My 2nd Month Blog Income Report

Check out how I did on My 2nd Month Blog Income Report

Spring is finally here and my blog is slowly springing into life.

My blog will be turning 2 months on April 4th and I am excited to share my second-month blog income report. A lot of things happened this month, some are good and some are bad.

But first off, if you haven’t yet, check out how I did on my first month of blogging.

Before we go into my blogs’ stats, let me tell you a little bit about My Worthy Penny.

My Worthy Penny was born as a result of our quest for financial freedom. I decided to start a blog on personal finance not only to hold myself accountable but also because I wanted to share my journey to others who have the same goal.

I wanted you to learn from my mistakes and from my successes. In that way, I will be able to help you reach your financial goals through my own little ways.

Why Am I Sharing My Blog Income Report?

First and foremost, I am sharing my blog income report as a way of documenting my blogging journey. By doing this, I will be able to have something to look back on with regard to the goals and strategies that I did.

Secondly, I want to instill trust and give inspiration. I want to show you that I am also a real human being, who is starting from zero.

I am a wife who works a full-time job. Even with my very busy schedule, I still make sure that I have time dedicated to this blog.

Finally, I want to motivate myself. By posting this blog income report, I am motivated to put in the work and take blogging seriously. It makes me hold myself accountable.

What Happened This Month?

If you haven’t started your blog yet, check out my post on how to easily start a new blog from scratch.

The game-changer for me this month was that I was finally able to create a Facebook account.

If you recall in my first month of blogging, Facebook deactivated my account and was not responsive to my appeal, despite submitting requirements that they were asking.

But this month, the problem was finally resolved. I was able to join Facebook groups and increased my engagement.

I also joined a couple more affiliate programs because I was pleased with them.

If you recall, I did a lot during my launch month. I signed up with the following:

This month, I focused more on growing my blog and writing content.

However, just when you think everything is finally going the right way, there is always something that goes wrong. If last month, I was having trouble with Facebook, this time it’s my Instagram account.

After that big Facebook outage, my Instagram was disabled. It was a bummer because it was starting to grow.

The account was shut down because of a third-party app that I used to check who follow/unfollow me.

I guess I have learned my lesson learned the hard way. So if you are using one of those follow/unfollow apps, better stop right away before you get shut down.

And if you are curious, don’t even think about it.

Now, I am starting from scratch to grow my new Instagram account. If you haven’t yet, you can follow me here. I will follow back and will not unfollow.

Here is how I did on My 2nd Month Blog Income Report.

Income

This month was exhilarating for me when it comes to income. Although I did not make a whole lot, I am still pumped because I made my first affiliate earning and my first Google Adsense earning as well!

My earnings are very minimal but as I’ve said before I am doing this because I want to show you that I started from zero.

Although a lot of bloggers out there earned a lot in their first month of blogging, there are also those (including me) that take longer to make any.

Since I blog about personal finance and that includes making extra money online, I am including my earnings from the money-making apps that I use:

SUBTOTAL INCOME= $14.18

Please note that these are earnings, not actual payouts. Each app has its own payout threshold. I also earn gift cards from these apps but I am not going to include them on the total income.

  • Fetch Rewards (Referral Code: AN3AJ)
  • Shopkick (Referral Code: SHOP741145)
  • Drop (Referral Code: d0m46)
  • Receipt Pal
  • Honey-this browser extension is my new favorite when shopping online; it automatically searches for coupons for me during checkout.

If you want to check out the above apps, I would appreciate it if you will use my referral codes.

Here are my earnings from each category.

  • Ads and Sponsored Post: $8.64
  • Affiliate Income: $20.2

TOTAL INCOME: $43.03

Very minimal but for me, it is very encouraging.

Expenses

All my subscription trial ended this month, so the monthly charges started kicking in.

I am a subscriber to the companies listed below. They offer free trials so you can try them out.

