How to Pay Off Debt Faster in 2021 – EP 142

We know becoming debt free is a worthwhile goal, and once we’ve bought in to the idea it’s a quick jump to the question: ‘how do I pay off this debt as quickly as possible?!’ On this episode we’re talking about some strategies and approaches that can help make big dents in our payoff journey.

Sponsors: 

  • 3 Secrets For Creating A Debt Payoff Plan You’ll Actually Stick To: Over at Modern Frugality my goal this year is to help people stick to their debt free journey and make it as short as possible. I want you to pay off your debt as fast as possible but I want you to do it in a way you don’t feel suffocated by frugality. So I am kicking off that initiative free live class this Sunday, January 10 at 8pm EST with 3 strategies you can implement this week to create a debt payoff plan that’s more than just a new years resolution, it’s a plan you can sustain. And I don’t hear many people talk about the importance of these points so I’m calling them secrets. It also sounds cooler. So If you want to learn the 3 Secrets For Creating A Debt Payoff Plan You’ll Actually Stick To head to modernfrugality.com/training to register and even if you can’t join us live, still register because I’ll be sending the replay the morning after. That’s modernfrugality.com/training and I will see you Sunday!
  • Going Fast: If you’ve got the need for speed – this sponsor is for you! Going fast wants to remind us that while it is exhilarating to feel the wind in our hair, there are some things to consider before you jump on that merry go round and start yelling ‘FASTER!’ – are you buckled in? Are your belongings secure? Are you aware of the risk of injury. Going fast – when you’re prepared for it, it’s almost always better than going slow

Notable Notes:

What the Internet has to say:

This article from Money Under 30 gives us tips on the mindset necessary and some tools for getting out of debt more quickly

What Jen + Jill have to say:

  • Confront it
  • Earn enough to get out
  • Tools- debt consolidation 
  • Change the behaviors that got you there
    • Might mean some extreme things (especially related to school)
  • Tools to help:
    • Balance transfer (some pitfalls: need excellent credit, need to not get into MORE debt)
    • Credit counseling and debt management
      • National foundation for credit counseling
      • Accredited debt relief

More from the Internet:

This article from Every Dollar provides us with some of the easiest ways to pay off debt quickly

More from Jen + Jill:

  • Write down all your debt
  • Save $1,000
  • Never go back
  • Make a budget
  • Create a debt payoff plan
  • Celebrate along the way

BILL OF THE WEEK – Thank you Brittany for sharing your bill about how you paid your entire 6month insurance up front AND saved some money in the process!

If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

Lightning Round

One thing no one told you about paying off debt

  • Jen- my friendships would change
  • Jill – that I could do this – it was a worthwhile goal

Wrap-Up:

Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a copy of the Frugal Friends Workbook!

Thanks for listening! See you next week!

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