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How This Single Mom Fought Her Way To Debt Freedom

**How This Single Mom Fought Her Way To Debt Freedom**



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On this episode of The His & Her Money Show, Danesca, a single mother and woman of faith, shares her story of debt freedom. The consumer debt of $38,833.09 included credit card bills, a car payment and medical bills she incurred due to Hyperthyroidism. Danesca paid it all off in only 16 months.

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What You Will Learn In This Episode
✅ How a single parent can become debt-free
✅ What the difference is between needs and wants
✅ How to include your children on the debt-free journey
✅ Different ways to save money
✅ How your attitude can help or hinder you
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Episode Shownotes
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#HisandHerMoney
hiden ESCA welcome to the hizzoner money show are you doing well super glad to have you on the show today because you have recently accomplished a major goal in that you have become debt-free and so we're super excited that you're on so you can share your story with the audience but before we start talking about your story can you just say hello to everybody that's tuned in and let them know what you are all about hi everyone my name is anezka and I'm basically just going to share my story my journey with you I'm all about being a woman of faith so that's definitely something you guys are gonna hear today awesome so let's talk about the debts specifically okay let's talk about let us know how much debt you were in talk about the type of debt it was and how long it took for you to get rid of it okay so I had a total of thirty eight thousand eight hundred and thirty three dollars and nine cents of that the type of data was was well at first I just had two things to pay off and that was credit card bills and the other one was my car payment but when I then I incurred ten thousand ten thousand two hundred more dollars worth for that when I started adjusting my bills and what I did was I went with a high deductible because in my health insurance because I was a healthy female and my children were healthy and we would only spend the co-payment for our physicals every year we would we were just bending spending a lot of money on our insurance premiums for no reason so I decided to go with the high deductible and man that backfired so I ended up paying ten thousand two hundred and two and medical bills Wow so after you made the adjustments on a medical situation arose yes yes ended up finding out that I had hyperthyroidism the same year that I cut down my premiums and was paying the minimum on my health insurance premium and landed me in the hospital twice because it produced like tachycardia in my heart because my metabolism was too fast and my sitting heart rate was 165 beats per minute and I was just sitting so they had to regulate my heart rate and I was so upset because I'm like this is money like it's horrible that you think that way you want to care about your home but I knew I had to pay for these visits right so you ended up your total went over what 40 and we cannot forget the nice so how long did it take for you to get through from start to finish out of your life so it takes 16 months Wow months yes but I included my children in the process what I did was I knew I was gonna start being very frugal and that I had to cut some stuff out when I sat down and I looked at all the things I were spending not being wise with my money and I sat them down and were like no one Samara Mommy has to change a lot of habits and I want to include you guys in this journey because I might need your help saying no it's a thing and so I told them about the process and they became my accountability partners in the beginning all they hated me because I didn't get name-brand foods so instead of Oreo cookies I'm going to have these I'm not spending money on name-brand sneakers and we're going to thrift stores and they're like mommy we hate the smell of this place oh wow you got a deal with for now is just a sacrifice until we get over it and then towards like the end of the day my children they were keeping me accountable because then I started getting tired of this journey and I was like you know what I want to buy something like I want to do something with it and then whenever I will go to the store and like try to grab something my kids will be like mom but do you need that is that something that you need or do you want to buy a house and I'm like yeah so take us back to what even caused you to want to attempt to get out of debt because I think a lot of people are comfortable with their debt because it's just for you know for better for worse it's kind of the norm in society to have this type of debt of that type of debt but for you you at some point came to the conclusion that you want it different talk to us about the process of even get into the thought that you wanted to become debt-free alright so this basically this is where I share my faith so I am a woman of that and I share my beliefs with people and I don't think any other any other thing can be better than to share about that so God spoke to me and I know a lot of people don't um don't have this type of relationship with God but I had a dream and in the dream I was no longer going to be with my company and I've been with my company for 12 years and in the dream I'm trying to clock in to work and my badge wouldn't let me clock in and I'm like what's wrong with his badge why can't I swipe in and I just see a big pair of scissors cut my badge off in the dream so I wake up and I'm like what is what was that so at the time I was reading this book from Priscilla Xiuying priscilla shirer called discerning the voice of god and she talks about like if you feel like God is speaking to you ask and you but you're kind of confused ask God for confirmation so I excited said God if this dream was from you please confirm it and three other times he confirmed it in a dream that I was no longer gonna be with my company so that that really struck me the I came from a group home and so I've been in shelters because of my mom's you know lack of taking care of us right now we're restored we're good so that's in the past but I don't want my kids to ever suffer lacking anything or being homeless or so I said okay well I need to sit down I need to look at my finances and I need to see where I am financially and that's when I was like oh my god like so the first thing I did was actually I didn't even want to start paying off that my whole thing was you need to save because you don't got you don't have anything to show for this so I just started saving checks like one check would be for my bills and just saving the rest when check would be for the bill saving the rest save save save then I started listening to Dave Ramsey and I bought his book financial peace and I was like oh god I'm supposed to pay because even if I was to lose my job and I have all this money in savings I still have a lot of debt that's under my name that I'm gonna be worried about if I don't have a job and so I was like you know what if I really want peace I'm going to have to pay off his debt so I went from saving to reading his book and just tackling debt so I would do the same thing with my debt so instead of saving it I will pay my bills with one check paying off them with the other check pay my bills with one check pay off those without a check and my kids were included with that as well and we wouldn't buy anything like we would I would say no to go to birthday parties and people wouldn't like me I'm not gonna go and if I did go it was because those friends were really special or family members and even in those times like I would say birthday bags and I would tell the kids pick a toy from your mom day you're not playing with and put it in this bag like because that's what we could afford right now so I took that literal and I really but one thing that I that God had to work with me on and this is I want to share this because people talk about you know not sacrificing stuff that they not sacrificing the amount of money to get rid of their dad so I lost my job one month before I knew like I had to pay off like $12,000 $12,000 and but I