Today we're looking at how you can knock out a debt or two before this year wraps up! Knock Out a Debt Quickly Who doesn't want to unload a debt before this year wraps up? Paying off debt is usually one of the top three goals people make for the year, but struggle to achieve. That's not going to happen with you. I want you to make some headway with your debt-free goals which why we're finishing up with season with a call to action – we're going to knock out debt. Of course, to do this we need money. There are three ways you're going too free up money so to speak to pay off those debts faster: Optimize your current budget Consolidate your debts Earn extra cash We've talked about different ways you can save this season, with housing, cars, and how to bake in automatic savings so today I want to look at the other two options. David Jacobs, VP of Consumer Lending at Coastal Credit Union, is going to talk about the differences between HELOCs and home equity loans. If you going that route, you really need to understand how they work. We're also looking at using side hustles to earn that extra money. Can you really knock out your debts with a side gig? Kevin is a member of our community and was kind enough to reach out to me about his experience. He's done both delivery driving with GrubHub and ride-sharing. What's cool – at least to me – is that he's an accountant in his day job. So when he did the side hustles he was tracking not only his earnings but expenses. I think you'll enjoy hearing his take on whether it's a viable way to earn some extra cash. In this episode we'll discuss: Understanding debt consolidation options with your home equity Whether side hustles can be a smart way to earn extra cash to pay those debts Ways to stay motivated Let's get started! Resources to Pay Off a Mountain of Debt If you two are ready to pay off your debt, here are some handy resources to check out: Best Budget and Money Apps: Personal Capital, Tiller, Mint, Zeta Jumpstart Your Marriage and Your Money Total Money Makeover Free Debt Snowball Template Trim: With Trim, you can cancel subscriptions and negotiate your bills. Billshark: They contact your service providers and negotiate the best price on your behalf. Paribus: Bought something and a week later the price drops? Paribus can get you back the difference. Attacking Debt: Which One First? Which Debt Payoff Method Is Right for You? The Great Debt Dump: Running Toward Financial Freedom with the Power of Community How to Stay Motivated with Paying Off Debt Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union! If you're living in the Raleigh Durham area and looking to bank better, come check out Coastal today. They want to help you achieve your biggest goals! Support the Podcast! Thank you so much for listening to the podcast! Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share. Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher. Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together! Music Credit Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere and Logan from Music for Makers in this episode.

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related