In three years, they have paid off $40,000 of debt and saved $60,000.
The Wheeler’s employed the Money Mastery financial coaching firm to help them get smart about money and spending. Money Mastery suggests implement the following ideas will help you find an additional $300 each month in your spending plan.
• Build a spending plan and track all expenses with Spending Master Tracking Registers
• Power down your debt. Pay off the smallest bill. Add the monthly savings toward the payment of your next biggest bill.
• Use 0% interest offers on all consumer debt
• Manage your own escrow accounts
• Auto-deposit your paycheck into an interest-bearing money market account
• Review all insurance policies, get new quotes each year, raise your deductibles
• Apply your savings to debt to eliminate interest costs
• Adjust your W4 to keep more money each month – www.irs.gov – search for the W4 calculator
• Refinance your mortgage if you can save at least 1% and apply the savings to debt
• Manage your utilities, phone, internet, gas, electric and TV/cable/satellite
o Turn down your water heater
o Eliminate unused or unneeded extras on your phone service
o Get a programmable thermostat to gain efficiencies in your heating and cooling
o Switch to a cable or satellite program with fewer channels
• Raise your credit score
• Carpool or use public transportation
• Downgrade automobiles or switch to a more fuel-efficient vehicle
• Children’s allowance programs save money by letting them cover some of their own “fun” costs and teaches them responsible money habits
• “Give to Receive” – charitable contributions always returns more than you give
For information on these ideas, Spending Master Tracking Registers and more, contact:
1403 South 600 West, Suite A
Bountiful, Utah 84010