, check out Credit.com’s guide to finding the right cash-back rewards credit card.

5. Learn to Haggle

Remember, cars aren’t the only things you can haggle over. Check with your internet and cable provider and call your cell phone company to see if the price you currently pay is the best they can do. Ask for discounts on items in the grocery or retail stores, too. Take the difference between what you would have been paying and the final price you end up with and stock it away in savings.

6. Avoid Paying ATM Fees

You might think ATM fees aren’t worth worrying about, but those quick trips to the ATM can really add up. Fortunately, there are plenty of ways to avoid paying ATM fees.

Remember, you’ll save money on everything from your mortgage and auto loan to credit card interest if your credit scores are good. If you don’t know where yours stand, you can find out by taking a look at your free credit report summary.

Looking for more ideas on how to save each month? Check out these 12 ways to lower your cellphone bill. 

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

The post 6 Ways to Save More Money Every Month appeared first on Credit.com.

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How to Make Summer Camp Fit Your Family’s Budget

How to Make Summer Camp Fit Your Family’s Budget

Last summer, the New York Times ran a piece about families who can’t afford summer camp or other programs for their kids. It highlights a problem for many working parents: Summertime care for kids is expensive.

This is especially true if your kids are in public school during the year. You suddenly go from paying nothing to have your kids cared for all day to paying a whole lot of money. Many parents may not have much choice but to find summertime childcare.

If this is the boat you’re in, here are a few ways to find a summer camp for your kid and options that may make it more affordable.

1. Check Online for Summer Camp Options

These days most states and major metropolitan areas have parent blogs or magazines devoted to the local area. In my local Indianapolis, for instance, we have Indy’s Child magazine and IndywithKids.com. Both feature a listing of local summer camp options.

Chances are you can find something similar for your area. If you can’t, there are national resources, too. The American Camp Association has a database for finding day and overnight camps in your area. It leans towards ACA accredited camps, though it will list some not accredited. When I ran it for our area, it turned up some but not all the options I know are available. Still, it could be a place to begin your search for a summer camp.

2. Choose a Less Expensive ‘Base Camp’ Option

One thing that makes summer camp expensive is the specialized options. I’ve seen sports camp, Lego camp, technology camp, horse camp and more. If your kid goes to these specialty camps for the summer, you’ll undoubtedly spend more money.

However, many local YMCAs, schools, daycares, churches and city parks programs offer more traditional summer camps. Our daughter’s daycare, for instance, offers a school-aged summer camp program where they hang out at the daycare for much of the day, but also take trips to local parks, libraries, and pools. It’s nothing spectacular, but it’s safe, fun, affordable childcare.

If you can find an option like this, build your summer around it. Then you can splurge on a week or two of more expensive specialty camps for your kid.

Where do you find these less expensive options? Check out the following:

  • YMCA: The Y runs summer camps all over the U.S., and sometimes offers a sliding scale fee to make things more affordable. While they offer more expensive specialty camps, most local Y’s also offer traditional day camp options.
  • Churches and religious centers: Many churches and religious community centers offer summer-long day camp options that are quite affordable.
  • Schools: Local schools with before- and after-care programs may transition those into affordable summer camps with fun activities for kids.
  • Parks and recreation: City and county parks and rec departments also run summer camps, and these tend to be more affordable than other options.
  • Boy Scouts and Girl Scouts: If your child is a scout, look into their summer camp options. These are often overnight options, but they tend to be very affordable.
  • Local businesses: Sometimes local businesses offer summer camp-like programs that are for mentoring older kids who may want to become entrepreneurs. These camps may be based on an application process, so be on the lookout well ahead of time.
  • Local colleges: Often local colleges and universities provide camps as a way to get their own students teaching, leadership and coaching experience.

3. Consider a Nanny Camp

Can’t find any affordable summer camp options in your area? Consider putting together a “nanny camp” with friends or neighbors. This is basically a summer-long nanny sharing program.

