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Couponing to be debt free

Posted by on May. 29, 2010 at 8:30 AM
  • 7 Replies

There are many ways to go about a budget. When we sat down to do ours, we listed all of our debts (credit cards, house, student loans, personal loans, etc). Needless to say, adding it all up was very shocking. After we got everything together, we sat down and made a list of our debts, with the smallest item at the bottom and worked our way up.

The best way to go about this is to pay off the smallest debt ASAP. When that is paid off, apply the payment you were making to that one to the next smallest debt. Same applies when that one is paid off. Working your way up and only paying extra on your smallest debt will show results quicker and keep you motivated.

A good way for your money to work for you is coupons. And if you are reading this article, you probably already know that. When you do a budget, put any of the saved money toward your targeted debt. For example, if you budget $300/month for food and only spend $225 (because you are good and used coupons and got great deals) then the savings can be put to something else. This way, you make your money work for you, and coupons are a great way to make it work for you even more. You will be surprised at how quickly you can pay things off when you take the money you saved from coupons and apply it elsewhere.

When working to pay off a targeted debt, it might take a number of months to get it paid off. While making the final payment on a debt is really motivating to work on the next one, we need to find ways to stay motivated when working toward the final payment of the targeted debt. At our house, we have a goal to return to Disney World, where my husband and I spent our honeymoon. We have started to use “Hidden Mickeys” in certain places to help us keep our eyes on the prize.

One thing that we have done is to get two of the Disney paint sample cards from Home Depot (no coupon needed, they are free). We then taped them together and use them as a case to hold a debit card or cash. Another variation of this is to simply put a little Mickey Mouse sticker on your debit card. When we are in the store considering an un-budgeted purchase or thinking about going out to eat, we see the Mickey reminder when we pull out our money and remember that we are working towards a goal. Then we truly think about the purchases we are about to make — “Do I really need this, or can I put this back and use the money towards getting out of debt”.

One last thing I like is that I have a keychain with a picture of my husband and myself at Disney World from our honeymoon. That right there helps keep me motivated. I used a coupon for this and ordered it from Artscow.

Your end goal may not be a Disney trip, but find something to gently remind you that you are saving money and paying off debts for a purpose.

Remember, couponing can help to get you out of debt, but only if you stop going further into it. Quit using credit cards and other loans for purchases. For more information on an entire debt solution, I recommend reading Total Money Makeover by Dave Ramsey. The idea of paying off the smallest debt that I mentioned before comes right out of this book and there are many other great ideas in it as well.

Cathy is a preschool teacher and actress in Houston,TX. She and her husband are working the Dave Ramsey program and are couponing their way to be debt free. As a reward when they are done, their motivation is to return to Disneyworld where they spent their honeymoon on a trip completely paid for with CASH. You can visit her web site www.couponingshopaholic.com.


Thanks to couponig to disney blog. 



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by on May. 29, 2010 at 8:30 AM
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Replies (1-7):
asil
by on Jun. 11, 2010 at 4:15 PM

 good advice! i'm all about coupons and savings!

momof3angela
by on Jun. 11, 2010 at 4:17 PM

 I am an avid coupon user.....thanks for the tips. 

tazdvl
by on Jun. 11, 2010 at 4:39 PM
4isenoough
by on Jun. 11, 2010 at 4:40 PM

Awesome! Thanks for sharing! 

asil
by on Jun. 11, 2010 at 7:26 PM

BUMP!

Rogue35
by on Jun. 13, 2010 at 3:56 PM

 I love using coupons you can save alot of money that way.

asil
by on Jun. 15, 2010 at 11:59 AM

 i just think this is such a GREAT way to save money and live better too!

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