already had the money say because I would save my income tax instead of paying off the debt with the income tax I had two income tax checks that I saved and I was really like struggling with like using my income tax money to just pay off the $12,000 and I had just lost my job and I'm like god I'm playing like a war with Jesus I'm like I don't want to I want to save this money because I don't know how long it's gonna take me to fight another job and God was just really like telling me trust me and this trust me you've been faithful you've been tithing trust me and paying off the amount you have left and I took that twelve thousand dollars that I had in income tax six thousand from each time and I just paid off the rest of my debt so yeah now you talk of this journey as you reference your your children a couple times you did this as a single parent yes so talk about the nuances one was it was it a scary undertaking even in the beginning when you consider the fact you know everything's on me I have children take care of a dog to take care of talk about the the uniqueness that or some of the things that you faced as a single parent trying to get out of debt because there are some single parents listening right now so talk to us talk to them about you know the considerations that you had to make the strategies that you had to use being that you were not just a single person but a single parent yes okay so there was a there's a lot of things that play into being a parent so I like to have my kids involved and um the YMCA they're both in sports they're both in basketball they're in church and I have them in Bible study as well so one of the things that I had to do and they did not like me was cut off the cable and they were like my why are you cutting off the game like that like our source of like you know just being sane and just being quiet for a few minutes and I'm like because we're gonna do different activities we're not gonna be home sitting on our behinds we're gonna go out there we didn't do different things so I looked into sponsorship programs at the Y and you have to prove how much you're making and they ask you for your your bills as well so they ask you for how much making your bills and everything and I showed them how much I was making so I was able to get them sponsored at the Y for free for groceries coupons coupons coupons coupons come on that was my best friend every time I think oh sorry my kids were included in that then I would tell them whatever okay so you don't like the Aldi's Oreos because they're not the ruins so help me find coupons that's gonna get me this pack of Oreos for less than what it's worth and they will help me we will go through the through the newspapers or I also have a BJ's membership I don't think the whole thing I split half with a friend and we do BJ's coupons plus manufacturer coupons so use your resources there's so many resources out there so they did got sponsored for sports I did other activities in church with them they were included in my couponing and like to be honest it changed their mindset too because they learned a lot they were like man mom like they started looking at prices instead of looking at what they wanted they were like oh we can't get this because it's how much we have oh we could get this because this is how much we have so it taught them to get what they needed because there's so much we got instead of what they wanted so so I'm sorry I did not get a lot of people ask me about alimony or if I had child support I did not have child support no financial assistance I did not get alimony any of that because me and my ex he needs to just get his life situated and that's a whole other ha the radio show that I don't want to get into but no I did this with the only finances that Wow I mean that is super super amazing kudos to you now it sounds like you got to the point where you were all in from from a mentality standpoint so how did you how did you get there so fast because at one point you know you were accumulating debt and there was no big deal then you had this sudden switch and for some people it's not an easy like thing to change your mindset around money so help everybody understand how you were able to just like flip the switch and you were like coupons and YMCA the no more Oreos like they're from a mentality standpoint um well for me it was like really looking at my dad and looking at how the interest makes an increase and by me making the minimum payments I wasn't getting anywhere and that it was gonna take me a longer time to get there and so I just felt this urge of my heart like I need to do this fast and get this out of the way because I'm not gonna be paying a lot more so I did a lot of research about interest rates I was just googling like how much do I really pay if I have this my mom and dad these interest rates and I was just like oh no I'm gonna be I think I'm gonna end up paying fifty or sixty thousand dollars versus the amount that I really have so I even called my bank and at the time I had two separate credit cards one for five thousand and something the other one for four thousand is something and I said you know what because I did some research because I'm like one when you're debt free according to people that buy like statistics and research that your credit score is decrease and I didn't really care about my credit score but I was like my goal is to get a house for the kids being debt-free and but I probably won't get a good deal with a low credit score so I looked into it and they said like a percentage of your credit score is based off of the amount you owe so if you're maxed out on your credit card your credit score goes really low because you're maxed out and they want you to be at a certain amount of debt not too much so I they said to bring it below there five percent or 25 percent and I was like well I'm gonna see if I could get a 0-0 percent interest rate with my bank I've been using their credit cards for a long time I haven't been late I just have been paying the minimum so let me give them a call so I gave him a call and I said you know I wanted to merge all my credit cards to your account but I wanted to see if I'm eligible for a 0% APR and they ran everything and they say oh you're and I said okay well I want a credit increases because I need this to be under 35% so nine at nine thousand eight hundred and something I haven't written down here my credit cards below nine thousand six hundred and thirty two dollars and 81 cents everybody counts I got a fifteen thousand dollar credit increase even though I'm not using the money because my my thing is to tackle it and get out of it I didn't even know that my credit score was gonna shoot like my credit score right now is eight ten it's time to get your life insurance together with legal in general America as one of the nation's leaders in low-cost high quality life insurance to over 1.3 million families we know how to protect you for nearly seven decades we've been the first and only carrier to add ten more years of security to our policies for a total of forty years of life insurance coverage if you need basic protection until retirement that deal is perfect legal and general America makes understanding and applying for life insurance easy our agents are standing by to help you determine the best coverage to fit your family's needs visit his at her money.com /lg a to get started on your journey toward financial wellness now you talked about again your daughters or your children they were like when you were making these changes you see it a couple times oh they hated me okay so for some parents you know that experience or that you know kind of pushback from their kids will kind of make them say okay maybe maybe this isn't the time but you didn't give up right so in that moment whether you're a single parent or marry couple with kids and your kids are like what mom but dad how did you maintain and not you know acquiesce to their you know complaints well for the most part I always focus there back to our end goal like we're gonna get a house do you want to stay in this apartment forever or do you want do you want to have your own room or do you want to have like a basketball court outside in the yard like I don't mind the community that I live in is nice but I don't want to be complacent so I will always focus them back on what's the goal