You’ll hire a nanny to take care of a reasonable number of kids — say four or five — and the nanny can do some summer-camp activities, like going to local parks and pools. This works best if the kids in the nanny camp are around the same age, and if you can provide the nanny with a safe way to get the kids around town.

4. Ask for Assistance

If you can’t afford even the least expensive camp option on your list, ask for financial assistance. Many summer camps offer scholarships for enrollment fees. Sometimes the information about these options isn’t easy to find, so ask about it. Even if you feel like you make too much money to qualify, it doesn’t hurt to ask.

You should also check for discounts. Some camps offer early registration discounts, and others will give you a reduced rate if you pay for the whole season at once. Tons of summer camps also have sibling discount options, which is why it often makes sense to enroll your kids in the same summer camp.

Making summer camp fit into your family’s budget can be tough, especially if you’re not already used to paying for full-time childcare. But there are plenty of excellent, affordable options out there if you just know where and how to look.

Cards for Camp?

You may be tempted to apply for a credit card to earn rewards for your summer expenses. If you do, be sure to check the terms and conditions so you know what you’re getting into. Also, make sure to check your credit to make sure you’ll qualify. You can view two of your scores on Credit.com.

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11 Ways to Lower Your Cell Phone Bill

11 Ways to Lower Your Cell Phone Bill

Cell phone bills can be expensive, on par with the monthly costs of powering your home or keeping your car gassed up. Of course, your cell phone can help you build your credit, but only if you aren’t strapping yourself with too large a bill every month.

So if you’re sick of shelling out a small ransom to call, text and watch YouTube cat videos on your smartphone, you should know there are ways to cut your bill. Here are 11 options:

1. Choose the Right Plan

If you’re signing up for a new cell phone plan, make sure you’re only paying for the plan you need. Unlimited texting, calling and data plans are nice, but you may use your phone less than you think.

Take a look at your phone usage over the past few months to determine if average usage is way under the allowances you’re paying for. If so, you can save some money by switching to a downgraded plan.

2. Keep Your Phone Longer

Many wireless carriers like Verizon and AT&T dangle the carrot of a new phone upgrade every year or so. Of course, you like new devices, but you might end up shelling out hundreds for a new phone or rolling the cost into your wireless bill, which sounds tempting in the store but will add to your monthly cost.

If your current phone works, hold onto it to save money.

3. Skip the Insurance

Device insurance sounds appealing when you’re about to drop hundreds on a new phone. But in many cases, it isn’t worth the cost.

“At $11 per month from Verizon, you’d still need to cough up an additional $50 to $200 for the deductible, depending on your device. It’s more cost-effective to invest in a sturdy, protective case and screen cover and treat your device with care,” said Kendal Perez, Savings Expert at CouponSherpa.com.

It’s also worth checking with your credit card issuer to see what, if any, kind of extended warranty options they offer on new purchases made with your card, or if you pay your cellular bill with your credit card. Learn more about your options with this handy guide to getting your money back when you break or lose your phone.

4. Use Family Plans

If you need more than one phone line on your plan, you may want to check if your wireless carrier offers family plans. Family plans offer savings for additional phone lines, decreasing the average cost of each line. In some instances you may be able to split the costs with a friend or family member you trust.

5. Don’t Surpass Your Data Limit

Seriously, don’t do it. Wireless carriers often impose steep fees when you surpass your data limit, so if you’re regularly bumping up against your limit, you may want to comparison shop for an unlimited plan. It could end up being cheaper than going over your limit several times.

6. Reduce Data Usage

If that’s not an option, consider reducing your data usage. Use secure Wi-Fi wherever available, especially when you’re engaging in data-heavy activity like downloading podcasts or watching videos. If you can reduce your data, you can potentially switch to a plan that charges less.

“Unlimited data plans are making a comeback…however, it’s better to track your usage and pay for the data you actually use. Compare plans between carriers and read the fine print,” said Perez.

