Tuck Associates Presents: Paying Down Credit Card Debt…A Love Story

Good Morning Savers!

Let’s talk about paying down credit card debt!

Most of you guys already know this about me, but I love saving money!  It took me forever to get like this, but being this way has helped me out tremendously. Of course, I still wish I could save more but…baby clothes!

Learning to save is no easy feat. So much so, that it is almost the first question I get from my readers and from just about anyone I discuss money with. Everyone wants to start saving so I would love to share some tips on how I go about it…

This blog was sponsoring ored by Diamond Bloggers. All opinions are my own.

First things first; You must know where you stand financially. Start by doing a thorough assessment of your finances. If you tend to avoid looking at your credit score or hate to face the music about balances you have, now is the time to put your big girl, boy, or non-binary pants on and be an adult. One helpful tip is, start by paying off your smallest debt. Once that balance is paid off, you can use those same funds to start on the next smallest debt. The strategy of paying off lower-balance debt, then putting that money toward other debts once paid off, is known as the snowball method. This is my personal favorite when it comes to tackling debt. You could also choose to pay off the item with the highest interest rate first using the same technique. It’s really up to you!

Check out these Saving Tips I live by!

Fielding questions about paying down credit card debt so often has made me pretty good at giving advice about it. BUT I AM NO EXPERT. I still have so far to go! Having an infant and being bombarded with ads for things he may (or may not) need have made it tough to stay on track! However, being aware that I need to save and saving something (no matter how small) is the biggest takeaway here.

To alleviate the added fees while you pay down your debt, check out this blog post about balance transfers!

Tuck Associates Says Make More Money

To be honest, there isn’t much magic to my method. When I know I need to save more, the natural thing for me to do is try to find a way to MAKE MORE MONEY. Finding creative ways to make more money has always been a challenge I was up for, but being a new mom eats up the vast majority of my free time, making it increasingly hard to generate passive income.

Thank God for blogging because I can make some money that way. If you are not a blogger, you may want to keep reading!

Side hustles to help you pay down down your credit card debt. 

Mystery shop– I know you have seen the ads. I spent close to 10 years of thinking this was a scam, until I read an article on the penny saver website that had the receipts to prove this could be a viable part-time job. I have now been mystery shopping for close to 3 years and pretty much know the ins and outs. Since time is of the essence, I stick to the high dollar banking, phone, or even internet shops. Yes, you can actually mystery shop right from the privacy of your own home. Sign up on Jobslinger.com to see all the cool shops in your area.

Sell stuff on the internet or have a yard sale– Not to keep beating this new mom drum, but I have an influx of baby gear that goes from very useful to piled in my living room corner really quickly. To combat that, I have been selling toys, swings, and clothes he grows out of on LetGo. Although profiles are often verified through social media, to err on the side of caution, meet potential buyers at a safe and well-lit location!

Selling your gently used goods serves a dual purpose for the other budding minimalist (this is a blog for a different day) out there. It will help you eliminate some of the clutter you may have at home plus make a few extra bucks . I recently took a liking to the site Varagesale because they don’t require that you upload name brand clothing/items. Another great safety feature is that all of Varagesale’s users are verified through Facebook. This also reduces the creepiness of meeting a random stranger to sell your goods.

Product testing– This is the cousin to mystery shopping. The deeper I get into mystery shopping, the more I realize people are paying top dollar for some pretty specific, but easy-ish observing. There are also countless companies who will pay you to test a new product or offer your opinion in a focus group. A simple google search can lead you to some options that fit your needs. My favorite company is Focus Point Global.

I hope these tips can help you generate some moola to start achieving your financial goals right away. Being fiscally responsible takes practice, so keep at it! Making a promise to pay off your credit card debt is a huge step towards a more comfortable financial future. I promise you the hard work you put into this will pay off exponentially.

Got a great idea for a side hustle you want to share or want more information on any of the ideas I offered? Leave me a message in the comment section and let me know!

3 Comments

  • Porsche September 19, 2019 at 6:54 am

    Lol I used to spend every dime I had when I was younger. I heard the hard way. I’m just glad I learned overall. I have tried out mystery shopping. It’s actually pretty neat.

    Reply
  • Alana September 19, 2019 at 12:12 pm

    I love this; I’min the process of paying down my credit cards right now, and I’ve been taking them one at a time. When I was young, I was so reckless and didn’t understand the value of paying them down, I was only paying the minimum every month. Now that I’m older and work for Capital One, I set aside money every check to pay on one and it’s kind of like a domino effect, whatever I have left rolls onto the other. Great article!

    Reply
  • Aprilnewlyme September 19, 2019 at 1:54 pm

    I had a great job from 19 to 25 making more than I make now and have nothing to show for it & didn’t save a time girl. Yep I’m hard headed lol when we’re young we think untouchable. Good read.

    Reply

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