what is the goal and it's using credit good or is using credit bad you know I showed them about credit and I showed them about debit and I showed them about you know when you use your credit card I'm like if I buy this after use the credit card and I if I use the credit card I have to pay interest and then I had to explain that to them they're like what's interest like what is them like okay let's say I give you five dollars right I might give you five dollars but because that's not your money as my money you have to pay it back to me with more money because I'm charging you interest so instead of five dollars you have to give me eight or ten dollars depending on the type of interest rate that there is and he was like oh and I'm and he was like so what's debit and then I explained to them Oh debit is your own money that you make and you're using it wisely to get out of debt but at the end of the day like I didn't share the gym with them during my debt free journey inside of me I was like animal I might not be working soon so I have to make sure I stick to this and I would also like do like little hacks to this is a good tip so they really like Ritz crackers right but the rest crackers in my store is like maybe three something or to something depending on the price for the family pack and the Pena was sorry for me so all these has it for 85 cents so I'm like why am i spending almost $3.00 it's women 85 cents here so when they finish their risk factors the pack I will open up the end looks just like it it just feels a little bit different I would put it right right in there and they will eat it and there was they would say like it's kind of different but I'm late so I just eat is crackers cheese and crackers but you know little things like that like they don't they've got accustomed to it they didn't know the difference but I wasn't hurting them or doing anything I loved it so what did happen you you left up the story with your job you you find it out that you know things are about to change how did you bounce back how did you persevere through the job loss really I'm struggling with that to be honest like it's hard not not to be working especially if you were always working I've been working since I was fifteen years old never once if anything I've always went from one job to a better job so I got to my company which was in the healthcare field and I did 12 years and I went from a volunteer to management so I work from the bottom up to get there and just to be like separated like that like even though I knew was coming I cried I cried a lot but to be honest God gave me the strength to get through it and I went to to two months without being on social media not looking at anything just like really praying and asking God like where do I need to be right now wait where do you want me right now and what do you need to teach me because obviously I'm applying for jobs and not one door is opening so weird what do you want me to learn through this lesson and just really being throwing him learning how to trust him and know that says in Psalms 46:10 be still and know that I am God I will be exalted in the heavens that would be as also a mother earth so I'm just really trusting God through my weakness because this is a big to me this is my weakness like trusting God with him opening a door and not me working for it but and then I 2nd Corinthians 12:9 like my strengths is sufficient for you something Paul because pause I take this door and away from you my god take this away from me I don't like this and God is like no don't worry about it you've learned how to be frugal you have some savings and you're gonna continue in this path until it's time and I don't know what God is doing but I know he's doing something good to me what's wrong you know I want to talk about because this is such a real situation you know the mean where and and you were warned God warned you through a dream but some people they're not gonna they're just gonna catch a pink slip or catch your email or catch a meeting with their supervisor and find out that their job is coming to an end how or why is it so important because this is the path this is this is how your story played out why is it so important to not find safety in our nine-to-five jobs and why is it important for because what you did whether you realize it or not is you gave yourself power to be okay because right now somebody else in your company that got the pink slip their stress level is much different than yours because they didn't go on the path to eliminating their debt and freeing themselves up so talk about how to have the right mindset about jobs and job security and how debt freedom financial freedom should play a part okay so I would definitely say that when we're when whatever is given to us in this earth it's all gonna be like when you pass away it's all gonna go away like you own even though you own your house you really don't own it because guess what if you were to pass away tomorrow and that house has to go up sister go up for sale is no longer your home so I really believe that everything on this earth is lent to us because when we pass away it's all gonna we don't take it with us so look for the peace and things that are eternal for example when God okay so if God doesn't speak to you and you lose your job then be good stewards of the finances that God has placed in your hands so I wasn't being the steward I had a lot of that and I was saving thinking thinking that the minimum just make barely making the minimum payments was going to help me but no be a good Stewart pay off your debts have some savings so that you can have some peace if God forbid something was to happen to you and I knew that having too many bills was not going to help me I would be real stressed out right now if I had all this if I had $38,000 look for that and I didn't have a job and I didn't have money to save and I wasn't working towards it you're not gonna have peace you're not gonna sleep at night okay you need to have peace just in case so just be good stewards of your finances and administer it wisely that's what I would Southern as you were going through the process of getting out of debt what we're like family and friends saying were they supportive where they cheering you or would they question you like what are you doing like how did that play a part well I did have a lot of supportive family members and friends like I told them that I wanted to do I remember when I sat in my sister's house and I told her like I'm gonna tackle this I'm like I'm seriously gonna do this like she knew about my savings and she I told her I'm gonna start saving I'm gonna and I was like you know why I need to talk with my dad because what good is it to save and the more distance that they have the more conviction I feel like I need to like really do this and she's like um well you gotta start saying no because I'm like I was this really social butterfly like there's a party I'm there if there's a birthday I'm their baby shower I'm there and so I had her I had her like support and her best friend also was like well you're gonna take the classes I saw her yes I know for the classes she was like well I have the book and the work by god the workbook at home how about you skip paying for the class and you start with just the book in the workbook and it was like okay so I didn't like seriously and I even paid for the class and just reading the book doing the workbook but really applying those principles to my life and then I had other friends that didn't like me anymore because they were like what do you mean you're not coming I will get my envelopes open envelopes my gas money I don't know so I did the envelope system so I would look at how much I have for gas money and how much I have for spending and I don't have it so if I didn't have I would say no and too bad so sad for whoever didn't understand I'm sorry you're not gonna help me pay my bills so bad so there were people that were for it and people that were against it and if they're truly your friends they're gonna love you no matter what if they're not your friends then their God is gonna move remove them from your path nothing you know you did a whole lot of fighting and scraping and cutting and saving and explaining yourself to a lot of people but then the day arrived where you are able to make the very last payment on your