  • Tailwind-you will get $15 credit when you use this link and a FREE trial
  • Smarterqueue– you will get a 30-day FREE trial instead of 14 just by using this link. No Credit Card Required during sign up.
  • Convertkit-you can try them for 30 days
  • Canva-they have a free version which works just fine

I used Siteground for my blogging platform but it was already prepaid last month so I do not have to worry about it for the rest of the year.

I also purchased two courses last month for a total of $99.80.

TOTAL EXPENSES: $177.73

NET INCOME: -$134.70

Traffic and Metrics

My traffic this month is quite encouraging. I was able to double my stats compared to February stats. However, I am still learning a lot along the way and I know I could do better.

I use Google Analytics for my data.

Page Views: 1,355

Visitors: 726

Most of my traffic still came from social media, but this time, Facebook was the primary traffic driver.

Social Media

I worked hard on my social media following this month. And I am excited about the result.

Pinterest: 3,829

Twitter: 7,196

New Instagram: 57

Facebook: 280

Email Subscribers: 14

March Goals and Results

Let’s check in with my March goals.

  • Pinterest: 4000 Fail
  • Twitter: 6800 Pass
  • Instagram: 300 Fail
  • Email Subscribers: 15 Almost Pass
  • Page views: 1200 Pass
  • Visitors: 600 Pass
  • Earnings: $30 Pass
  • Write 1 blog post per week Pass

April Goals

It’s time to set new goals for the next month.

  • Pinterest: 4,300
  • Twitter: 8,000
  • Instagram: 500
  • Facebook: 1,000
  • Email Subscribers: 25
  • Pageviews: 2,000
  • Visitors: 1000
  • Earnings: $100
  • Write 4 blog posts

There you have it! That is my 2nd Month Blog Income Report.

I had put more work into the blog this month and I am glad I am seeing the result.

For the month of March, I focused more on growing my social media following and creating content. This time I will be focusing more on affiliate marketing and aim to make my first $100.

Sign up below and follow along on my blogging journey.

Have you started a blog yet? How is your 2nd month blog income report?

If you're a blogger, you know how exciting it is to reach a milestone. Check out My 2nd Month Blog Income Report.

How To Pay Off Debt Of Over $15k Quickly (In Just Under A Year)

Debt free success stories that can motivate you to achieve your debt pay off goal

Paying off $15K in debt in less than a year shouldn’t be impossible—it’s possible.

If you have been wondering how to pay off debt of over $15k or if it is even possible to pay it all off in a year, then the answer is YES.

I can’t blame you if you want debt to be gone quickly and for good.

Thinking of how to pay off $15K debt is stressful and causes sleepless nights. You feel helpless, you’re full of worries, and you feel trapped.

This is because debt is such a significant burden in life.

Here are the debt pay off tips that you need to achieve your debt payoff goals.

If you are new to debt management, check out this post on Beginner’s Guide to Better Money Management.

I know this because I have debt. I do not stop thinking of ways on how to pay off debt and how to crush it for good.

Whenever I look at the total amount of debt we owe and think of how long we have to pay it for, I cannot help but cringe.

As a result, I sometimes get discouraged (maybe a lot of times).

I feel this way because it seems so impossible to get it down to zero. Do you feel that way too?

However, what if I tell you that it is possible?

And yes it is possible. Other people have done it, why can’t I? Why can’t you?

When I need motivation, I listen or read success stories. Real experiences from real people inspire me a lot.

So in this post, I rounded up some success stories on how to pay off debt of over $15k in less than a year.

I carefully chose these debt-free stories because they are real experiences from real people who also struggled with debt.

These debt payoff success stories will provide inspiration and motivation to those who are currently dealing with debt and are struggling to stay the course.

The people behind these stories will not only tell you that it is possible to pay off tons of debts. Above all, they will also share with you the details of how they did it.

Don’t forget to grab this FREE Debt Snowball Tracker to start paying off your debt.

How To Pay Off $15K In Debt Fast

Reading about success stories on how other people were able to pay off their debt in such a short time motivates and inspires me to continue tackling our debt.

These debt-free stories will surely inspire you as well to keep going on your journey to a debt-free life.

