Here is exactly how you can pay off debt fast, and how to save money as easily as possible – Enjoy! Add me on Instagram: GPStephan
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We’re going to start this video off with some very scary statistics…you’ve been warned, I hope you’re sitting down…because this is getting out of hand:
FIRST: Understand EXACTLY what debt you have.
Make a list and write down ALL of your debt, and include the remaining balance owed and the current interest rate that your paying.
SECOND: Track all of your spending over the next 30 days
You need to figure out, DOWN TO THE PENNY, how much money is going IN your account each month – and then, how much is LEAVING IT
1. The first is Mint.com
2. My second recommendation that I’ve used is PersonalCapital.com
3. And third, you could also use a software called YouNeedABudget
The whole point of this is just to be aware of where your money is going, and from that, you can better figure out how to put best use to where it’s going.
THIRD: Make a NEED TO SPEND vs WANT TO SPEND LIST
Your “NEED TO SPEND” list might be the bare minimum food budget, your housing payment, your insurance payment, or anything else that’s absolutely ESSENTIAL.
Then, the other expense column will be your WANT TO SPEND…this could be anything else.
FOURTH: You need to REMOVE EVERYTHING you possibly can from your “WANT TO SPEND” category.
I also recommend, when doing this, that you consider SELLING some of the things you don’t need, or are costing you a ridiculous amount of money.
FIFTH: Look into debt consolidation
In addition to this, you could also look into getting a 0% interest credit card – and transferring the credit card balance to THAT card to save on the interest.
SIX: PAY OFF DEBT
The first method is called the SNOWBALL METHOD, popularized by the one and only…DAVE RAMSEY.
This method suggests that you pay off your smallest balance first, then slowly work up to your way up to the largest balance until it’s all paid off.
The next is called the avalanche method. Instead of arranging your debts by total balance, you arrange them from the highest interest rate first, to the lowest interest rate last. This ensures that you’re putting your money towards its best use, which will cost you the LEAST amount of money in the long term if you stick with it.
My recommendation is to check out the Vertex calculator…
https://www.vertex42.com/Calculators/debt-reduction-calculator.html
SEVENTH: Pick up a side hustle
Sorry to be super obvious here, but if you literally don’t make enough – it doesn’t matter how much you save, you need to make more money.
And with all of this, YOU MUST DO ALL OF THIS CONSISTENTLY!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
Come on guys…. yes make a budget but don’t eliminate ur coffee Mizo… u need a wake up in da morning
Better restaurant tactic: order an appetizer as your entire meal (trust me, most of them count as complete meals). Much less weird and less embarrassing than scrounging your friend's scraps!
Your my boy graham BUT did you just say eat the other peoples leftovers? ??
The 20 cent iced coffee is now 90 cents?!?! Omg! I think I will need a 4th job!
Just got an email from ally 1.90% APY? What are your thoughts Graham??
Wealthfront lowered their interest from 2.57% to 2.32% then Ally to 1.90% here we go!
Ninety cents?? What changed?
prostitution
Clarity Money is my favorite spending tracking app. I stop using Mint because I found Clarity’s user interface is more intuitive and they update your account balance faster than Mint. Clarity offers everything that Mint does, except it does not constantly advertise credit cards and other stuff that I dont need. I recommend for those who want something simple, yet effective
Ally just sent me an email stating that APY is dropping to 1.90%, down from 2.10%. Is this for everyone or just my account? I opened it last month and now they are lowering my rate already. WTF
PSA: Ally bank dropped their interest again to 1.90%..waiting for Graham to see it
GRAHAM! Bad news, just received an email from Ally Bank and they are dropping their interest rate to 1.90% as of 8/6/19. ??
What! 90 CENT ICED COFFEE!!! that's too expensive graham and you know it
America getting poorer
would love to see a graham shopping haul video.
reality — would be just him buying 1 shirt… on sale….
Eat your friends leftovers? Wtf? I’m not hungry guys I’m just gonna eat ur leftovers.
Student debt isn't the same everywhere. In australia, government loans have a technical interest rate matching CPI increase, which you can beat with a high interest savings account.
There's no longer any benefit to paying it off earlier and you'd be better off investing that money instead of paying the loan off voluntarily.
We doing 90 cent coffees now? Whats going on over here? I cant afford that kind of luxury
Graham "Dave Ramsey" Stephen
Jk, solid approach to tackle that annoying debt out of your avocado life ?
GRAHAM! I have terrible news. Ally bank savings just dropped to 1.9% ?
Jesus Graham haha, I hope you're kidding. You go out with your buddy's and wait for them to finish their meals so you can eat the scraps. I'm all for not being wasteful, but damn….
You are very good at marketing your second channel
$5 smashthelikebutton latte. Best one yet lol
I made sure to smash that like button ?
Can you make a video about why ally just dropped their apy to 1.9%?
Graham you Rock!!! I have been watching you for agggeessss and decided to make my own channel, it would mean the WORLD to me if you check it out! LEGEND! – from Down Under M8