debt and I'm sure that there are people listening who are on their journey and they're wondering what that feels like what it looked like so can you kind of describe that day for everybody for me like oh my gosh I could definitely feel I died when I thought when I paint when I took $12,000 $12,000 $12,000 but it was of course income tax return money from both from 2018 and then 2019 when I got some I saved them but when I take those $12,000 and I paid up the rest of my debt I literally felt like a big heaviness like come off of me like breathe like that's not a worry and then to sit down and tell my kids like The Frugal is like it's still not over because I'm still applying these principles especially not that I'm not working but that there's no dead there were like like there was so excited they were so happy this is like so much happiness there's peace because I can sleep at night knowing that I don't have all those extra bills to worry about I don't have a car payment or worry about I don't have insurance premium to worry about I just have my rent my cell phone though in my life is like a relief oh man that's all so that's awesome so I'm curious what did you learn about yourself that you didn't know prior to going on journey well to begin with I didn't know how much that I had like I knew I was using my credit cards and you I had a car payment I knew and why did I have any has to go to those at the time but then I got a spittle it's gonna hit you something's gonna happen during your journey and I would just say prepare for it because something might happen so just be ready for it but the good thing is that you have I've learned new principles like how to the power over perches like Dave Ramsey talks about his book like I don't need it like I've learned that I was an impulse buyer as well like even though I didn't make big shopping sprees but it's like if I didn't need to use my credit card or go out to chick-fil-a like why was I using the creek like why was I doing these things like I was just being very irresponsible with my finances and I really saw that my finance was really taking over me I had no control over it and then once I started to sit down and really analyze everything I was like well no no getting your nails done no getting your feedback like you better do your own nails it was the old me hair products because my hair is curly for women you know especially if you're going natural those things are expensive like and I was trying every everything why was i spending so much money on things that didn't matter so I learned how to control myself have self-control I learned how to say no to people and I try to please them I'm sorry I don't got it too bad so sad and say no to my children and thing and then they started saying no to me like mom you don't need that so I learned so much during this journey and I'm just grateful to be here today and just say I'm debt free how important was it for you to learn how to budget and how difficult or easy of a task was it for you to figure out it was pretty easy to figure it out but to apply it when I first was hard like I was like okay this is my budget this is how much I can use this is how much I can spend but to really in the beginning I think it took me like two months to really adjust to it and I go over and I go back to the bank and take my money out because I was in the envelope system it took me like two months like to say I can't really use this money because this is your budget why are you going back to the bank so I was being intentional I had to be ruined since you know on leaving my depakote home and training myself to really use the cash that I really have don't use your debit card because that's something that I needed to learn like self control but what was the question again did I go off or what I just wanted to know about how how the whole budgeting process was for you and you answered it well I'm also curious or could you kind of expound on why you chose to involve your kids and is that something that you would recommend for others to do if they are going on this journey and they have children you know because sometimes you can be like you know this is this is adult business you know a cute should stay in a kid's place you know all these type of mindsets but you chose to have them all the way in helping you knowing the progress stand posted on the journey so talk to us about that well for my children I felt like their lives were gonna change too not just my life but their lives were gonna change dramatically like my kids are used to the name-brand sneakers like I said Oreos in the Pisco cookies and I was like all of that is changing like everything is changing so I thought it was important for them to know that your life is about to change because we're gonna tackle this that I also wanted them like a big deal for me to was breaking generational patterns my mom never taught me how to budget so I downloaded the every dollar app and I showed them look you can put all your bills in here cuz one day you you guys are going to be grown in off to college and you guys are gonna need to learn how to budget so I showed them had my son is 13 my daughter is 10 so I showed them how simple it was just to plug in your money in here basically because I want them to be okay one day god forbid I die you know and I don't think they're gonna figure out their whole life you know if God forbid I die but at least they'll know that some principles that I've taught them like you can download that every dollar app if you need to work use the bare minimum save some money you know I wasn't taught this when I was little I was never taught how to budget I was never taught how I had to figure it out and I think God for resources and Dave's book and you know that every dollar app but I think it's important for us to instill what we learn in our children as well so that they don't get lost in the journey of life because life will happen great great advice so what would you say to somebody if they you know they've they've had thoughts about starting the journey to debt freedom but they I just don't think they can do it because of this situation or that situation or maybe they've started it and failed and just gave up all together how would you encourage that person I would tell you do it do it now today like you should have started yesterday mostly because like there's no peace oh my gosh this is I literally felt like a weight lifted off of me like I weighed 250 pounds in my way like my actual weight because it was such a burden and like if you're a single mom I want to speak to you like you can do this include your children make them excited I didn't do graphs because I get anxious and then I'm very competitive and I can't I'm very competitive and I'll try to just go crazy but if you ask you if that will work for you to like do it and include a minute and children are very like they can adapt to things quickly they they adapt really fast more than adults and I and I guess because I don't know they have this crazy faith like that anything is possible they haven't been down as much as adults that we take care of them so I would say include them and it's very important to do it because like who wouldn't know they would have kept me accountable and so me mom you don't need this like you told us this and now you're doing that like no sorry they were my accountability partners and it could if your courage and you feel like you can't do it they can be your soup awesome so I'm sure people loved your advice loved your story so if they want to keep up with you where you ad on the internet and social media so my instagram is danesco underscore seven and i have a youtube channel the name of the youtube channel is called waiting makes you go and I started that being like I talk about everything in my youtube divorce I talk about singleness don't settle I talk about my debt free journey I have what happened after I lost my job which I got everything but it's basically I'm waiting on the Lord and learning how to be ho in him no matter what circumstance you're in alright we'll be sure to have links to all of that in the show notes of this episode in Eska this has been incredible your story is super inspirational so thank you so much for taking time out of your schedule to share your journey with our audience today thank you for having me I appreciate it

