Finding $$ when you THINK there is none to pay down debt

**homesteadmamma** · 12-28-2005, 01:23 PM

We always think we can't find $$ to pay down debt. We say "it's so tight around here" or "there isn't any extra $$ to pay down our debt", etc. etc. Here are a few tips I found.

~gift cards - I love gc. If used properly there can be extra money found.

-if you have a gc for a store that sells groceries along with other items, purchase groceries with the gc. Watch though because the prices might be a bit higher, yet they are all free. Take the amount of $$ that the gc was and put that amount towards debt. I know, your probably going to say, I don't have that money. Would you not have used $$ to buy groceries if you didn't have the gc? Shopper's Drug mart has gc and they sell groceries. I've used gc to purchase food items that are on sale and have come out with many groceries all free.

-use the gc to your advantage. If someone gave it to you to buy clothing or books, it DOES NOT MEAN that's what you need to use it for (unless you can only buy clothing or books with it). If it is a gc for books, then purchase a book on debt reduction, frugality or a good cookbook.

~gifts - if you have received a gift (especially at this time of the year) and you know you won't use it, don't need it or don't like it, return it for cash. Run to the bank immediately and put that cash on your debt. Don't spend it on things you really don't need. And DON'T FEEL GUILTY because you didn't keep the gift. Once a gift is given to you, it's yours to do with as you wish. Be honest here has well. Walmart will refund cash as the sale price if you don't have a receipt. If it wasn't purchased at Walmart and you know that, don't take it back to Walmart. Also see if you can get the receipt from the giver. I always keep my "gift receipts" in my wallet. If someone wants to return it, I have the receipt to give to them for a full year (also for warranty purposes).

~check those pockets, bottom of purses, etc. Just recently I found a five dollar bill in an old winter coat I had put away. Don't spend what you might find - the thing here is to put it on debt. Five dollars doesn't seem like much, however add those pennies and it soon makes a difference.

~cash - did you get cash for Christmas, birthday, anniversary or special occasions. Don't spend it - put it on debt. I know, I know you want to go out and buy something. It's not forever - it's just this time when your serious about getting rid of debt. If you feel you want to use the $$ to buy something, write it in your journal the exact amount. Once your debt is paid off, you can take that amount and buy yourself something. Remember the more you put on your debt, the quicker you'll get it paid off.

more to come....

**owiebrain** · 12-28-2005, 01:37 PM

Walmart will refund cash as the sale price if you don't have a receipt.

Not our WalMart.

Ditto on everything else, though!

**hollyhill** · 12-28-2005, 01:41 PM

Great Tips, CJ!

I will have to dig this out when Dh is finally working to help pay off the student loan!

In the meantime I will be using cash and GCs to stretch the $$$$so I can buy those things we need that we have been doing without.

Any other ideas on making th most of the GC's I have would be great!

**AmyBoz** · 12-28-2005, 01:56 PM

Thanks, CJ. These are great ideas!

Some places will give you cash back as change if there is under $5 left on a gift card. Off the top of my head, I can't think of any, but I know it's happened to me a few times. You could use that cash you get back toward debt. Even if they only refund actual cash if the amount is under a dollar, you can take the change and pop it right in your change jar!

**Pepper** · 12-28-2005, 02:18 PM

Very good tips.....I have one GC in my wallet for Target, which I think I will spend on groceries!

**homesteadmamma** · 12-28-2005, 02:49 PM

~you have a specific amount of cash in your hand. Your on your way to the thrift store. Ooooh boy, lots to purchase. However, just because your at the thrift store does not mean you need to purchase everything in sight. How many clothes do you really need, do your kids need. Instead of using all the $$ in your hand, purchase a couple items and then walk out. Head over to the bank and make a payment on one of your debts with the remainder of the money in your hand. Better yet, wait for bag sale days.

~barter, barter, barter. You can barter your services for free food (deer meat, garden veggies, baking, etc.). The money you would have used for those grocery items, put towards debt. When dh bartered for a deer, I took the amount of money I would have paid for meat on my grocery list and put that towards our debt. I did not use that money I would have spent on meat for other food items.

~if you have budgeted something for 12 months of the year and you get a nice surprise in the mail saying your utilities, water bill, insurance is being decreased, take the difference you've budgeted and the amount new amount and say yahoo and run to the bank. We've just had this happen with our vehicle insurance. Not a large amount of difference, however every few $$ counts.

