Find a new way to pay off your debt faster weekly
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  1. #1
    Registered User Suprise's Avatar
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    Default Find a new way to pay off your debt faster weekly

    The challenge is to find a new way to save money or make money to add to your debt payments.

    A month ago I decided to apply for a line of credit because those are usually lower then credit cards interest rates. I was approved at 8% compared to my Visa's 11%. So I transfered the ballance from my Visa to the line of credit. Hopefully this will help me pay off that debt by the end of 2012.

    Please share your tips.
    Last edited by Suprise; 04-03-2012 at 11:44 AM. Reason: To take out the weekly part. Lets not wait to share the good info. Share away!

  2. #2
    ama
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    Registered User ama's Avatar
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    I am contemplating on finding a 2nd job. I work 4 10's at the hospital and if I could find something on Friday, I could put that extra money towards debt.

    Going to refinance our truck through our credit union, much lower rate.

    btw - I like your idea and it's def a thought.

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    accelerating the last 3 years of our mortgage by paying $550 extra per month. Should finish in 15-18 mo. We just worry about outsourcing. That can knock $2100. off per month.
    The we can breathe.

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    Registered User StanleyJohnson's Avatar
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    Transferred auto loan to HELOC @ 3.25%

    The interest is low and deductible.

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    Default What is HELOC?

    I've seen this mentioned before. My car will be paid off in two years but I bought it from one of those buy here pay here and the interest rate is horrible!

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    Registered User freebs's Avatar
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    HELOC= Home equity line of credit

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    Gonna send a lump sum to the mortgage from the tax rebate. KIll that mortgage!!

  9. #8
    Registered User savvy_sniper's Avatar
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    I got a part-time job at a local independent motorcycle shop. Now I get an employee discount on motorcycle parts and service (we own two Harleys). I am learning so much about my Harley and they are teaching me to work on my motorcycle myself.

    So there is more $$$ to throw at the mortgage!

  10. #9
    Registered User savvy_sniper's Avatar
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    Update to my part-time job:

    Guys are SO happy with my work they are now not only paying me an hourly rate but giving me a bigger discount on parts and service. Instead of retail less 10% they are now giving me cost plus 10%. That is a bigger savings and will mean more money to throw at the mortgage and home repairs/updates.

    They are also talking about a bonus program soon - WOO HOO!

  11. #10
    Registered User krbshappy71's Avatar
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    I recently quit my part-time job to be with the new grandbaby but during the one year that I had it I paid off two credit cards, prevented many things from going onto a credit card, and increased my social spending slightly. Now that I have quit the part-time job it has been a huge awakening as to how important every penny can be.

    It also taught me that its better to budget in fun than to go on a "fun rampage" of spending. I am now budgeting in small rewards or lunches instead of being super tight on myself and then going on a shopping or spending spree.

  12. #11
    Registered User savvy_sniper's Avatar
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    EXCELLENT! You have to budget for fun; it is the only way to stay within your budget.

    Quote Originally Posted by krbshappy71 View Post
    I recently quit my part-time job to be with the new grandbaby but during the one year that I had it I paid off two credit cards, prevented many things from going onto a credit card, and increased my social spending slightly. Now that I have quit the part-time job it has been a huge awakening as to how important every penny can be.

    It also taught me that its better to budget in fun than to go on a "fun rampage" of spending. I am now budgeting in small rewards or lunches instead of being super tight on myself and then going on a shopping or spending spree.

  13. #12
    ama
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    Love these ideas, so motivating!

  14. #13
    Registered User savvy_sniper's Avatar
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    Update on part-time job AND petsitting job:

    Had to replace idle and throttle cables on my Harley. Got them from the independent motorcycle shop that I work for using my employee discount, hubby installed, and paid for them with my virtual money that is accruing on their books.

    I need a new front tire. The guys at the shop are trying out tires from Michelin that supposedly give you double the mileage. I researched them online and I decided to try one on my bike. The price was SLIGHTLY lower than the Dunlop and will give me extra mileage. It remains to be seen whether it will be double. Paid for the tire with my virtual earnings.

    Normally the front brake pads needs to be replaced every other tire. They checked my pads and they are good; so don't have to buy them this time - WOO HOO!

    I now have a regular petsitting job. The woman lives two miles away, travels alot, and is paying me $30 a day. I go to her house morning and evening (when needed) to feed, water, and play with the cats.

    Our Harley Owners Group (H.O.G. Chapter) is putting together a directory of members with services to offer. I will be listed under petsitting and online sales (Craigslist, eBay, etc.). I am excited about this!

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    Registered User savvy_sniper's Avatar
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    The owners at the independent motorcycle shop at work at are working up a price for the 20,000 service I need for my Harley. NORMALLY it is over $600. If I let them do the work when they are slow, they won't charge me for labor; just my discounted price for parts. MOST of the service is labor. They are going to save me some serious cash!

    I worked all day Saturday. One of the owners took the day off. The other owner and I had a seriously good day of sales! They are extremely happy with my work. The customers like me and they have received several compliments about me. I am also bringing in more women bikers! That means more business for them.

    We are all working together as a team. I am learning a lot and they can concentrate on doing more service in the shop while I work the front counter. This is working out even better than I had hoped!

  16. #15
    ama
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    Registered User ama's Avatar
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    I've not had much luck with the 2nd pt job. All of them want YOU to be flexible as in you're available 24/7 but they want you pt. I'm seriously thinking of donating plasma for money. They'll pay you $60 each time and you can go up to 2x a week. I'm a scrawny gal so not sure how often I could go but if dh would do it too, well that sure adds up.

    On a good note, I refi'd our truck payment at 2.25% and it dropped our payment down $100. We also paid off my truck and so that is over $400 more we can throw at debt.

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