How To Start Paying Off Debt?

**How To Start Paying Off Debt?**



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FRUGAL LIVING FRIDAY - WORKING MOM EDITION // Frugal Wins & Fails

**FRUGAL LIVING FRIDAY – WORKING MOM EDITION // Frugal Wins & Fails**



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Please be aware – I am by NO MEANS a financial expert. I’m simply a reformed shopaholic wifey who found herself and her hubby in a huge financial mess. We follow advice from Dave Ramsey and tailor it to fit our lifestyle. I highly recommend seeking out a system that works for you and your family and sticking with it to get the results you are desiring and attain financial freedom.

“A budget is giving yourself permission to spend!”
hi friends and happy Friday we can all live the life we love regardless of the size of our budget join me each week as I share my life as a working mom a wife and a semi reformed Shopaholic who along with my husband is on the road to financial freedom I'm Karina and it is one budgeting way I'm not gonna lie I used to be late to work I just got here and it's like almost 9 o'clock I totally overslept my alarm didn't go off well my husband said it did but I snoozed it and I don't even remember it going off at all so that's great um so anyway at work it's a really slow week so I'm not really like too worried about it but I just wanted to hello I just thought I could come out of here really quick and share with you guys a few frugal things and a frugal fail so let's go ahead and get the frugal fail out of the way the frugal fail for this week is I feel like we are all over the place with our budget I feel like we've lost control of the budget I don't know what's going on and it is not good I just feel like things are kind of spiraling out of control so the plan for this afternoon when you're watching this Friday afternoon is for us to sit down and go through our budget and do you like a mid month review or mid month budget update etc etc and kind of get back to like basics back to square one so that's our frugal fail is that our budget is just like I don't know it's just it's it's everywhere it's just a complete mess hot mess but we have some frugal wins to share the first one is that we had started a subscription box for Kiki because she has a line item in our budget but she doesn't go to the groomer all the time like she goes every few months and so the line item for her wasn't really being utilized and we really wanted something that would help her to like feel you know special even though we had obviously like we're giving a lot of attention time to Elias and so it's just a bit of transition for her so we started barkbox for her and we've gotten it every month and she absolutely loves it it's perfect it reminds us to give her treats often and she gets new toys obviously but the problem with it is that because she's so small she doesn't go through the items very much and we actually should split the treats with my parents also for their dog and even doing that we don't go through the items nearly quickly enough I mean she has probably like I don't know at least 30% of every box that she's cotton which is only been four boxes and but I called barkbox and they actually have an option where you can go to every other month because I didn't want to completely like stop the subscription for her because again it's something that we just have a line-item floor and so why not use it and she needs treats she needs toys you know she needs that kind of like special moment and attention and so it's really good for her to have that um so we just went to every other month which means we'll be charged every other month instead of every month which is pretty exciting because we can put that into our budget now every other month or do you like half you know each month we'll probably do it every other month it's like 20 bucks so that's the number one number two is that I because I was running late I was really tempted to go to Starbucks this morning but I didn't I instead used these Starbucks coffees that I got this weekend they're like the pre-made ones but they now have almond milk options and so I've gotten a few of them for $5 each and which is I mean it's pricey but it's like the price of one you know grande latte so I'd rather get you know won a bottle for five dollars that I can use like six times rather than just one drink at Starbucks so instead I just whipped up my own um kind of like protein coffee this has protein powder and the coffee and then what else like MCT oil and then I just shook it all up put it over ice and through to my cup so that's what I have so that's frugal win number two is that I skip to the Starbucks line I just use what I had at home and then number three is that I have had a bunch of like random items that I have purchased over the last couple of months that I either you know decided like we didn't really need or they it didn't quite work and I'm not liking it and they were all from Target so I went ahead and took all those back to Target yesterday just rounded them all up grabbed all my receipts and did the tedious work of like the receipt matching for you know this random item and this random item and you know it's only a few bucks like here and there but altogether it adds up right so we got about 50 bucks back from that that was a frugal when to so those are my three frugal wins and one frugal fail for this week I would love to know how you are winning at frugal wing your life this week let me know on a comment down below if you've had frugal wins or frugal fail because girl I've been there where I'm there right now obviously to share with you guys for a family so I hope you guys have a great day have an amazing weekend and you

What is a Balance transfer? Should YOU do it or not?