7. Do a Bill Audit

Many providers charge for things you’ll never use or already have, such as emergency roadside assistance or 411. Next time you get your bill, go through every fee and charge to make sure you know what you’re paying for. Some unused services could be removed from your bill.

8. Look for Employee Discounts

Many employers and jobs have discounts available with major wireless carriers. Examples may include active-duty military members or state government employees. Find out if your employer or wireless carrier participate in such plans.

“If your employer has a business plan with a carrier, employees are typically eligible for a discount,” says Perez. “Ask your supervisor or HR department about this benefit and the amount of the discount.”

9. Make It Tax Deductible

If you have a home business and use your phone to conduct business calls and emails, you can deduct some or all of the cost of your wireless plan at tax time. This will indirectly reduce the cost of your cell phone bill.

10. Cost Share with An Employer

You also may conduct business on your personal phone for your employer. This could include phone calls, email and any other work activity. Ask your employer if they participate in phone reimbursement or cost-sharing policies.

11. Negotiate With Your Provider

Like many other service providers, wireless carriers face stiff competition from other wireless giants and smaller providers. As a result, they may be willing to negotiate to keep your business. Call your wireless carrier, tell them your bill is too high and that you’re thinking of switching to another provider. You may want to be ready with offers from other wireless carriers, and you’ll have some negotiation power if you’re a long-time customer and always pay your bill on time.

Also, keep in mind, the better your payment history, the better chance you have of negotiating, so don’t wait until you’re making late payments to begin talking. If you’ve already made some late payments, for your phone or other bills, you can see how they’re affecting your credit scores by reviewing your free credit report summary on Credit.com.

Switch Wireless Carriers

Competing wireless carriers are constantly trying to lure customers away from each other. If you can find a better offer from another carrier that provides the service you need, you have a compelling reason to switch. You can even look for budget alternatives, such as prepaid plans.

“Prepaid, no-contract plans from Boost, Virgin Mobile, Ting and Page Plus are all cheap alternatives to big-carrier plans… compare costs between big carriers and no-contract providers before you buy.”

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A Monthly Guide to Setting and Reaching Your Financial Goals

A Monthly Guide to Setting and Reaching Your Financial Goals

New Year’s resolutions are fundamentally flawed.

The idea of doing something for an entire year is both daunting, unpractical and, frankly, a little boring.

So let’s try something new this year. We’re going to take a single resolution – getting your finances in order – and break it up into 12 easy-to-accomplish, month-long goals.

By setting up a series of manageable tasks, you’ll be able to make real month-by-month progress while staying motivated and mindful of the big picture. Because, really, what good is starting something if you can’t finish it?

1. January: Create Long-Term & Short-Term Financial Objectives

The beginning of the year is the perfect time to take stock of your financial past, present and future. Start by looking back at the previous. Was last year a success from a financial goals standpoint? Next, talk to your partner about where you want to be financially both today and tomorrow. Make sure your short-term plans are nested directly within your long-term view and both are leading to the same endpoint.

You should consider creating SMART goals for your finances. Your goals should be specific, measurable, achievable, realistic, and time-based (SMART). You could make a goal this year to finally get out of debt or build a fully-funded emergency fund. Or, you could save for a down payment on a house.

A short-term goal could be paying for all of your Christmas gifts next year with cash. If that’s actually one of your short-term goals, now is the time to start. Look at how much you spent last year on Christmas gifts. Set a budget now of what you’ll spend in December and start saving each month for that goal.

Short-Term Goal — Pay for Christmas 2017 With Cash!

  • Specific. Set a specific dollar amount to save. The average American spends about $460 on gifts for family members.
  • Measurable. Look at what you spent in 2016 and use that figure to budget this year.
  • Achievable. If your budget is $600, you need to save $50 each paycheck.
  • Realistic. Yes, you can get it done in a year if you start now.
  • Time-based. You have 12 months to save for next Christmas.

