Be Debt Free

credit-card-1080074_960_720We know. It’s summer and the weather outside is not at all frightful, in fact, it’s really quite delightful, which means there’s actually a lot that we can do for free! So, it might just be a good time to think about reducing debt.  After all, the money you save now can help you reduce your debt by the holidays and maybe even save for a great gift like a house! It’s all here in our Be Debt Free guide.

There are a couple of approaches to consider, and we love the idea that you don’t have to be a financial wizard to understand them:

Debt Snowball Method

How dare we mention snow! We didn’t come up with the term, we promise! Here’s the theory according to a recent NASDAQ article:

With the debt snowball plan, you pay off debts in order from smallest to largest. Small victories up front — the satisfaction of seeing your debts eliminated one by one — keep you engaged. Dave Ramsey, the author and radio personality, is a fan of this method and encourages listeners to yell “I’m debt-free!” on the radio once their debts are paid.”

Read more: http://www.nasdaq.com/article/what-is-a-debt-snowball-cm610911#ixzz4HeEhM7UO

The Avalanche Method

It’s very different from the “debt avalanche” strategy, which prioritizes high-interest debt. If you need short-term victories to inspire you, you’re a snowball candidate. If you tend to be analytical and patient, the debt avalanche will let you repay debts in the shortest time and with the least interest — but with fewer rewards up front.

Read more: http://www.nasdaq.com/article/what-is-a-debt-snowball-cm610911#ixzz4HeFVUb3M

So we won’t leave you high and dry, not when you can make a splash this summer for FREE. Here are some great ideas we’ve rounded up so you can starting paying off your debt. (Need some inspiration along the way? Follow the amazing journey of our partners at LifeattheDahlHouse.com)

checklist-911841_960_720Which method is for you?  It depends on your personality.  Yes, we know, what does personality have to do with numbers?  In the end, it’s really about what motivates you.  If seeing debt disappear motivates you to spend wisely and keep going, then keep going and hit the smaller debt first.  It actually might take longer to pay off your debt but at least you’ll keep moving in the right direction with every debt you erase.

If you’re analytical by nature and follow numbers, then your best bet is to use the avalanche method.  It will drive you crazy to know how much money is flying out the window as you pay your smaller debts, some of which have no interest.  Be sure to read the rest of the article to download some great worksheets to get you started.

In the meantime, consider what you can do for free or at a reduced cost!

RochesterKids.OutandAbout.com

They list daily events on their website that are free. Some of the fun includes carousel rides, crafts, music and story time.

Monroe County Parks:

We are so fortunate to have so many choices in our area and there’s so much to do and see. There’s parks for our canine friends as well. Some do require an entrance fee, but it’s usually charged by car. Great fun for all. Be sure to download the list of events in the parks for each month.

Coupon Apps

Check out Tom’s Guide for a recent list of the 10 best coupon apps to help you save money.

sun-in-hand-693382_640It’s summer and maybe in some sense we’re celebrating Christmas in July! What we’d love to celebrate is your financial security. If you need help or want to learn how to save for a down payment, contact us today! We have a great network of professionals we have partnered with. If you’re ready to invest in your future and make a move, we can help with that too!

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