**What is a Balance transfer? Should YOU do it or not?**



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View Time:18:52Minutes

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How does a balance transfer work, and should you do it? Now whatever I tell you in my video its because I’ve done it. I had a balance transfer from this Discover to Chase Unlimited. And I’ll let you know why later in the video. ( it was because I wanted more money to invest my business )

Now in this video I’m going to break down, how A balance transfer works and how it can save you thousands of dollars and even improve your credit score. And yes I’ll also be breaking down the fees and how to actually do it for free, but not just that I’m going to give you a way to go 2+ years without having to pay interest. So make sure you stick around till the end of this video.

What does Balance Transfer:
A balance transfer is simply taking the money you owe one credit card and transferring it to another. Either to avoid interest or to max out certain bonuses.

Tommy What’s the difference between a Balance Transfer and Debt Consolidation:
It depends, usually, you can save more money by not doing either. Unless you have a special promotion. Example 15 month 0% apr on a balance transfer. Then that’s definitely more attractive than a loan consolidation. Loan Consolidation are lower interest but could results in higher interest over time, depending on how long the debt will last.

How does Balance transfer work?

Call discover or chase Customer service and ask how it works in full.
1. How does balance transfer work?
The transfer of debt to the credit card.
2. What are the benefits?
Lower apr and sometimes promotions.
3. Can I do a balance transfer to any of my cards that accept it?
Yeah, surprised me too.
4. Can I do a balance transfer to my friends card?
Yup.
5. Is there a limit on how many I can do, an example I max out my limit buying Starbucks, and now I want to do a balance transfer, for the 4th time is that okay?
Nope, as long as its available.
6. Are balance transfer free or do I have to pay twice, to you and also the other card?
Pay the person receiving the transfer.
7. How do you guys figure out how much to charge as a fee
Its, fixed.
8. What if I have a card with 500 dollar limit and I want to transfer 10k to it, is that possible?
Nope, it can’t go above your credit line.
9. Will it affect my credit score?
Nope, and a credit line increase is a soft check.
10. When I do a balance transfer, does the interest rate change and can I reverse if it’s higher?
Yeah, if they just got it, after a while you cant reverse it.
12. Funny: Call in and ask for an APR increase ( to practice self-control)
Lol no.

Big Questions?
When should I do a balance transfer?
– Say you got a cc for the first time and now you owe 1500$, and you can’t pay it, and you cant return all the food or the iPhone, what do you do carry balance or transfer.
– Normal balance transfer without a promotion, not a good idea unless you’ll make more money.
Why credit cards allow it? Why not keep you locked in?
– Because when you bring the balance to them, now they can have the chance of charging you interest and 24-35% is higher than 5% for the balance transfer

Balance transfers are lucrative and can even help you improve your credit score, but that’s another topic for another video. Heres what I recommend.
– If you have a high balance, you can’t pay and need more time, get a balance transfer and then pay it as fast as possible
– If you have a business and need cash, and you maxed out one card, then get a balance transfer. (risky)
– I might get another balance transfer, and when I do I’ll make sure to post a video about it
Bonus:

*Comment down below if you want a video on video on the top 5 or 7 best free balance transfer cards with no fees, let me know. *

