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.
It’s hard enough to keep a budget for one, let alone get your entire family on track with their finances. Fortunately, there are plenty of apps out there that can help keep you, your spouse, son, daughter and 11-year-old pug (OK, maybe not that last one) from spending beyond your family’s means.
Here are some choice apps that can help with your household budgeting.
1. Goodbudget
Platforms: iOS and Android
Essentially a digital version of the envelope system — you know, where you put money allotted for a particular spending category in one and then don’t use any dollars beyond that — this app syncs up across household devices. That way, everyone in the family can know exactly what’s left to spend on groceries, entertainment and other categories each month. The free version lets you set up 10 regular envelopes and 10 annual envelopes across two devices. A subscription service with unlimited envelopes and device syncs costs $5 a month or $45 a year.
2. You Need a Budget
Platforms: iOS and Android
You Need a Budget (YNAB) is another app that lets folks sharing finances sync their devices and work together. This app pairs with web software of the same name to help users implement the YNAB four big rules: give every dollar a job, embrace your true expenses, roll with the punches and age your money. You can try the latest version, launched in late 2015 and dubbed “The New YNAB,” for free for 34 days. After that, a subscription costs $5 a month or $50 a year.
3. Home Budget
Platforms: iOS and Android
This digital expense tracker from Anishu includes a feature called Family Sync, which — you guessed it — enables household devices to exchange income and spending information within a single, shared budget. There’s a free version (Home Budget with Sync Lite) which limits your expense and income entries, and a paid version (just plain ol’ Home Budget with Sync) that costs $5.99.
4. Wallet by BudgetBakers
Platforms: iOS and Android
This budgeting app lets your share selected accounts with family members so everyone knows what’s going on with the household budget. You can also choose to connect your bank accounts to the app to get automatic updates about their standing. Wallet has a free version with limited features and several paid subscription versions that vary in cost. Its top tier, called Master plan, allows up to 10 users, unlimited bank connections and customized financial analysis. It costs $5.49 a month or $44.30 a year.
5. EveryDollar
Platforms: iOS and Android
This budgeting app helps people apply the money management principles of budgeting guru Dave Ramsey. It syncs across devices so you can budget from your smartphone or your household desktop. There’s a free version and a Plus subscription, which lets you connect your bank accounts to the app and call for support. It costs $9.99 a month.
Balancing the Family Budget
Remember, you’ll want to read the terms and conditions of any app you’re looking to use so you know what it costs, how your data is protected and whether any information will be shared with third-parties. You can find more information for vetting mobile apps on the Federal Trade Commission’s website.
And, when it comes to maintaining a household budget, it’s also important to keep track of your credit because a bad or even fair credit score can really cost you on everything from mortgage interest to your family’s cell phone plan.
If your credit isn’t in great shape, you can improve your scores by disputing errors on your credit reports, paying down high credit card balances and getting delinquent accounts back in good standing. And, as always, you can maintain good credit by paying all your bills on time, keeping debt levels low and adding a mix of new credit accounts over time.
Grout can be troublesome. While ceramic tiles are designed to resist stains, deflect grime and last for years, grout tends to absorb dirt and become strained all too easily. You might have tried many different cleaning solutions and homemade remedies on your grout, but nothing seems to get that dark brown stain out from between those shiny ceramic tiles. What can you do?
Remember, when tackling dirty grout, always start out with a mild cleaning solution, and if that doesn’t clean it fully, gradually move on to more aggressive cleaners. Of all the commercial cleaning solutions out there, we’ve found OxyClean to be the simplest and most effective at tackling messy grout lines and dirty tiles. Not only is OxyClean tough on grout, its main component is hydrogen peroxide, a “green” cleaning product that is neither a carcinogen nor a neurotoxin. Simply combine the OxyClean with water, rub onto the grout, and let sit for the recommended time before rinsing it off and brushing away any residue.
