Today's video is a collaboration with Kim, from the Free to Family YouTube channel. Kim, is a debt-free enthusiast, just like me. We are both passionate about living well within our means.
We decided to collaborate on today's video to share ten extreme tips for saving money and getting out of debt. Whether you have a lot of debt, have no debt but are interested in saving money, or have a singular goal, like paying off your mortgage, today's video will have something for you.
I announced last year that our family had become debt-free, including our mortgage. We have been working toward this goal for a long time, and today's video chronicles many of the steps we took to get there. I chronicle our debt-free journey and greatly expand on this topic in my eCourse, Chic Financial Principles for Debt-Free Living.
Today, I'm excited to continue the discussion on the blog and share some of my tips with you.
In no particular order, here are 10 extreme tips for getting out of debt:
1. Share a vehicle Many Americans have enormous monthly car payments, whether they lease or own. Going down to one car per family (which is what the Chics did) and taking public transport instead or getting creative about when and how to use the car aides your finances tremendously. Of course, the vehicle must be affordable and within your budget. We currently share the family car and it has been no problem at all. We are doing this right now because we are saving for a financial investment we are making. Eventually, my husband would like to get an electric vehicle for his car.
2. Relocate to a more affordable area Last year we sold our West Los Angeles home and moved to the much more affordable suburbs. This allowed us to buy our home outright with no mortgage, allowing us to finally become fully debt-free. If you are able to relocate to a more affordable area, take the exciting plunge and enjoy the benefits in savings.
3. Enjoy your meals at home Relegate eating at restaurants to special occasions only and have the majority of your meals at home. Most people can agree, this one step saves a tremendous amount of money. The Chic family rarely ate at restaurants and enjoyed meals at home almost every evening.
4. Grow your own food My husband and I might be clueless gardeners, but our efforts in our totally out-of-control vegetable garden sure paid off this year. We had abundant vegetables the whole summer, which helped us keep our grocery budget in check.
5. Be an entrepreneur If you are able to work to provide an extra income stream, you can pay off debt and invest your money quicker. I like to encourage people to turn their passion into an entrepreneurial business. Sell on Etsy, provide services on Fiverr, and other websites of the like. I self-published my first book, which was an entrepreneurial endeavor in itself, and was able to pay off my student loans with my first book advance. (This story is expanded upon in my Self-Publishing Success video).
6. Rent a room in your home We have never done this, but know many people who have, and it brings a nice income in to the family. Madame Chic and her family brought in extra income by hosting foreign exchange students (me!) into their home each year.
7. Sell your belongings Once you start to clear the clutter in your home, you come across many items in your home that you no longer want. Whether it's clothing, handbags, furniture, or art, you can sell your belongings on places like eBay, ThredUP, Poshmark, or a consignment shop. Or have a good old-fashioned yard sale.
8. Cut out television (and other monthly expenses) The monthly cable or satellite bill is large. If you can cut this, plus any other monthly service (such as an unused gym membership) you will save hundreds of dollars each year (and have more time on your hands as well!)
9. Do the Ten-Item Wardrobe (really do it!) The Ten-Item Wardrobe is so beneficial, not only to your true style, but also to your wallet. If you truly do the ten-item wardrobe, season after season you will realize how much money you are saving. You will no longer participate in mindless shopping. Everything you buy will have a purpose and be used. For more on the ten-item wardrobe, check out my eCourse, Create Your Own Ten-Item Wardrobe and my Madame Chic books.
10. Change your mindset Ultimately, working to get out of debt, and not only save, but invest money for your future, requires an utter mindset shift away from mindless spending. It does require major frugality, but all hope is not lost. You can still live beautifully within your means.
Be sure to watch today's video for expanded thoughts on all of these topics.
News
I have another podcast interview to share with you. This time I chatted with Lauren Morley of The Author Podcast. We had a lot of fun chatting about living a chic and elegant life.
Check out my eCourses, Create Your Own Ten-Item Wardrobe, and Chic Financial Principles for Debt-Free Living.
On Instagram
Comment of the Week
Regarding last week's Q&A video, Shannon on Facebook writes, "That was the best q and a ever! All the questions I wanted to know but was too shy to ask 😂 I’m Canadian and we are for sure not as reserved as British people but are not as famously open as Americans."
Thank you, Shannon! I'm so happy you enjoyed the Q&A :)
Thank you for joining me for today's video. I would love to hear from you. Are you on a debt-free journey? Do you have any struggles in this area? Are you currently debt-free? What tips do you have for us? Let us know and your comment could be chosen as comment of the week on the blog.
Visit my Author Website
*New* Shop my favorite things
Facebook facebook.com/JenniferLScottAuthor
Twitter @JL_Scott
Instagram @dailyconnoisseur
Take my eCourse on the Ten-Item Wardrobe
Take my eCourse Chic Financial Principles for Debt-Free Living
Sign up for my Seasonal Author Newsletter
FTC: This is not a sponsored post. All opinions are my own. This post contains affiliate links.
.jpg)
0 Yorumlar