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January 7, 2016 · Leave a Comment

6 Ways to Increase Debt Payment

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Budget· Budget Tips· Debt Free· Debt Free Tips

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5 Ways to Increase Debt Payment Without Breaking the Bank

When budgets are tight, trying to increase debt payments can seem overwhelming.  When we first started trying to find ways to put more money towards our debt, we thought there was no where else in the budget to cut from, until I started nitpicking our budget apart even further.  Here are 6 things I came up with to help us start paying off our debt.  We were able to easily start implementing them, and before we knew it, we were paying off our debt fairly fast!.  Some of them you may already do, but hopefully some are fresh ideas that can help you increase you debt payment.

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Use Your Raise

When Hubs gets a raise, I put the money into a separate savings account each week.  It’s money we didn’t have initially, so it’s not like we’re going to be missing it either.  For us, this is one of the easiest ways to we’ve increased our debt payments.  However, be sure to learn from my budgeting mistakes and only set aside what you can within reason.

Round Up on Bills

When I budget bills that vary month to month, like our electric bill, I budget on the high end.  For instance, I always budget $150 per month for our electric bill because it’s the highest amount we’ve had due since moving here.  The only times our bill is close to the budgeted amount is in those dog days of summer when the air conditioner and fans are running nearly all day.   Most of the year it’s between $95-$115 per month, leaving us with an additional $30-$50 to put towards debt each month.

Don’t use just the bigger bills either.  Some months my our internet bill is $0.95 less than what I’ve budgeted.  Even though it’s less than a dollar, I keep the money set aside for debt.  Over the course of the year, that’s $11.40 that I’ve reduced my debt by, and $11.40 I’m not paying later.  Every little bit helps.

Use Your Shopping Savings

This is similar to the previous step.  Let’s say you budget out $150 a week for groceries and household items, but between coupons and store savings you only spent $125, put the other $25 towards debt.  I personally only use this on a monthly basis because our needs and store sales vary week to week.  Don’t forget to check out how you can start to save money on groceries before you even get to the store!

ATM Fees

Prior to switching to cash envelopes, I didn’t go to the ATM very much; I prefered to get any cash we will use through the month as cash back during a grocery transaction.  But sometimes I couldn’t get the amount I needed due to withdrawal caps at certain stores.

Our credit union doesn’t have physical, brick & mortar with ATM locations either.  Instead, they utilize a few banks within their network so that I do not encounter a fee.  If I’m not near one of their network ATMs, or I do happen to be charged a service fee, my bank will reimburse the fee at the beginning of the following month.  Since the money is already gone, and it wasn’t missed in the first place, I put that money towards our next debt payment.

Interest Deposits

Our credit union accounts {savings and checking} earn interest on the month’s average balance.  This may not be the fastest way to get debt paid down, but a $0.07 paid now is $0.07 I’m not paying later.  I’ll take any small amount to pay towards debt that I can, even if it’s only a few pennies at a time.

Save Change

I can’t be the only one with mounds of change throughout the house, the car, in oddball places.  Depositing the change in a bank account and using it to pay off debt gives it a lot more purpose than taking up space in the house.  Or car.  Or whatever oddball places you happen to have change lying around.  Cash them in, deposit them in your account, and use that amount to pay off debt.

How do you put extra money towards debt without breaking your budget?  Let me know in the comments below!

