1. Take stock of what’s coming in and what’s going out
- Student loans
- Credit cards
- Personal loans
- Lines of credit
- Car loans
- Anyone else you owe
2. Create a budget and stop overspending
- Paying your fixed expenses (expenses where payments do not change month to month)
- Other living expenses like taxes and insurance
- Car loan
- Credit card debt payments/student loans
- Insurance premiums
- Bank fees
3. Focus on getting caught up
- Use any tax refund or stimulus money
- Any “free money” such as a reimbursement check or money you weren’t expecting
- Take on a side gig and focus all the income exclusively on getting caught up
4. Create an emergency fund
5. Create a plan to deal with credit card debt
- Debt snowball: This method has you list your debts in order of smallest amount to largest. Then, you put all available and extra money you can pull together to pay off the smallest debt first. Meanwhile, you’re paying the minimum amount on the other debts only. Once your smallest one is paid off, you roll the money you were paying into the next smallest one, plus the minimum amount you were paying. You keep doing this until all debt is paid off.
- Debt avalanche: The avalanche method is a slightly different approach. Instead of paying your smallest amount first, you pay your highest interest rate card off first. Again, all extra money goes towards this while you pay minimums on the others. The advantage to this method is you pay less in interest over time, but the debt snowball method allows you to experience quick wins sooner.
6. Create another plan to manage student loans
7. Bring in extra income
- Drive for a rideshare
- Drive for a delivery service
- Dog walking or pet sitting
- Child care
- Offer freelancing services
- Sell items on Ebay or Etsy
- Rent a room out through Airbnb
The bottom line
Reclaim Up to $610/Year in Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But, who has the time to look around for around a new company?
A website called CarInsurance.net makes it super easy to see if you’re getting the lowest price. All you have to do is enter your ZIP code and your age, and it’ll show you your options.
Using CarInsurance.net, people have saved up to $610 a year.
It takes just a few minutes to see how much CarInsurance.net could put back in your pocket. And the best part? Because we’re driving less, some insurers are slashing prices this month.