How to Pay Off $35,000 Of Debt In 6 Months

Here is a success story of a couple who had a mountain of debt from their veterinary school.

They made some changes in their lives and were able to pay $35,000 in just six months. Check out how they did it.

How We Paid Off $20K Of Student Loan Debt in 12 Months!

This is a success story of a couple who was able to pay off $20K of student loans in just 12 months.

According to them, it took them a lot of hard work and perseverance. Check out how they did it.

How I Paid Off $40,000 In Student Loans in 7 Months

Here is an article about a success story of someone who was able to pay off $40K of student loans in just less than a year by using the right student loan repayment plan. Check out how she did it.

How We Paid Off Almost $32,000 In Debt In One Year

This is a success story of how a couple paid off $31,914.14. These debts came from cars, several student loans, some medical debt, and house debt.

According to them, it was not easy! Check out how they did it.

How I Paid Off $15,000 Of Debt In A Year

This is a success story of how a couple paid off $15K of debt in a year and was even able to save $6000.

They shared some tips on how they were able to do it. Read their full story here.

OUR DEBT FREE STORY – WHY WE PAID OFF $53,000 IN DEBT

This is a story on how a couple decided to make the best decision in life to pay off $53,000 in debt and be financially free.

In their story, they shared the details of how they did it. Read their full story here.

How We Paid Off $35K Credit Card Debt In Less Than 12 Months

Of course, I will not end this post without sharing our own debt payoff story. At one point in our lives, we accumulated over $35K credit card debt and somehow we were not sure how we got there.

However, with great determination and desperation to get out of debt, we were able to pull ourselves out of that hole in just under a year.

Pro-Tip

My favorite way to keep track of our finances is by using Personal Capital. With Personal Capital, I can visualize our spending and savings, get insights into our cash flow, see the transactions we’re making, analyze our net worth, and more.

It is an absolutely FREE tool to use, and if you sign up through our link, you and I will get $20 each!

Final Thoughts On Paying Off $15K In Debt

There are things that the people behind these stories have in common. They were indeed willing to put in the work and stay committed.

And most importantly, they were all ready to make sacrifices.

Free Credit Counseling Advice for anyone oppressed by debt. Know All Your Options.

I hope these debt-free success stories were able to inspire you on your debt-free journey.

Moreover, I hope that you were able to learn some things from them and consequently, be able to apply these lessons in your daily life.

I know dealing with debt is hard and will involve a lot of sacrifices. However, you should always remember that these sacrifices are only short term.

Most importantly, focus on the long term effect, you will be financially free, and it will be all worth it.

If you are ready to tackle your debt, let the Debt-Ditchers Workbook help you. Use code “snowball” for a 20% discount!

Were you able to learn some tips on how to pay off debt of over $15K?

Are you currently dealing with debt and in need of motivation? Check out these success stories of on how to pay off debt of over 15K in less than a year.

How To Pay Off Debt Of Over $15k In Less Than A Year

Freshbooks Review: What You Need To Know

Are you spending more time on the accounting part of your business rather than growing it? Find out how Freshbooks can help you.

This Freshbooks review contains all the things you need to know about Freshbooks.

Have you heard about the great things that Freshbooks Accounting can do for you? If not, then you are in the right place.

But before we dive into the nitty-gritty of Freshbooks, let us take a look at what small business accountants and bookkeepers think about software accounting.

A recent study was conducted over 300 North-American respondents and you can find the results below.

Infographic: Small Business Accountant Survey 2019

As you can see on the data, most accountants and bookkeepers think that it is typical for small business owners to make mistakes when using software accounting.

In this study, the majority of the respondents were identified to be using use QuickBooks Desktop or QuickBooks Online.

Now let’ take a look at how Freshbooks is not your typical accounting software and how it sets itself apart from other accounting software.

If you have been running your own business for a while or you are planning to open up a business, you might probably know or read about the accounting headaches that come with it.

As a result, you might have already researched and researched more for ways to make it better.