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makingcentsmatter

makingcentsmatter
Payday is today! Actually, payday was Friday the 1 Payday is today! Actually, payday was Friday the 12th because we completely forgot today is a bank holiday in the US. The feeling of being paid and not needing it is a nice one.⁠
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Here's what our paycheck needs to get us through for bills until March 14th. For a full look at our budget over the next month, head over to my budget with me on YouTube: https://youtu.be/rb8uyi1-rNc⁠
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#monthlyincome #monthlybudget #monthlybudget #zerobasedbudget #payday #budgetwithme #budgeting #budgettips #budgetcalendar #frugalliving #savingmoney #paycheck #makingcentsmatter #debtfreejourney #debtfreeprogress
This weekend was focused on a pantry shop and meal This weekend was focused on a pantry shop and meal plan creation! This meal plan to get us to our February payday. We also picked fast meals, because it's a busy two weeks between doctor's appointments,. Academic Decathalon, dance, and drama. I'm unsure we'll be able to shop on payday, hence the extras.⁠
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Total spent: $112.39 for items to get us through this and lunches.⁠
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Keep in mind, just over $112 for 12 meals isn't sustainable for our family, just in times when we need to stretch the last bits of our monthly income. I really wish $112 was enough to feed two teenaged boys in our household.⁠
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The point being... do what works for you, and your situation based on your location. Don't try to fit yourself into someone else's situation!⁠
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#mealplan #mealplanning #frugalliving #frugalmom #makingcentsmatter #savingmoney #monthlyincome #budgeting #budgetmom #groceryshop
January's real numbers:⁠ .⁠ House: $511.13⁠ January's real numbers:⁠
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House: $511.13⁠
Citi: $720⁠
D NelNet: $100⁠
K NelNet: $100⁠
K Chase: $150⁠
Explorer: $343⁠
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Extra Payment to Citi: $500⁠
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Noteworthy... our car payment had a late fee assessed because the mail was SLOWED down over Christmas. Three headaches later, and we potentially have online banking finally set up with them. It is still a headache. And we are never taking another car loan out with this bank!⁠
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How was January?⁠
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#makingcentsmatter #debt #debtfreejouney #debtfreeprogress #debtfreecommunity #realbudget #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom
Sometimes in order to see progress, you need to ta Sometimes in order to see progress, you need to take a step back.
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I'll be honest, I didn't think that we got this far in 2020. With everything going on - and more importantly, everything NOT going on - we didn't keep up with this every month. We just threw what we could at our goal. I'm simply amazed at how far we came.
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Things are still hectic, and I'm simply mentally exhausted between remote learning, extended remote learning, offset quarantining children... it goes on and on.
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But I also cannot wait to see what strides we will make in 2021.
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#makingcentsmatter #debtfreejouney #debtfreeprogress #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance
This is what school looks like when it's a hybrid This is what school looks like when it's a hybrid model, and your house does not have unlimited space. I was standing in our kitchen when I took this picture, the kids behind me making lunch.
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Our district is carefully monitoring our local infection rates, and we are currently in a hybrid form. That means they divided the district into two groups; half are in school on Monday and Tuesday, the other half on Thursday and Friday. They are offering an all remote option, but Verizon for some reason supplies our house with speeds so slow that it would shock a tortoise. Remote was a no-go.
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This set-up has taken some trial and error to get to where we currently are. Because no matter how prepared you are and how much you've planned, once you're in the weeds, actually doing it, there is no telling how your best-laid plans will work.
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Our home is a 1800sqft one-story, open living area, 4 bedroom, 1 bathroom, ranch-style house in a very rural area. It has no home offices. No guest bedrooms. Yes, that is a desk in the corner of our dining room. 🤣
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Each kid gets their own color bin for their school work. This includes school-issued Chromebooks and other standard items they need to get work done - headphones, pencils, and so on. When we are done for the day, we clean up everything, place them neatly in these bins, and place them in cubbies (on my current left) at night while the Chromebooks charge.
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I do NOT bother to clean up at lunchtime. It would take us more time to clean up and reset everything than it takes us to eat lunch. So we only pack it all up for the day and call it done.
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During the day, I sit between my younger two and field any questions they may have, troubleshoot technical issues we all have, and be the overall bouncer when things get off-topic. My high schooler will occasionally emerge from his bedroom, which opens to the kitchen. So he is close by when he has questions.
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Please remember that with all things in life, you need to work with what's available to you. And there is no shame in that. Don't ever feel like you're not doing good enough because it's not picture perfect. Work with what you have available to you, and you'll do amazing things.
School is in session, the garden is slowing, and I School is in session, the garden is slowing, and I’ve finally realized I haven’t shared our payoff numbers for July or August. Yeah……
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Please keep in mind, we are paid monthly on the 15th, but we don’t go by a “monthly” budget. So I have to go back and look at these numbers based off their due dates in the calendar. Because our pay falls in the middle of the month, I can’t tell you what portion of our income went to debt. It’s going to vary paycheck to paycheck anyways because our priorities vary with each check. Nothing is ever the same month to month, and pay to pay.
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That said, inJuly we paid off $2,694.43.
In August we paid off $1,673.40.
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The difference here is that our priorities shifted between the two months.
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Checking Buffer Reimbursement: $227 / $500
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Remember this is a journey, not a race. There is no point wearing yourself ragged and still making no progress. Make progress where you can, and celebrate it. Even if it’s $5.
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It’s progress, and that’s what matters!
While I wait for the canner to finish the last rou While I wait for the canner to finish the last round... I rearranged our recipe binder. It's only taken me 8 or so years. 🤣😶😭
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This too shall pass.
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Good news, I'm almost caught up! Bad news, the garden has more.
Super busy here... but I wanted to share that wins Super busy here... but I wanted to share that wins can come in super small packages. I thought I'd spend $380 to clean the band instruments in this house. I ended up spending $234. So the remaining $146 can go to reimbursing what I pulled from our EF.
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No matter the win, celebrate it!
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What are some wins you have had lately?
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