Think your home is an investment? For most people, it’s not. Learn how to rethink real estate so you can build your wealth and become financially independent! Is Your House an Investment or Money Pit? Buying a house is usually the biggest purchase we make. Right now in the United States, the median price of homes that […]
pay off debt faster
Feeling trapped at a job because you’re dealing with debt? Find out how you can pay off your debt faster. Whitney Hansen shares how she eliminated $30,000 in less than a year!
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Paying Off Debt Faster
My guest today, Whitney Hansen, knows all about that desire to have more options and less debt. Today we’ll get into:
- why motivated her to fast track paying off her student loans
- how she was able to get rid of $30,000 in less than a year
- what first steps she suggests if you want to be debt free sooner than later
Hope you enjoy!
Resources to Help You Get Out of Debt
Tired of being in debt? Here are some resources to help you dump it.
- Attacking Debt: Which One First?
- Crush One Debt: Money Workshop
- The Great Debt Dump: Running Toward Financial Freedom with the Power of Community
- Which Debt Payoff Method Is Right for You?
- The Financial Roadmap: What You Should Be Doing at Each Stage of Your Financial Life
- Should You Use Peer to Peer Lending To Get Out of Debt?
- Knock Out Your Credit Card Debt
Thank You to Our Partners
Support for this podcast comes fromJumpstart Your Marriage and Your Money Masterclass.
This self-paced course is designed to help you get on the same page with money, dump your debt faster, and build wealth as a team.
Like the music in this episode? Our theme song is by Gentle Regime.
Toni Husbands from Debt Free Divas gives your the tips and free tools you can use the power of community to get rid of your debt faster.
We’ve talked about getting rid of your debt on the podcast, but instead of talking about debt snowballs or avalanches, we’re looking at communities today.
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Toni Husbands, author of The Great Debt Dump: Running Toward Financial Freedom with the Power of Community, will be sharing her advice on building the support net you need to succeed.
Besides knowing the stats and the studies about getting out of debt with a supportive network, she has the personal experience. If her voice sounds familiar it’s because Toni was on podcast before in episode 6 when she shared her family’s story of dumping six figures of debt.
She’s been busy on Debt Free Divas helping others to better position themselves to build their wealth.
In this episode Toni gets into how tapping into a community can help you pay off debt faster. For those who don’t already have one to support them, she has tips and free tools you can use to get started one.
Resources Mentioned In This Episode
If you want to learn more about Debt Free Divas or how to build a support network, here are some helpful links to check out.
Take care and have a wonderful week!
Last show’s topic was getting rid of your car loan faster. For some couples it’s a huge debt that eats up a big chunk of their monthly budget.
As stressful as it can be, there’s another situation that can make car loans even more taxing -when you owe more than what the car is worth.
Upside down car loans are worse because they are loans on a depreciating asset. Your will continue to lose value even as you make your payments.
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Options With an Upside Down Car Loan
When you’re trying to get out of a car loan (upside down or not), you have to have all your numbers in front of you.
It comes done to either selling your car or refinancing it to better terms. We’ll go over some tips to help you just that in today’s show.
This is a long shot because you have to account for the difference between what you owe and what the car is worth. Here are a few ideas to help fill the gap.
- Sell some stuff
- Get a temp job
- Use your tax refund
- Get a line of credit
If you’re able to gather up that money, call up or visit your bank or credit union. Speak with someone at your local branch and see if you can work out a refinance.
Sell the car
If at all possible, my advice would be to sell the car. If your budget is already stretched, removing this debt as fast as possible can be a huge relief.
The problem of course that what you sell the car for will most likely be less than what you owe. So what do you do with the difference?
Before you put the car on the market, talk it over with your current loan provider and explain to them that you’d rather owe them a few grand then the five figure debt you’re in.
Selling the car means that you have to be able to transfer the title so either they can work with you and get an arrangement made or you may have to go to your local credit union or bank and take out a personal loan to cover the difference.
So what if you have things in place, just how do you sell your car for the most you can?
- Know Your Car and Buyer – Go ahead and picture who would be the most likely person to buy your car. When you put the word out you want to make sure highlight the features that matter most to them.
- Tailor Your Ad – Do you have a Honda Accord? Make sure to emphasize it’s reliability and how easy it is to maintain. Got a convertible you need to get rid of? Talk up how much fun it is and how fast it can go.
- Clean Your Car – You’d be surprised at how some people mess up their chances of getting buyers by not cleaning up their cars. When we were selling our old one, I had several people compliment the care I took. People associate clean cars with well maintained cars. Remember how clean it was at the dealership? That’s your goal – remove junk, vacuum, and detail it if necessary.
- Make your Pictures Pop – All the words in the world will only get so far. Entice potential buyers by taking great pictures of your car. While it doesn’t have to be a perfect sunny day, do make sure the sun is out and your car is looking shiny and new.
- Price Your Car Competitively – Yes, it would be absolutely perfect if you can sell the car for what you owe, but it’s likely not going to happen. Instead you’re better off putting it out there for a competitive price and having someone snag it sooner rather than later. Kelly Blue Book or Edmunds can help you get a quick assessment of what to offer.
- Advertise – Use websites like Craigslist, Autotrader, and Cars.com to get the word out. Let all of your friends know on Facebook or Twitter that you’re selling your car. They may someone who would love to buy it. Don’t forget to put a For Sale sign up on your car. It still works.
- Sell it – The last part is one you have to be most careful with. Make sure you follow the terms of your current loan provider and state DMV.
If you have any other suggestions for digging out from an upside down car loan, please send them in. Leave a comment below or tweet me @CMoneyPod.
After all the prep, sweat, and tears, the first episode of the Couple Money Podcast is up!
For the premiere show it’s all about debt, specifically getting out of debt faster and getting rid of massive amounts of debt.
Paying Off Your Debt Faster
The guest on today’s episode is Brian from Debt Discipline. He and his wife have managed to pay off $100,000 in debt while raising their three kids.
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For listeners looking to get more information and resources to get rid of their debt, here are the links to what we mentioned on the episode.
- Couple Money: My personal finance site focusing on building net worth together by living on one income and having fun with the second.
- Personal Capital: Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place.Did I mention it’s free? Why don’t you give Personal Capital a try today?
- Mint: You can track your budget and your debt pay off progress with them for free. If you want more information you can review our monthly net worth posts or you can sign up and open an account.
- Debt Snowball Template: If you prefer to use a spreadsheet for your plans, here’s a free and handy debt snowball template.
I also wanted to mention that Brian and his wife have JUST finished paying off their debt! Congrats to the whole family!
Love to Have Your Support
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It’s my goal to make this podcast both motivating and practical for couples looking to building their marriage and finances.
Please feel free to reach out me on email with any topics you’d like to have discussed on the podcast.