2. February: Increase That Emergency Fund

It’s important to have at least three to six months of living expenses saved for the unexpected. Maybe even more if you have a large family to provide for. An emergency fund helps keep you out of debt or prevents you from increasing debt in the event of something unforeseen like the loss of a job or an unexpected home or car repair.

It’s usually best for an emergency fund to be liquid, which means it’s easily accessible from your regular old savings account. An emergency fund shouldn’t be used for any investing.

3. March: Get Serious About Paying off your Debt

Facing off with debt (credit card or otherwise) can be daunting. But not dealing with it can be crippling when trying to achieve your financial goals

Debt affects your credit and that, in turn, affects other aspects of your financial life, such as life insurance premiums, car insurance rates, job prospects, and more. (You can see how your debts are affecting your credit, for instance, by viewing your free credit report snapshot, updated every 14 days, on Credit.com.)

Take March and start a debt snowball There are two philosophies when it comes to paying off debt. You can either start your debt snowball by tackling your smallest debt first. Or, many financial experts recommend starting with the debt that has the highest interest rate first.

Starting with the smallest debt and paying that one off first (while making all of your minimum payments on your other cards) instead of the one with the largest interest rate has a psychological effect. It’s a quick win that will build momentum. It’s amazing to see yourself pay off debts. It’ll keep you motivated and hungry to pay off more.

Paying off your debts with the highest annual percentage rate (APR) is more cost-effective, since it can save you on interest.

4. April: Time for a Last Will & Testament

It’s not a pleasant topic to think about, but you don’t want to die without a will. It can often lead to your final wishes not being followed and put additional stress on your loved ones when they’re already suffering.

Having a last will and testament ensures that your desires are known and carried out correctly. Who will take care of your children if you die while they are still minors? Who will take care of them if you and your spouse die at the same time?

Children are just one of the many reasons that you should have a will. Whether you’re single, married, or have children, you don’t want the probate courts deciding important manners about your belongings and wishes.

If you don’t want to spend money on an estate attorney just yet, there are numerous online wills or forms that you can use. These resources can provide a solid starting-off point, and then you can hire an estate lawyer on an hourly basis to ensure you’ve considered everything.

Whichever route you choose for creating a will, just make sure you have a witness present and that you sign in front of a notary.

5. May: Assess Your Life Insurance Needs

Life insurance helps ensure that your family will be financially protected if you die. (Full disclosure: Haven Life, the company I work for, sells life insurance.)

If you have loved ones who depend on you for financial support and you don’t have a policy outside of work, then you’re probably not adequately covered.

Most employer-sponsored life insurance coverage only provides one or two years salary for a death benefit. That may seem like a lot to some, but the recommended amount of coverage is usually five to 10 times your annual income. And it’s important to remember that employer-sponsored coverage usually doesn’t go where you go, which means coverage usually ends when you get a new job.

Life insurance should help cover:

  • Day-to-day living expenses
  • A mortgage and other debts
  • College costs for children
  • Childcare costs
  • Future healthcare costs
  • Funeral and final expenses
  • Charitable giving
  • Any legacy you want to leave

6. June: Consolidate Your 401K Accounts

Young workers move around and take a lot of jobs. According to the Harvard Business Review, more than 20% of Millennials have job hopped within the last year. But, with all of this moving, what happens to your retirement plans? Many workers simply leave their 401K retirement plans spread across their many former employers. If you’ve changed jobs recently, March is a good time to turn your attention to consolidating your 401K retirement plans. Roll over the old accounts into your new employer’s 401K or a Traditional IRA.

By keeping all of your retirement savings in single place, you’ll have better control and more investment options at your disposal. Consolidation will also help you maintain the right asset allocation based on your current risk tolerance.

7. July: Increase Your Retirement Contributions (But Not at Your Budget’s Expense)

You can boost your retirement savings without killing your budget if you increase your contribution with every pay raise earned.