Today, I will share with you my Freshbooks review, how it will help lessen the burden that accounting is causing you. A tool that can make you focus more on your business and less on accounting stuff.

Curious about Freshbooks? This is a complete overview of all the things you need to know about Freshbooks accounting.

Freshbooks Review

What is Freshbooks Accounting?

Freshbooks is cloud-based accounting software that manages professional invoice, expenses, tracking, payroll and more.

It was founded by Mike McDerment in January 2003 from his parents’ basement. Ever since then, it continued to grow and was able to help over 24 million people.

Who is Freshbooks Perfect for?

Freshbooks is the accounting solution not only perfect for those who are self-employed but also for agencies, firms, and consultancies.

How to get started with Freshbooks

It is so easy to get started with Freshbooks accounting. Freshbooks offers a free trial to get to know the system. Don’t worry they won’t ask for your credit card.

What are the uses of Freshbooks Accounting

  • Organizes all clients information
  • Generates a not-your-typical invoice, it’s very professional looking
  • Tracks and organize all your expenses
  • Tracks time of employees
  • Organizes all your projects
  • Provides you with accounting reports
  • …and so much more

A Sneak Peak on How To Use Freshbooks

ADDING A CLIENT

Step 1

Step 2

GENERATING A NEW INVOICE

Step 1

Step 2

ADDING EXPENSES

Step 1

Step 2

If you haven’t noticed yet, using Freshbooks is so simple.

I don’t know about you but I love the layout, it is not boring. It makes you want to do accounting all day!

If you've been wondering about Freshbooks, here are the things that you need to know about Freshbooks accounting.

The Last Thing You Need to Know about Freshbooks

My favorite thing about Freshbooks accounting is the way it is set up. It is set up in a way that anybody can use it, especially those who are not tech-savvy.

It has so many features that make accounting easy for you. You will finally be able to spend less time on the accounting part and focus more on your business.

And just recently, Freshbooks has released their all-new ACH Payment system. This new system enables simple online payments for users.

ACH stands for Automated Clearing House. Before ACH time, transactions between financial institutions are done through paper, like checks or through credit/debit cards. This process takes more time and costs more between the two parties.

That’s when ACH came about. With this process, funds are automatically moving from one account to the other, saving time and money.

With customer satisfaction in mind, Freshbooks decided to jump into the bandwagon and made ACH as its newest feature.

Some of the benefits of ACH include:

  • Funds are automatically deposited into your bank account and marked as paid in FreshBooks.
  • ACH is faster and more convenient than checks for both you and your clients.
  • ACH is less expensive than other online payments thanks to the small 1% transaction fee.

The only downside is that the ACH is only available to US customers. But I am sure, Freshbooks will take care of this pretty soon.

Newest Features

One of the newest and my favorite feature of Freshbooks is their Retainers. Retainers will allow you to bill your client a fixed amount for a set amount of hours worked, for example, $1000 for 15 hours.

The best thing about it is it tracks your hours and you can easily bill for overtime at the end of the month.

With this new feature, you will be able to run your business professionally without the awkward conversation of collecting payments. As a result, you will be more focused on your projects and not worry about billing.

As with the other features of Freshbooks, Retainers is so easy to create, set up and access.

So if you have been struggling with payments using other methods, now is the time to try out Freshbooks.

Freshbooks has helped so many and it can help you too. Take advantage of their free trial to find out if Freshbooks is for you.

So if you’ve been wanting to take your business to the next level but don’t want accounting kinds of stuff to slow you down, then this is the perfect time to sign up for Freshbooks.

FreshBooks has everything you and/or your accountant need to stay organized year-round and be 100% ready for tax season.

You’ll be able to focus more on your business and never worry again about the accounting part of it.

But don’t take my word for it, go try it yourself.

Related Bookkeeping Articles:

What You Need To Know About Freshbooks Accounting

Freshbooks Review: What You Need To Know

Best Personal Finance Books Of All Time

personal finance book you need

Your must-have list of the best personal finance books of all times.

