In this video, we’ll cover four easy steps you can take to get a clear picture of debt – vs – saving. Make sure you watch to the end, because we’ll also give you some important precautions you can take, which will make the whole process run more smoothly.
It can be very frustrating when you are digging in your heels and pushing HARD to pay off debt – only to be left feeling like other needs you SHOULD be saving for are going by the wayside. Yet, if you set money aside for those needs, it seems like you are just prolonging the pain of carrying that debt around.
Whether you are on the journey to becoming debt-free or you are paying off debt, you’ll find tips in this video which apply to your situation.
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We’re Hope and Larry and we love practical frugality. We raised our four sons, debt-free, including paying cash for our home when our income was well under the national average. For tips on saving money, budgeting, paying off debt, and setting goals (while living with a spirit of joy and abundance), subscribe to us here on YouTube and visit us at our website and on social media.
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I dived into 3 home repair projects this past fall at the same time which emptied out most of my project funds and checking. When I realized I was going WAY over budget, I immediately cut out all discretionary spending and vowed to continue no buy practices for January through March to pay off my overages and build up my financial cushion. I figured these three months are a great time to address this issue because I'm home and not planning any travel or projects during this time..
Hope and Larry, thank you so much for your great advice. This video really helped me a great deal!!
Very helpful for those of us – like me – who are trying to do two things at once! I especially like the percentages approach.
Our refrigerator/freezer died. We got a new one from a place that offered a payment plan interest free for 18 months. We pay it off over time.
Florida power light wants 50.00 more for electric each month for 1000 kilowatts and less used hard be on a tight budget
I must know where Hope got that sweater. I want one so bad.
You look pretty today Hope!
My husband and I have gotten so much help from this channel, thank you! Hope, you look especially pretty in this video with this outfit. Just had to compliment you, lol! Thanks for all you do and for your Biblical perspective on frugality. We love and appreciate you both.
When I decided to pay off my first mortgage, I used this little trick to keep me going. I got an amortization schedule (pre-internet so I couldn’t print one out ??) and every month I tried to add the principal amount that was due the next month, so moving ahead 2 months in the schedule. It is very sobering to see how little you are paying on the principal in the early years, but that does make it easy to meet the next month. It was very satisfying to color in two squares every month and see how rapidly I was moving ahead.
Hope and Larry, thanks for all of your videos. I've been budgeting for several years now, but your videos have taught me so much more about money management. I actually look forward to living more frugal so that I can stay within my budget, planning for ways to lowering costs and let's face it, even paying off debt when I've overextended myself. (Which I work hard at NOT doing – but things come up). I share your tips and videos with family and friends and look forward to each one you upload. Thanks again for your hard work to inform your viewers.
Hope U look so cute..love your outfit
Keeping it real Hope &Larry. Thanks ?
Not in debt but trying to avoid it. My home is not safe the door allows pest. I'm thinking about setting my camp equipment and doing that to work on my house to tune it up.
Thanks for the video – this is actually something that has been on my mind – I wanna pay off debts and get some Home updates so I appreciate your video- thanks ?
I think people stop budgeting because they are tired of watching themselves fail . This is my third round with budgeting for a family of 4 trying to dig out of this hole and part of me says well if I was going to be enslaved forever at least before I enjoyed myself. What’s the benefit now? Oh I know exactly where it fell apart this month? Yeah good times.