~bonuses - after the government has taken off all the required taxes, your often not left with a lot. DO NOT USE THESE to purchase new furniture, to go on vacation, etc. Instead immediately use it for paying down debt. The time will come (once your debt is gone) to have fun with a bonus. I say "immediately" here because we can frival away money so quickly w/o realizing it and soon that bonus money is gone.

~if you get a raise - do not up your standard of living. Instead take the increase and put it towards debt. Remember, we wanting to live below our income, not raise our standard of living just because we are now in a different income bracket. Again, remember this is only for a season - the season being until ALL debt is paid off.

~income tax refunds - I hear so many getting excited because tax season is just around the corner. Ooooh, the plans they have for that money, from purchasing a new tv, a new appliance to going on vacation to buying their kids new "things". Why is it as soon as we get a few dollars in our hands we have to spend it on "things" especially when we have debt. I'm as guilty as the next person. In years past, I drooled until the tax came because I knew I could purchase a few things I thought I needed. After I had them for a few weeks, I didn't even like that item anymore and in most cases didn't even need it.

Paying off debt is all about rethinking how we do things. It's all about living below our means and taking the extra dollars we find and putting it towards our debt. Making minimum payments will keep you in debt for years and years and years. Every $$ you can add over and above your regular payment means less time to get it paid off.

Sacrifices - YES!!! Hard work - YES!!

**alabamagirl** · 12-28-2005, 03:00 PM

Thanks for the many tips! For me, the trick has been to learn to actually take the money saved and deposit it towards debt.

Silly question - how do you find a good thrift store? The few I've found here are either still-pricey consignment boutiques or a raunchy ranch store in a scary part of town. I'd love to find a church that sells used items. Is there a best place to look in the phone book?

**homesteadmamma** · 12-28-2005, 03:04 PM

I now use 4 different thrift stores. I found 3 in church basements in 3 towns close to us and the other one, the local hardware store sells the items.

I don't know how you find them other than asking around. That's how I found ours. Yard sales are another great place to find good used clothing. Remember, don't pay the price they are asking at a yard sale - dicker with them. That's what yard sales are all about. If they refuse, walk away.

**dwallyfam** · 12-28-2005, 03:27 PM

-don't forget to double check what you are charged for everything. The computers are not always 100% accurate. DH just went to purchase a watch and they overcharged him by $10. If he hadn't of caught it there was $10 down the drain.

Kellie

**forestdale** · 12-28-2005, 03:33 PM

Great tips, CJ. I think that's the key - to use money that would have paid for something you no longer buy, or unexpected money or gifts - save all that money and pay off debt with it. If you don't it just gets wasted on small things that don't matter.

It is difficult and hard work, that's why so many people stumble over it, but it sure does feel great when you do pay off debt in that way. It's something you can be proud of.

**SHOPGIRL** · 12-28-2005, 05:26 PM

Hey Rhonda, I just realized that you recently passed the 6,000 post. Now, that is a lot of writing in 2 years.

C.J. I just recently found about $70 cash in one of my little backpack purses. I was soo excited! I put all of the money into my EF.

**bee9984** · 12-28-2005, 08:27 PM

One thing I would like to add as well is when we went to pick up some winter boots at the Global shoe store there was a pair there with scuff marks on them, they were the last colour of beige that they had (and dd would liked to have had) so I asked them if they would give us a discount on them . They were $29.99 plus tax which would have been $34.49 and the manager gave us a $10. discount so they were $19.99 plus 15% tax which came to $22.99 so our total savings was $12.

I find that even though they are a chain store or department store you can still barter.......I have saved on new pieces of clothing and even jewelery in the past by doing this. Now the boots might have had a couple of little scuff marks on them but they would have had that anyhow after a couple of wears. Shirts that I have bartered for might have a couple of marks which I figured had fallen on the floor but nothing a nice washing wouldn't fix etc.

**dwallyfam** · 12-28-2005, 09:28 PM

Alright Bee

Kellie

**graci42** · 12-28-2005, 10:15 PM

Make sure you have original reciepts, ladies. At the big K if you don't have a reciept, you get the sale price in a GIFT CARD. If you have a gift receipt, you get the money on a GIFT CARD, too! They want to make sure you spend it where you got it.

Graci

**frugalfarmwife** · 12-29-2005, 12:03 AM

One thing I've done is sell gift cards on ebay, I usually get a few dollars less than the face value but don't have to bother with going to the stores.

I don't live anywhere near a target or a home depot, but often get them from there. I also don't go to walmart so sell those also.

Since we don't ever shop at any of those places anyway going in would just be spending money on things I wouldn't have bought in the first place.

I just put the money right into savings or right on the mortgage to pay down debt on it.

Kris