You might be tempted to use a rough brush to push the solution into the grout lines. Don’t do that! Using an abrasive brush such as steel wool or Brillo pad will wear down the grout and do more harm than good. In some cases, it could break through the grout, forcing you to get it replaced. Of all the brushes, an old electric toothbrush is the most effective at brushing dirt out of grout. Much like it does to your teeth, the electric toothbrush rotates and scrubs the gunk out of the grout, while simultaneously reaching those hard-to-get or unseen spots.
If you’re having no luck with the various cleaning solutions, consider investing in a steam mop. A steam mop uses high pressure, hot water and steam to blast your flooring and clean your grout. The high pressure created by the machine lifts dirt from inside the porous grout lines, flushing it out and leaving a shiny, new-looking surface in its wake. Using a steam mop is great on the environment since it uses hot water instead of harsh cleaning chemical solutions.
Cleaning with the steam mop is very easy. To use your steam mop, all you need to do is hold the nozzle and direct the steam through it and onto the grout line. Direct the nozzle up and down the grout lines to directly take on the dirt. You want to rent or buy a steam mop that has a strong pressure gauge and can reach ~350ºF, as this is the optimal temperature for cleaning grout. Cleaning mops are very effective when used alone, even more so when used following a more traditional cleaning attempt using a homemade or commercial cleaning solution which are used by the professionals such as Sir Clean Pro. Once you’re finished using the steam mop, use an attached brush, old toothbrush or nylon brush with soft bristles to wipe away any leftover dirt residue. Once you’re done, your tile floor or wall should look shiny and new.
My daughter has been asking, requesting, and even begging me for a pet; specifically a dog. I have not fulfilled her wishes because I know the huge responsibility that having a dog entails. It means getting up early or staying up late to walk the dog. It means cleaning up after the dog during the training stage. It means managing pet hair, accidents, and chewed up shoes. It could mean a huge carpet cleaning or replacement bill. If you are a little more lenient and decide to get your child a pet here are a few carpet cleaning tips for pet owners to ease your mind.
Having pets doesn’t mean you have to get rid of your carpets. A little hard work, active planning, and preparation is all you need to stay on top of things and keep your carpets clean around the hustle and bustle of dogs and cats. Accidents are bound to happen, whether you have one pet or several, but reacting with immediacy and the proper cleaning techniques can make the difference between a temporary mess and a permanent stain on your carpet. Of course, you can always hire a professional carpet cleaner and if you live anywhere near Charlottesville, VA, check out Tidy Guy for some great deals on carpet cleaning.
Managing Pet Hair
Pet hair can be impossible to get rid of. Many dogs shed, leaving hair in their tracks everywhere they go – across the carpet, on the couch, on your clothes and pillows and blankets. Some dogs shed so much that vacuuming can’t keep up, and you can even risk clogging your vacuum with the hair.
One way to lessen the pressure on your vacuum cleaner is to do a ‘lint roll’ over your carpets before you turn on the vacuum. Wrap an old paint roller in masking tape and attach it to an old broom handle to get the outer layer of pet hair off your carpets before you vacuum. This can also be an effective way to clean hair off your furniture as well. In order to stay on top of your pet’s shedding, vacuum your carpets at least three times per week.
Dealing with Pet Accidents
Accidents happen, always. Sometimes you’re training a new puppy and they don’t make it outside in time, other times your already-trained dog gets too excited to see you and has an accident. Reacting immediately to these kinds of accidents is the key to minimizing stains and damage. Follow these steps to clean the carpet as flawlessly as possible:
First, lay an old cloth over the urine stain on the carpet. Stand on the cloth to press it into the carpet and absorb much of the moisture.
Next, clean the area with a solution made from four drops of liquid dishwashing detergent to one cup of warm water. Work the solution into the carpet’s stain before rinsing it well with a clean, wet towel.
To avoid future stains in that spot, blot the stain with a vinegar and water solution.
After you’re done cleaning put some paper towels down and place a book on top to act as a weight to facilitate moisture absorption.