I’m a big fan of books but it’s hard to find time to sit and read because of busy schedules. However, when we started our journey to financial freedom, I know I had to start reading and expand my knowledge.

In order to find the time, I started reorganizing my schedule and made sure I allocated time for reading.

I was able to start my quest for the best personal finance books of all time. And luckily, I was able to find books that I liked.

I enjoy my books through Kindle because of the convenience. It allows me to just download the book I wanted to my tablet and start reading right away.

If you are new to Kindle, you can actually try it for free. Check out Kindle Unlimited Membership Plans.

In this post, I am sharing the best personal finance books of all time that you need to improve your personal finance.

If you are looking to expand your financial literacy, here are the best personal finance books of all time that you can start reading.

Best Personal Finance Books Of All Time

Total Money Makeover: A Proven Plan For Financial Fitness

You CAN take control of your money. Build up your money muscles with America’s favorite finance coach. Okay, folks, do you want to turn those fat and flabby expenses into a well-toned budget? Do you want to transform your sad and skinny little bank account into a bulked-up cash machine? Then get with the program, people. There’s one sure way to whip your finances into shape, and that’s with The Total Money Makeover: Classic Edition.

START READING

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

START READING

The Richest Man in Babylon 

THE SUCCESS SECRETS OF THE ANCIENTS—AN ASSURED ROAD TO HAPPINESS AND PROSPERITY

Countless readers have been helped by the famous “Babylonian parables,” hailed as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth. In language as simple as that found in the Bible, these fascinating and informative stories set you on a sure path to prosperity and its accompanying joys. Acclaimed as a modern-day classic, this celebrated bestseller offers an understanding of—and a solution to—your personal financial problems that will guide you through a lifetime. 

START READING

Here are the best personal finance books of all the time that are worth adding to your library.

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

April 2017 marks 20 years since Robert Kiyosaki’s Rich Dad Poor Dad first made waves in the Personal Finance arena.
It has since become the #1 Personal Finance book of all time… translated into dozens of languages and sold around the world.

Rich Dad Poor Dad is Robert’s story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.

START READING

Think and Grow Rich: The Landmark Bestseller Now Revised and Updated for the 21st Century

Think and Grow Rich has been called the “Granddaddy of All Motivational Literature.” It was the first book to boldly ask, “What makes a winner?” The man who asked and listened for the answer, Napoleon Hill, is now counted in the top ranks of the world’s winners himself.

The most famous of all teachers of success spent “a fortune and the better part of a lifetime of effort” to produce the “Law of Success” philosophy that forms the basis of his books and that is so powerfully summarized in this one.

START READING

The Compound Effect

The Compound Effect is a distillation of the fundamental principles that have guided the most phenomenal achievements in business, relationships, and beyond. This easy-to-use, step-by-step operating system allows you to multiply your success, chart your progress, and achieve any desire. If you’re serious about living an extraordinary life, use the power of The Compound Effect to create the success you want. 

START READING

I Will Teach You To Be Rich

At last, for a generation that’s materially ambitious yet financially clueless comes I Will Teach You To Be Rich, Ramit Sethi’s 6-week personal finance program for 20-to-35-year-olds. A completely practical approach delivered with a nonjudgmental style that makes readers want to do what Sethi says, it is based around the four pillars of personal finance- banking, saving, budgeting, and investing-and the wealth-building ideas of personal entrepreneurship.

START READING

The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich

Forget the old concept of retirement and the rest of the deferred-life plan–there is no need to wait and every reason not to, especially in unpredictable economic times. Whether your dream is escaping the rat race, experiencing high-end world travel, or earning a monthly five-figure income with zero management, The 4-Hour Workweek is the blueprint. 

START READING

MONEY Master the Game: 7 Simple Steps to Financial Freedom

In his first book in two decades, Anthony Robbins turns to the topic that vexes us all: How to secure financial freedom for ourselves and for our families. “If there were a Pulitzer Prize for investment books, this one would win, hands down” (Forbes).

