How can i save money to pay off my credit cards easily?

Question

What is a good way to budget my money so i can easily pay off my credit cards? I owe about $2,000. Thanks! :)

Answer 1

Give up one thing that you spend money on every day. Put it away and each month use it to pay extra on one of your cards.

Answer 2

Don't shred your credit cards and pay for everything in cash as some people love to say. Throwing the baby out with the bath waters

You are an adult and you can have a credit card and use it wisely, you need to learn disipline in spending and this is a good way to do it.

First of all 2k is nothing in credit card debt. You need to look how you are spending you money. and when you are paying your bill. If you can find a 0% interest card that you can tranfer the balance to then do that right away, but be careful there are all kinds of tricks with those cards, find one that is truly a free transfer. They love to hide fees there. Don't cancel the credit card you pay off though, you need to have that just in case. Never charge another thing on the card you tranfer your balance to until it is paid off. use your other credit card like a debit card, if you charge something, take it out of your checking balnce as you know it will be gone.

Then every time you save a little money, like brown bagging it or not buying Starbucks, put that toward the 0% interest card.

It is not hard to get right financially

Answer 3

If you get paid every two weeks (like I do), I find a monthly budget fairly useless. Instead I figured out how much I need over a two week period for groceries and other regular expenses. Then on each pay day I see how much I have and deduct any upcoming bills/recurring expenses then send the difference between what's left and my budgeted amount to the highest interest credit card. Send minimum payments to the other cards. Once you have it all paid off, do the same thing but put the money into a savings account instead.

Using a program such as quicken you can easily enter your bills as scheduled transactions and view your minimum balance before your next pay check which makes it a lot easier.

Another advantage of this over monthly budgeting is that if you are paid hourly rather than salary it's flexible with varying income.

Answer 4

Credit card debt is very expensive debt. First of all, as of right now no more credirt card charges until the $2,000. is paid off. If you insist on using the card the balance may be subject to 17.5%interest or higher which translates to one of every $5 paid goes to pay the interest. Limit your purchases to cash and budget the most you can afford toward the outstanding balance.Once the debt is cleared make it a practice to charge no more than you can afford to pay monthly.

Answer 5

Shred your credit cards and pay cash for everything. Try the envelope system: Label a few envelopes with categories out of your budget; entertainment, food, savings, etc. Fill the envelopes with however much cash you want to spend for the month. When you need to buy something, take cash out of the appropriate envelope. This system is an almost foolproof way to limit your spending and stay under your budget.

Answer 6

I look for Credit card offers which says 0% APR for 12 month; then pay off the balance within this time frame.

Answer 7

if you are paying interest then you can get a balance transfer to another credit card that has a lower rate of interest. this will reduce any interest charges on the debt.