If you get a pay raise of 2%, consider increasing your monthly contributions to your 401K or Roth IRA by 1%. It’s a sneaky way to trick yourself into saving more for your retirement without feeling the pain. Especially if you can time this increase in retirement savings before you even see the larger paycheck.

8. August: Open a 529 Account

A 529 College Savings Plan is a great tool to help you save for your children’s college education. As soon as your newborn receives his or her Social Security number, consider opening a 529.

Parents (and grandparents, aunts, uncles, and other family members) can contribute after-tax dollars to the plan, which typically offers a number of different investment options. Your contributions can grow over time, and earnings are tax-free as long as you use them for qualified higher education expenses when withdrawn. You can also receive a deduction on your state income taxes in many states for 529 contributions.

9. September: September Is for Shredding

Financial statements are like weeds. If left unattended, they can grow, multiply and before you know it, take over your desk completely.

Knowing which financial documents to keep and which to shred is key.

You can shred receipts for items you aren’t going to return as soon as the purchase has posted to your account. You can destroy credit card monthly statements after you’ve received them and reconciled your purchases.

Better yet: Consider switching to digital statements. Start going through your bank, credit card and investment accounts and opt for digital statements instead of paper copies. This way, you’ll help save the environment and keep desk clutter to a minimum.

Remember, it’s important to keep monthly investment statements until you receive your year-end statement. You should keep year-end statements for at least seven years in case you get audited. The same is also true for all tax documents. You should keep supporting tax documentation for at least seven years.

Shredding your financial documents or having a digital safe haven is one of your best defenses against identity theft.

And, hey, shredding a stack of papers never stops being gratifying.

10. October: Build Your Financial Team

We all need some help in our corner and trusted advisers we can turn to.

A financial team can be a sounding board for ideas and can help you stay on track with your financial goals. You may want to consider working with a financial planner, a tax professional, insurance agent, mortgage broker and/or real estate agent. If your financial life is an enterprise, this is your personal board of directors to assist you.

Get your team in place now and then turn to them throughout the year when you need help with things like filing your taxes, adjusting your investments or even insight on if it’s a good time to put your house on the market.

11. November: Stop Giving the Government an Interest-Free Loan

Your goal should be having little-to-no income tax refund each year. Having a small refund means that you’re getting the right amount of taxes withheld from your paycheck each month.

A large income tax refund is equivalent to an interest-free loan to the government. According to IRS records, the average income tax refund in America is $3,120. That equals $260 each month that you could add back to your monthly paycheck.

Too many Americans look at an income tax refund as a year-end bonus, but it’s an overpayment of your taxes every month. What could you do with an extra $260 each month?

Take some time in November to check in with your HR department about changing your withholding and updating your W2.

12. December: Rebalance Your Investment Portfolios

Many investors do not get a higher rate of return on their investment portfolio because their allocations get out of whack. December is the perfect time to rebalance your investments.

Investors should rebalance once a year to optimize their desired investing mix based on their investing timeframe, objectives and tolerance for risk. Rebalancing helps you stick to your investment plan and avoid potential anxieties as the market fluctuates. Many financial experts recommend rebalancing once a year either during the new year or in the investor’s birthday month.

Mix, Match & Reorder to Suit Your Needs

So, there you have it. Not all to-do lists need to be a mile long. The point is, where possible, divide your financial goals so that you feel like you’re making progress during the entire year versus a mad dash to accomplish everything this month.

Feel free to mix, match and reorder these tips to best suit your family’s needs. If you’re like me, while working on this, I decided to increase my retirement contribution by 1% now versus waiting longer into the year.

Ultimately, what matters most is that you’re working toward tackling your financial goals and setting yourself up for long-term success. A month-to-month to-do list could be the best way to keep yourself on track.

(Note: While we hope this information is useful, it’s only intended to provide general education. It’s not legal, tax, or investment advice, and may not apply or be useful to your specific financial situation.)