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what does it balance transfer how does it work and should you do when I guys everything I do this video it comes from personal experience so in the past I have done a balance transfer from a Discover card to a taste unlimited card and everything went perfectly now that if you wonder in timing why do you always cover up your cards okay do you not trust us well you know how does bad experience once guys write someone who once stole my credit card information bought diapers and then I've to explain to my girlfriend that I didn't buy diapers for anyone out there it was a whole big problem because now the thing even have an entire secret family behind them I'm kidding but many that did happen they'll be insane but guys in this video I'm gonna show you exactly how balance transfer works if it's good for you if it's not good for you on top of that I'm gonna teach you how bad stress we're gonna increase your credit score and I'm also gonna give you a credit card that can actually you can get away without paying any interest for around like almost two years if you want to find out high balance transfer works what a bass transfer is and how to get a credit card where you don't have to pay any interest for run almost two years okay stick around this video has to find out on top of that guys don't know me – I'm Bryson I'm an accountant and I posters on YouTube every single day yes I said daily content so make sure you subscribe to the channel HIPPA deprecation bucks you get notified every time I post video which again is every single day now if you're excited you find out what credit card lets you actually get away with paying no interest for around two years make sure you hit the like button okay that's how I know you're excited about this stuff on top of that I want to ask you a question have you in the past ever done a balance transfer ever in your life and if you haven't why haven't you and if you did where did you do the balance transfer from and why did you do it comment down below let me know now the first thing I'm gonna clarify is Tommy what does a balance transfer in the first place okay and here's the first thing guys a balance transfer is it balanced from one card to another card okay so for example well what if I owe $1,000 in this card well let's do it a real example okay I have a daughter she spends like $50 every single month on Starbucks right so now see spend the Starbucks every single month on this card now she comes to find out that hey I don't have the money to pay off this card so what do I do now huh I just spent all my money on Starbucks what would you do is this if you don't have the cash you can do a balance transfer from this card to this card and hopefully they have emotional balance where hey if you parent to the balance for this card we're actually gonna give you 15 months when she paid off interest-free okay fifty months to pay it off interest-free instead of carrying a balance here and paying a twenty four percent every single year until you actually pay it off which would be like five years on average which is a lot of interest if you ask me now you're probably wondering well Tommy what about a loan consideration is the same thing as a balance transfer the answer is no and here's the thing guys right a loan consideration is when you take one credit card another credit card and mostly all of your debt you put them together in one place a big balance all together and now that's what now you pay a lower rate on all of them but still over time some of the same thing because you are saving on the interest but it's such a big balance that you're gonna have to carry it for a longer period of time so the interest kind of adds it to be there on the same thing at the end of the day if you ask me a balance transfer is kind of like more convenience because if you don't know a ton ton of money that you can probably just transfer the money from this card to this card and half 15 months to actually pay it off interest-free which is pretty cool because then that way all the ministers you pay towards the card actually go straight into the money you owe and not interest towards the company and then making a profit from your money alright just wanted to clarify that now comment down below and let me know do you understand exactly what a bass transfer is and how it actually works coming down below let me know so not to comment too guys I'm not even call customer service now and I see asked him all the questions that I saw online and people asking about balance transfers and how they actually work again all these questions I know the answer to them already but I really call to get the information from the source because that way if anything has changed I can hear them actually tell me exactly that everything works and then you can have a reference so she go by when you ask these questions when you call your own credit cards also so let's call them right now unless you find out exactly hi bands transfer actually works again whenever you're calling customer service don't just go in Google and Google the phone number don't do that go straight into the app and call directly from inside the app because sometimes you might see a number on Google click it call but then you might be calling somebody else and there might be a fake and still all your information so again always call directly from the app that's what I like to do discovered you reach our payments and balance transfer Department full name pants hi my name is I'm Tommy Bryson I'm just calling in today to find out some information about balance trends behind there where I have a few questions written down that I went over with my wife and my daughter is that fine with you if I go over them with you awesome so how does it balance transfer okay so it's basically transferring money from one car to the next basic way so you told me a balance transfer a she's not just for cars but else is actually for like various types of debts basically okay got it and what are the benefits of doing a balance transfer and you guys by the way do I have to have like an offer opened on my account with you guys so I can do a balance transfer or I can do a balance transfer as long as I have like um some of my credit line actually available to actually transfer the balance over those four offers and the question is this if if I call in and then request one is that is that possible or is it kind of like it's just like the system does it whenever it wants to do it okay so question right because I was in the office yesterday and I was hanging out with my friend off Michael and basically he asked me he tells me Tommy if you do a balance transfer if you don't have an offering account and I have an offer on my accounts why don't you just transfer the balance from your credit card to my credit card is that possible can I do it got transferred from one person's credit card to another person's credit card just do it from one car to the next card okay okay and by the way is this just like your cars that work like based on based on generated offers or do all the cards work like okay and question so every time I get one of these offers like I can just do it like there's no like limit on how many times I can do it right okay and our bounce transfer free or do I have to pay like twice for example do I have to pay you and the person that's like on the bill is coming over is just like okay because I read online that sometimes like is usually like I said in your terms and and conditions that you said it's like five percent or five dollars everyone's greater your standard rate but it doesn't mean that the balance transfer offers will necessarily have that rate okay and I've and I've noticed that um like you you regulate like the interest rate the APR based on the prime rate so is variable do you guys do the same thing with like um the balance transfer rate or is it kind of like just fixed based on like which you guys decide on okay and another question is there some there's no way you can do a balance transfers to one card for a higher amount than what you actually have available in a credit line right increase question um do any of those two things affect my credit score like for example if I got a credit line increases in fact my credit score and or if I get like a balance crown does affect my credit score in any way okay and here's another question just just to clarify because you got my mind running a little bit and here's the thing you're saying that I can do a balance transfer not just from credit cards but from like other players that actually owe money from for example I have this cousin his name is um Billy and he has like some stuff in collections right but his score is like Madhuri up there so for example if you had an offer with you guys and with this card and he had things in collections can they get those on that debt in collections over to you guys okay awesome and can you ever reverse a balance transfer like for example if I if I do a balance transfer and then I don't like the interest rate can I reverse it if in the beginning you do the transfer first $3,000 and we just sent it then you could ask the creditor to send it back it was like halfway through like the listing was for 12 months which day it was like the six-month and you didn't like it for example that if I if I if I won and to like move my money from my my tastes freedom card to my Discover card and when I move it over to you guys it turns out that now because it is variable right now my APR on your card went up for some strange reason and it's lower on taste size so can I do a reversal and put it on okay awesome and I have a daughter and she's like get into the credit card game also she has a Discover card also and my question is this um like I'm trying to teach a responsibility so but she's like I'm spending a lot of money and all this stuff so can I ask for like a higher APR in her car because I know that you guys like negotiate like on Laura APR so kind of asked for a higher APR for her you spend a lot of money on Starbucks stuff like that okay so it sounds like you guys are more negotiated Tori's like lowering it more than the reason it you're the best thing for you switch even if let's say your daughter is being irresponsible we didn't want okay okay okay thank you so much I think I think I have all these questions and I have all these answers now thank you so much really appreciate it yes and if you have any other questions please feel free to give us a call back in and I do apologize I did take a look at your account and unfortunately there are any offers available right now that's okay that's okay I love discover and I have zero APR so I don't plan on doing any bad press room so ever so I'm fine for now but I'm just calling it really like because of my die feel like my daughter like she buys like a lot of Starbucks eventually she will need to do a balance transfer somehow some way I'm just getting ready for the storm okay thank you so much we appreciate it okay did you hear did you hear at the end I cracking up like saying like hahaha when I said to her like oh yeah she buy Starbucks and you just raised your 8pr so you can teach you some responsibility she started cracking up and towards the other car you can see you're like trying to like smile I try like hold it back okay so oh my I had so much fun with that call and I like making people's day also so I'm pretty sure she had a fun time there too and I'm hoping that you guys like like all those question because in reality I'll be honest with you I had no no idea you can do a badge this is what I call by the way because I wouldn't have the answer these questions now I had no idea you can actually do a balance transfer from one friend to another friend or from any type of debt that you actually have to your credit card originally what I thought is this one credit card to the next credit card but now that we call now we have all these questions well we have all the answers to all the questions so comment down below and let me know if you still have any more questions and I made sure to answer them in the comments down below I'll be in the comments all day today now I do want to discuss some really big questions but I'm still like digging like a little kid after all those questions and here's the first question guys Tommy when should I do a balance transfer the answer is this like my daughter that spent so much money every single day every single week on Starbucks like over a thousand dollars a month well like her now she can't afford to pay it back rights for example if you have a very high APR on one card you want to get a transfer over to another card you can do that to lower the APR and then pay it off like Marla you know like more leniently and more of the money goes to her like that's monstrous yo on top of that if the card she has a promotion you can get away without paying any interest on the transfer card and then just pay it off slowly like that also and again guys I had no idea about this but imagine this right imagine having accounts in collections and now you have the power to take that card from collections and then now put it onto your credit card at zero APR and pay it off over time that's super super super helpful because then that way you can avoid messing up your credit score's that's pretty cool I didn't know that but apparently you can do that now the same thing is this guy's why do credit cards allow this okay why does one credit card let me put money on another credit card is that good is that bad it's bad for business okay because if they just let me stay here just lock me in then in reality I would have to let you know just pay off the interest well not really and here's why credit cards believe two things well you know if he had some high balance here and we transfer him over here well now we acquired one thing a customer – we acquired a balance three he must have a promotion like 15 months 12 months no APR hero % but after the promotion you'll probably still have a balance because there's so much of bad habits okay same thing is this or assuming well you know if they go over there now that how the zero balance with us so now I'm gonna start using us again and they're gonna be they're gonna get back into debt and it'll be even worse for them now it's all the money game it's all a business game so make sure you understand exactly when and how and why to do a balance transfer I will be breaking it down in one second steam your second now the last thing is this guy's you're probably wondering well Tommy what are the best the best balance transfer cards out there on the market currently and the answer is this I'm actually working on a video for tomorrow on the top six balance transfer cards with the best promotions and one of those balance transfer cards ashle equals an offer I'll run 22 months interest-free almost two years no interest on that balance transfer example in menu bar like $59 of Starbucks like my daughter and now you have over two years well almost two years did you pay it off interest-free so you want to find out what cars those actually are hit the like button and comment down below let me know so I can make the video tomorrow and also subscribe to the channel so in that way you got notified whenever I upload that video tomorrow on top of that guys I want to clarify one last thing and here it is make sure whenever you're doing balance transfers you're not transferring over liabilities to more liabilities to more liabilities and then you have like a whole bunch of cars with a lot of balances on them and they're all full of liabilities for example when I did my balance transfers guys it was for my business so I transferred money from this card I maxed it out I've messed up this card and I transferred over here I did it again and I got more money for my investments and then that way it was literally an investment okay but I didn't transfer money from my Starbucks to get more Starbucks then get more Starbucks and get more Starbucks I didn't do that so make sure you don't do that on top of guys thanks for watching the video if you liked the video go ahead and like the video it really helps to channel a ton and helps push this video out there to the YouTube algorithm on top of that do me a favor subscribe to the channel hit the vacation bus you get notified every time I post new video which again is every single day on top you wanna talk to me one-on-one una you know just DM me on instagram @ Tommy Bryson I'll be there answer all my ideas whenever scent of the time and if you wanna talk to all of us here on the channel you can actually join us on discord only one hurting sponsor open once those are fields we're gonna open it up again until 2020 so get away you still can I'll see you guys next time a nice video thanks for watching and peace

