Sunday, February 5, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Personal Finance

A Personal Finance Expert Has 2 Tips for Paying Off Your Debt Faster

MtR by MtR
June 27, 2021
in Personal Finance
0


You may be able to pay off your debt faster than you think, even if you don’t have a ton of extra money on hand.

Personal finance expert and author Tiffany “The Budgetnista” Aliche spoke at OneUnited OneTransaction, a conference about closing the racial wealth gap, about her best debt payoff tips. She recommended putting all “unexpected money” toward paying off your debts.

“Unexpected money is any money that you were expecting to spend but did not, or money you were not expecting to receive but did,” Aliche said.

1. Money you expected to spend, but didn’t

Aliche gave the example of buying a $50 item, only to find out when you go to the register that it’s half off. Instead of grabbing a second item so you get two for the price of one, put that extra $25 toward your debt. That $25 is unexpected money you didn’t plan to have.

Or maybe you go out with a friend, and the end of the meal, they grab the check. That’s $30 of unexpected money.

“You were planning to spend that $30 — $30 was gone in your head,” Aliche said. “Let it really be gone, but put it toward your debt. And if you’re debt free, put it toward your savings.”

This strategy may not sound like it produces much money. But think of all of the times in the last month a friend has treated you or a store has held a sale.

It’s easy to forget to put $25 here or $30 there toward your debt, so Aliche recommended having apps ready on your phone. If you have credit card debt, download the credit card app on your phone. As soon as you get into your car after brunch with your friend, go into the app and pay off $30 of your credit card debt.

2. Money you didn’t know you would receive

You can also put money you didn’t expect to get toward your debt. Maybe you get a bonus or unexpected raise at work, or money for your birthday or a holiday.

“Even your tax refund check could be unexpected money,” Aliche said. “Even though you’re kind of expecting it, it’s money outside of your normal job.”

Aliche does her best to reallocate this money within one hour of getting it.

Bonuses and birthday gifts will probably be more substantial than the money you save with discounts. Instead of $25 here and $30 there, it might be more like $100 here and $200 there. When you combine these two debt payoff strategies, you could pay down hundreds or even thousands more in a year.

About the author

Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.



Source link

Related articles

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

August 10, 2022

Should your child do chores to earn an allowance?

August 9, 2022

Related Posts

Personal Finance Software Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist

by MtR
August 10, 2022
0

New Jersey, United States – Verified Market Research recently released a new report titled Personal Finance Software Market Insights, Size, Forecast to...

Should your child do chores to earn an allowance?

by MtR
August 9, 2022
0

Few topics in personal finance evoke such strong emotions as the question of whether or not a kid’s allowance should...

On rare days, markets rise 10%. How to make sure you’re there for it

by MtR
August 9, 2022
0

Gzorgz | Istock | Getty Images"It was the best of times, it was the worst of times." With those classic...

Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool

by MtR
August 9, 2022
0

CHICAGO--(BUSINESS WIRE)--Kora, a financial technology company exclusively serving college students, announced they’ve reached 100,000 active users on their Kora Insights...

Finance Services Sector Stock Recommends Bonus Issue, Rises 770% In 3-Years

by MtR
August 9, 2022
0

1. Choice International Limited Recommends Bonus Share In 1:1 Ratio The board of directors of the company in their regulatory...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter