We’ve all heard the sayings, “If you just skipped your daily lattes you would save enough to pay off debt!” or “You’re spending too much money on eating out. You need to eat at home every meal”. While there may be some value to these suggestions, the truth is that just skipping expensive coffees and eating ramen noodles at home won’t get you where you want to be in your financial plan. To hit goals such as paying off debt, paying student loans, accelerating the pay-off of your mortgage, paying off car loans, or saving for retirement you have to have a multi-pronged approach game plan.

Check out these top ways to pay off debt and hit your financial goals.

1-) Know what you owe. Many people know the monthly payments that are due on each loan or debt but they fail to understand the interest percentages associated with each or the total amount that they owe. Sitting down and compiling a list of each debt line that you have outstanding will help you compose a snap shot of where you are trying to get and how you should go about paying off your debt. One approach that works well for many people is to pay of the smallest debts first and snowball your payments into the next debt as you pay off the previous. However, there are many approaches that work well for paying off debt. Talk with you financial advisor to create a plan that works well for you. The most important part is to get started and stick with it.

2-) Master the art of negotiation. Do you blindly pay your bills each month? Have you had the same service forever? Consider contacting your services and providers to negotiate lower costs each month. Ask for loyalty discounts. See if the company you work for provides corporate affinity discounts. Re-shop your providers and services and you can save quite a bit each month. Once you’ve found a way to free up this money, consider throwing it into your debt pay-off plan each month.

3-) Generate extra income. We know, at the end of your busy day the last thing you want to do is go “round two” for work. However, picking up opportunities to earn extra income can drastically help you pay off debt and get you closer to your financial goals. There are tons of easy ways to earn extra money. Can you turn a hobby into an income source? Can you cash in on rebate offers? Keep an eye out and it’s amazing how quickly you can generate extra cash each month.

4-) Clean it out. We are all guilty of letting items we don’t use pile up in our homes. From hand me down furniture that’s been sitting in the attic for years to clothes we aren’t using to kitchen gadgets that are collecting dust in a back cabinet. Consider utilizing a free selling site such as OfferUp or LetGo to post and sell your un-used items locally. You’ll accomplish two goals with one fell swoop: your house will be tidier and your wallet will be fatter.

5-) Consider an automated savings plan. Once you’ve worked your way out of debt, the last thing you want to do is fall back into debt again. Consider setting up an automated savings plan that deducts a set amount of money out of your account and moves it to a savings account each month. Or, if you are more disciplined, consider transferring more money each month into a higher interest earning fund. Keep in mind that that account is earmarked as a savings account and isn’t a shopping spree overflow account. You may want to consider making that account harder to take money out of through precautions such as not having a debit/credit card or check linked for that account. This means that the only way you’d be able to access this money is to login to your account and transfer the money.

6-) Have fun for free. Most communities have tons of free, fun events going on. Check out local parks or free concerts. Consider hitting local trails for a walk or bike ride. Does your area have a beach or hiking trails? Get out and explore! If you prefer indoor events, check into forums like Meetup for free groups in your area that share your interests.

To get the tailored policy coverage that you need for your home, valuables, auto, LIFE, or business, call The CHOICE Insurance Team today at 757-416-5100 and ask for a free, comprehensive review.  Give us a call today!


All the Best,



In 2008 Choice Insurance Agency was created out of the former Realty Consultants Insurance Agency founded in 1980 by George Ayers Capt. USN Ret. Since 2008 the Choice Insurance Agency has more than tripled in size and is continue on a track of rapid growth. The Choice Insurance Agency focuses on four areas of expertise: Private Client Group, Coastal Coverage, Senior Programs and Commercial/Business Insurance. Our business model has allowed us to expand into all of the states on the Eastern Seaboard from New York to Florida including Pennsylvania and DC to better serve our ever-growing client base. As an Insurance brokerage stationed in Hampton Roads with access to well over 40+ insurance carriers, the Choice Insurance Agency is able to shop for the best rates, cover those picky coastal zones and create a tailored plan to fit your insurance needs. The Choice Insurance Agency. Call us today and see why we are the top “CHOICE” in Hampton Roads.

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