It isn’t advisable that you use a steam carpet cleaner to tackle pet-related stains. Using a steam cleaner can yield the opposite result, setting the stain and making it impossible to remove. There are many products available on the market that is designed to remove pet-related stains. It’s important to follow directions very closely when using products like this in order to bring about the best results.
A handheld carpet vac (available usually for < $100 online) is a great tool for successfully getting rid of pet stains in your carpet without breaking the bank. Use only warm water in your carpet extractor before attempting to use an enzyme treatment to get rid of any odors. Using water first will rid your carpets of any chemical residues, which can inhibit the enzyme treatment from doing its job. Remember, liquid messes spread easily in your carpet, so immediacy is key to handling these types of stains.
I remember so clearly when my son was little. He was seven when his father and I divorced, and we moved out of state. Sure, we struggled, but we had many good times, too. I was a super-involved single mom. When he was in elementary school, I knew all of his teachers. I attended class parties, and I never missed a parent-teacher conference.
I made sure he was involved in fun extra-curricular activities with other boys his age. We were very active in Cub Scouts. The Pinewood Derby was always my favorite event! Together, we built several cars that won the race! I was a very proud Derby Mama; I knew how to polish those axels and make the cars go FAST!
He joined a basketball team for several years, and that really helped him grow. I was there for every practice and game, and I was the mom who kept track of all the players’ statistics. My son was good at defense, but he never wanted to shoot. I’ll never forget the one time he was in the perfect spot to get a basket. The parents were sitting on the bleachers wondering what he would do. Then, he threw the ball and made the basket! We all got on our feet and cheered.
But sports were not his passion. And he decided not to continue with Boy Scouts.
My adorable little boy was becoming one of the most feared creatures on Earth; the teenager with an attitude. He loved to argue with me. Everything I said was wrong. He was still doing pretty well in school, which was certainly a relief. But home was a different story. We got along fine as long as he was doing and getting what he wanted. But when I needed him to do something for me or the household, it wasn’t happening and an argument erupted.
The Challenges of Raising Teen-Aged Sons
Being the mother of a teen boy can be so challenging! I’m five-feet, three inches tall on a good day, and my son towered over me when he was only thirteen. His father lived out of state, so I was on my own with this kid. How in the world would life be bearable until he graduated from high school?
As a mom, I was tempted to just give in to his wishes to make peace in our home. I certainly did not look forward to the days that, after being at work for nine hours, there would be a huge knock-down, drag-out waiting for me at home.
Truths About Raising a Teen-Aged Son
I needed to remind myself of several important truths:
I’m the adult, not him. This was my home, and he was allowed to share it with me. I paid the bills, and I made the rules. Even though he is absolutely sure that he knows more than I do, I know that I’m right. I need to stand my ground and be the adult.
Giving in to his demands will not help him. As a parent, it’s my job to raise a child into an adult. This boy needs to become a strong man, and I need to help him. This means that he needs to understand that the choices he makes will have consequences, whether they are good or bad. If he chooses to not complete his school work, he will suffer the consequences of that choice. It’s not my job to bail him out. The same rules apply at home. If he decides not to do a household chore that is his responsibility, I will provide the consequences.
Enabling him and bailing him out will not help him. It would have been so easy for me to clean up after him, cook all his meals, and just give in, in order to keep peace in my house. But is that teaching him how to be a strong, independent man? No!
Parents have more power than we think we do. It seems that many parents today are almost afraid to discipline their children. It is okay if we don’t give our children every single thing they want. “No,” is a complete sentence. We do not need to give them an explanation for the decisions we make.
This difficult time with my son is only a season. It won’t last forever. I know that it’s my job to help him grow into a successful young man, and he won’t always enjoy the process! I’m looking forward to the day, maybe five or ten years down the road, when I hear the words, “Mom, you were right!”
Hi! Welcome to RichSingleMomma.com. I started this website almost a decade ago because I couldn't find any blogs back then that helped single moms with money. I was having some success in that area so I decided to share what I knew about side hustles, making extra money, and managing what I had. Read more...