How to Pay Off Debt | Fidelity

**How to Pay Off Debt | Fidelity**



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_________________________________________________

Credit cards, loans, mortgages – there’s a variety of different types of debt, so which should you pay off first? By prioritizing your debt, you can create a step-by-step plan that helps to get f the bad and expensive kind fast, while reducing what youll owe in interest.

Here are some tips for taking control of your debt:

1. Start with high interest credit cards. Minimum payments are typically low, and paying only this amount each month will take longer to pay off the balance, and cost you more. Tackle credit cards in the order of their interest rate, starting with the highest. Pay as much as you can towards this credit card and pay the minimum on the others. When the balance is zero, focus on the balance with the next highest rate, and so on.

2. Pay off your most expensive student loans. Private student loans generally carry higher interest rates than government loans. If your private student loans interest rate is above 8%, pay it down next, especially if you’re not eligible to claim the student loan interest as a tax deduction on your income taxes.

3. Keep up with regular payments – mortgages, car loans, and government student loans generally have lower interest rates, and some offer tax benefits, but don’t forget about them. Make just the minimum payments on these types of obligations while you’re paying down your higher interest debt.

As a guideline, many advisors suggest that your overall debt shouldn’t exceed 36% of your gross income. Managing your finances well helps to free up money from debt payments, enabling you to put away savings for good use – like an emergency, unplanned expenses, and retirement. Together, we can review your debt and help you prioritize it so you have a plan to get and keep it under control.

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