Hank Coleman contributed to the reporting of this article.

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5 Ever-So-Simple Strategies for Paying Off Debt in 2017

5 Ever-So-Simple Strategies for Paying Off Debt in 2017

Want to pay off your debt and save more money in 2017? You’re not alone! According to one survey of Google search data, searches for “Spend Less/Save More” were up 17.47% from 2016. Want to achieve your get-out-of-debt goal? If so, we recommend trying one of the five strategies here.

1. The Debt Snowball

This debt-payoff method, made famous by financial guru Dave Ramsey, has you pay off your smallest debts first. The idea behind the debt snowball is that you get a quick psychological boost from paying off some small debts from the get-go. This gives you the mental momentum to keep going when paying off debt.

To start a debt snowball, list your debts in order from smallest to largest. Use any extra money to pay off the smallest balance while you make minimum payments on your other debts. When your smallest debt is paid off, snowball that debt’s minimum payment, plus your extra cash towards paying off the next debt. By the time you get to the largest debt, you’ll be throwing a lot of money at it each month. (You can see how your debt is affecting your credit by viewing two of your credit scores, with updates every 14 days, on Credit.com.)

2. The Debt Avalanche

This is similar to the debt snowball in that you pay off one debt at a time. But it’s actually the more economical method of paying off debt. Instead of paying off smaller balances first, the debt avalanche has you start by paying off the debts with the largest interest rate.

The debt avalanche is a smart method if you already have the determination to make it through a long debt payoff process without the boost of paying off a few smaller debts early on. It can get you out of debt faster since you’ll stop accumulating interest on high-interest debts much more quickly.

3. The Debt Snowflake

This is a method that can be combined with one of the above options or used to pay off debt in any order you choose. The idea here is that you find small ways to save a few bucks, and then transfer that money saved toward debt payments.

With the debt snowflake method, you’ll need to be exceptionally aware of your spending patterns. For instance, if you normally spend $10 on a lunch out at work, but pack your lunch one day, you could save $5. That $5 is a snowflake that can then go toward paying off debt.

The key to debt snowflakes is to make sure they don’t “melt.” Get into the habit of transferring “snowflake” money to debt accounts immediately, or at least on a weekly basis. Otherwise, you run the risk of that hard-saved cash being used for other purposes.

4. The Credit Card Transfer

If much of your debt is in the form of high-interest credit card balances, consider using balance transfer offers to pay off that debt more quickly. Since credit cards often have interest exceeding 15%, it’s not unusual for most of your minimum payment to go toward interest, even on a relatively small balance. If you can transfer that balance to a card with a 0% introductory annual percentage rate, you can put more money toward the principal balance each month, paying off your debts more quickly.

Be careful, though, to read all the terms of a credit card balance transfer. Most cards charge a fee for the balance transfer. If you’ll pay off the card’s balance quickly, the transfer may actually cost more than it saves. You can find more info on some of the better balance transfer credit cards here.

5. The Half Payment Method

What if you’re on such a tight budget that you can’t even squeak out some extra dollars to start on a debt snowball or avalanche? One option is to start making half of your minimum payment every two weeks. Bi-weekly payments, which may fall when you get a paycheck, can save you money over time on debts that are compounded daily or monthly based on the average balance.

The reasoning behind biweekly payments is somewhat complex. But, essentially, paying more often allows less interest to accrue between payments, which means more of your payment goes toward the principal. Plus, if you make a half payment every two weeks, you’ll actually have made a whole extra minimum payment by the end of the year!

Half payments can help even out your bank account balance and can help bring down your debt balances more quickly. Combining the bi-weekly payment method with another method for applying any extra cash you scrape together toward one debt at a time could be a powerful option for meeting your financial resolution this year.

The post 5 Ever-So-Simple Strategies for Paying Off Debt in 2017 appeared first on Credit.com.

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