Tony Robbins is one of the most revered writers and thinkers of our time. People from all over the world—from the disadvantaged to the well-heeled, from twenty-somethings to retirees—credit him for giving them the inspiration and the tools for transforming their lives. From diet and fitness, to business and leadership, to relationships and self-respect, Tony Robbins’s books have changed people in profound and lasting ways. Now, for the first time, he has assembled an invaluable “distillation of just about every good personal finance idea of the last forty years” (The New York Times).

START READING

Dave Ramsey’s Complete Guide To Money

If you’re looking for practical information to answer all your “How?” “What?” and “Why?” questions about money, this book is for you. Dave Ramsey’s Complete Guide to Money covers the A to Z of Dave’s money teaching, including how to budget, save, dump debt, and invest. You’ll also learn all about insurance, mortgage options, marketing, bargain hunting and the most important element of all―giving.

START READING

There you have it! Those are some of the best personal finance books of all time. I hope you found something you like. If you want to read more books on savings, check out The 15 Best Books On Savings That You Need.

If you hate reading and prefer listening, try the audiobook version then you can multitask while listening to the audiobook.

Try Audible and Get Two Free Audiobooks

Which of the best personal finance books of all time is your favorite?

Related Personal Finance Articles:

10 Best Personal Finance Books | Personal Finance Books For Women | Personal Finance Books Reading Lists
10 Best Personal Finance Books | Personal Finance Books For Women | Personal Finance Books Reading Lists

Best Personal Finance Books Of All Time

Best Debt Management Strategies (That You Can Start Today)

Debt management strategies to manage your debt and save.

If you have been dealing with debt for a while and looking for debt management strategies that you can start today, then you are in the right place.

Today, we will talk about consumer debt, why this happens and what you can do to tackle it.

It would have been a perfect world if everyone is debt-free. But the sad truth is most of us are in debt. The Federal Reserve System shows that in 2018, consumer credit increased by 5%.

Debt.com also wrote a good article on Personal Finance Statistics that shows the financial statistics of an average American household.

So let’s talk about debt.

If you are dealing with debt, here are Debt Management Solutions That You Can Start Today.

What is Debt?

Consumer debt is what we owe from the bank, credit union or from the federal government. It can be a revolving debt, meaning you are supposed to pay it off every month. Credit cards usually fall under revolving credit.

It can also be a non-revolving debt, meaning the debt is supposed to be paid off at a set length of time. It can be called installment debt. Your student loan and car loan fall under this category.

Common Types of Debt

Debt is a distressing kind of word. It connotes overspending and living beyond your means. Although there is some truth to it, it is not always true to everyone.

Some people get into debt because they were in a difficult situation and had no other choice. It can be because of a family emergency, change in a family situation, job loss or inability to pay tuition fees.

Below are some of the common types of debt that most people usually have.

Credit Card Debt

One of the most common types of debt is credit cards. This is due to the ease of acquiring them and the convenience that they provide.

A credit card usually has low minimum payment and high-interest rates which can make the debt accumulate faster. Because of credit cards, the temptation to live beyond our means is high.

Student Loan Debt

This is a loan that is taken out to pay for education. It can be from the government or a private lender.

Student loan repayment becomes a problem when the graduate lands a low paying entry-level job. If the situation is coupled with the increased cost of living and a change in life situation, repayment will be more difficult.

Medical Debt

Medical expenses are costly and when they happen during an unexpected time, it will be easy to accumulate debt. Repayment of this kind of debt will be difficult if the person involved will not be able to continue earning.


Car loan Debt

Car loans are loans that you can get from the bank, credit unions or car dealership in order to acquire a car.

Most people need a car and it is easy to qualify for a car loan. The car loans also have a fixed monthly payment, which makes it easy to plan for.

However, this can become a problem if you choose a car that is way beyond your budget. High car payments will take a big chunk of your monthly income.

Mortgage Debt

A house is usually the most expensive purchase that you will ever make. Most people are not able to pay the full amount so they take out loans. The same thing with car buying, it is important to purchase the house that you know you can afford.

