This post contains affiliate links, where I earn a small commission and are provided at no extra cost you. 🙂
Put your hand up if you like to the word debt? Nope! I certainly don’t.
I have a credit card debt.
At the moment I currently owe $4,455.90 on my credit card and do not like looking at this number and I cannot wait to pay every single cent off.
I would like to pay off my credit card debt within a 18 to 24 months. I would prefer to have it off my shoulders sooner rather than later.
So, how am I going to do it?
Create a plan and set a goal!
Tracking my expenses
I have created a daily spendings workbook which you can download by joining my free printables library. Click here to join and gain access to the library. I have also created an expenses worksheet which you can find in the library too.
By tracking all of my expenses, I can eliminate things I do not actually need and avoid unnecessary purchases.
Reducing my expenses
There are many ways that you can reduce your expenses. I have reduced my expenses quite substantially and I am super happy to see an improvement.
Here are a few ways I have reduced my expenses:
- Cancelled an unwanted online digital newspaper subscription. The subscription cost $24 each month and I wasn’t even reading it. Savings = $288 per year.
- Cancelled my gym membership. I was determined to go to the gym and get fit, however, I barely used my membership. My membership cost $60 each month – that’s a whopping $720 per year!
- Shopped around for a different phone plan. I was originally paying $100 a month for my phone – eek! I’ve now reduced it to $85 per month. Savings = $180 per year.
- Shopped around for the best car insurance quote. As someone who is under 25, my car insurance can cost up to $140 each month and was definitely not prepared to pay that each month. I found a reputable car insurance company and only pay $69 each month. I like to shop around for new quotes each year to find the best deal possible. Savings = $852 per year.
- Stopped eating out. I can’t explain how many take away meals I had bought over the last year and that was something that was taking a huge chunk out of my bank account. Yes, I was super lazy to cook good food. I found $5 Meal Plan which has been a lifesaver and a big money saver! I have been able to prepare meals in half an hour tops and meal plans are sent straight to my inbox. Click here to sign up for 14 day trial.
- Created shopping lists and only buy food that is on the list. I have spent money on unnecessary food purchases, just to have it go in the bin. I always like to check what I have left over at home and only buy the essentials.
Increase my income
I currently work two jobs. During the week I have my full-time career as an accounts officer and on the weekends I work at a bakery/cafe as a cafe assistant. It definitely is hard work, however, it has paid off tremendously.
I thoroughly enjoy both of my jobs, however, I want to increase what I am earning.
A few other ways I have increased my income is:
- Starting my own blog. By creating The Hustling Budget I have been able to earn additional income. This has also helped pay off my credit card. Starting your own blog is super easy and has so many benefits. I use Siteground to host my blog. Hosting starts for as little as $3.95 each month. Click here to join Siteground and start your own hustlin’ blog.
- Participate in survey sites. One of my all-time favourite survey sites is Swagbucks. I have earned multiple gift cards and have even earned a petrol card which covered me paying petrol for almost two weeks. Swagbucks allows you to participate in surveys, play games, watch videos and more. By using my link you will receive $5 for free! Click here to join Swagbucks.
- Earn cashback using Ebates. Earn cashback by shopping at your favourite stores. How cool is that? You will be able to save more money by doing so. Click here to join Ebates and score your first $10 for free.
I plan to pay at least $20 each week plus the minimum monthly repayments. This should total to $170 each month, give or take the minimum monthly repayments.
I will also download a copy of my credit card statement and start to pay off the lowest amounts that have been purchased on it.
Creating an end goal
I think it is super important to create an end goal to paying off debt. As mentioned earlier in this post I would like to pay my credit card off within 18 to 24 months. If I have the opportunity to pay off my credit card earlier, I most definitely will.
Do you have any debt? How long will it take you to pay off? Have you already paid it off?
KEEP TRACK OF YOUR FINANCES DURING 2018. DOWNLOAD YOUR FREE COPY OF THE 2018 MINI-BUDGET PLANNER BELOW.