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Simple Living



Frugal Debt Tips


Bad Money Habits

Get rid of bad money habits that keep you from getting out of debt.  Stop impulsive shopping, manicures, eating out, and other unnecessary expenditures and use that money to pay down your debt.


Make a budget and keep to it.  Know how much money is coming in and how much money is going out.  Put a name to every dollar you earn, whether it is food, clothing, shelter, or savings.

Credit Cards

Get rid of your credit cards and use debit cards.  According to statistics, you will spend anywhere between 30-40% less money when you use cash.  If you can't pay cash for your purchase, you can't afford it.

Debt Snowballs

Start paying off your debts, one at a time.  With the snowball method, you make minimum payments on every bill but the lowest one.  Hit that one hard.  When it is paid off, apply the money you were paying to that bill to it.  Getting rid of your bills and debt as quickly as possible will keep you motivated.

Extra Money

Take on extra work, or make ebay your best friend to raise extra money to pay off your debt.


Set goals.  Chart your progress.  Reward yourself for your discipline.  Make getting out of debt a family goal.  Make sure everyone understands how money represents your time, and you are giving others control of your lives with time.  Everyone wants to be "free."  Children will understand.  Work as a family to become debt free.


If you think you have a psychological problem with debt, seek help.  If you just need motivation, listen to people like Dave Ramsey on the television or radio and read debt reduction books.

Paying Off Debt

Always pay more than the minimum payment, or you will never get rid of your debt.

Spending Money

Wait 3 days before making a major purchase, and don't buy anything over a specified dollar amount without talking it over with your spouse.  Always ask yourself (and your spouse) if there is anything that can substitute for what you want to buy, or anywhere you can find it at a better price.


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