Having debt is one obstacle that keeps you from reaching your financial freedom. It keeps you from achieving the things that you want to do, like a vacation or buying your own home.

Debt can also cause too much stress to you and your spouse. You will have trouble sleeping at night because of worrying about how to make payments. All of this can eventually lead to serious medical problems.

So the sooner we get rid of debt, the sooner we achieve financial freedom.

You might also like:

If you are dealing and struggling with debt, here are Debt Management Solutions That You Can Start Today.

Debt Management Strategies That You Can Do

Fortunately, there are things that you can do to manage your debts. Here are some debt management solutions that you can start now.

#1 Get to Know Your Overall Debt

To be able to know where you stand, write down all your debts, how much you owe, the interest rate and the minimum payment. Knowing all these pieces of information will give you an idea of how to tackle your debt.

After listing all your debts, there are two ways to tackle your debt. It can be through the avalanche method or the snowball method.

The Avalanche Method makes you pay extra money towards the debt with the highest interest.

The  Snowball Method makes you pay extra money towards the debt with the smallest amount. Both of them have its pros and cons but choose what works best for you.

Do not forget to start your monthly budget, check out this post on How to Start a Monthly Budget.

#2 Set A Goal, Make A Plan and Write it Down

One of the debt management solutions that you can do to tackle the debt, you have to set a goal. Give yourself a timeline, create a plan then put it down on a paper or on your computer if you prefer.

I am a visual person and I  find that if I write down a goal, I tend to stick with it.

#3 Consolidate Your Debt

Combining all your debts in order to have only one monthly payment can lower your debt. You will be able to secure a lower interest rate, therefore, saving you money.

Consolidating debt is done by borrowing money(total amount of your debts) from a bank with a lower interest rate. You will then use that money to pay off all your debts.

After all, debts are paid, start making payments on your new loan.

Grab this FREE Debt Snowball Tracker.


#4 Pay More Than The Minimum Payment

Paying only the minimum can be costly in the long run. You are not only increasing the life of your loan but you are also paying more interest.

On the other hand, if you pay more than the minimum, you will be able to save on interest and pay off the debt sooner.

If you’re using the debt snowball method, use the Debt Ditcher’s debt snowball tracker for motivation when you’re paying off your debt.

#5 Consider Balance Transfers

Check your credit card if you can negotiate a lower interest rate. If not, you can apply for a credit card which has a good balance transfer. It usually comes with a lower interest rate, sometimes 0% for 12-15 mos.

Take note though that you must be able to pay off the amount before the specified date, otherwise, a high-interest rate will kick in. Balance transfer also incurs transfer fees.

Although this can be a good option to tackle your debt, it is not for everyone.

#6 Decrease Your Expenses

In order to tackle debt, you should stop adding to it. You can do this by re-evaluating your expenses. Take a closer look at your spending habits and come up with some ideas to minimize them.

Trim down expenses as much as you can. Eliminate the ones that you can live without.

#7 Increase Your Income

Increasing your income will give you extra money to pay down your debts. You can do this by doing overtime at your regular work or picking up some side hustles.

One thing I did to avoid the temptation of spending our side hustle income is to deposit it into a separate checking account. Then I make sure to use that extra money to pay down debts.

#8 Sell Stuff You Do Not Need

You might not notice it but if you look closely on the stuff you have, you will find something that you don’t really need and will be able to sell.

You can do a garage sale, sell online, or bring them to a store. Check out how you can resell your unwanted clothes.

The Last Thing You Need To Know About Debt Management Strategies

When it comes to debt management, it is a marathon, not a sprint. To be able to make your game plan work and achieve financial independence, you will need discipline and a whole lot of patience.

For your plan to work, you have to STICK WITH YOUR GAME PLAN!

As with anything that we are not used to, it will be difficult at first. We will crumble along the way.

But it’s ok, as long as we get right back up to our plan and learn from our mistakes.

Which of the debt management solutions above did you find helpful?

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