How to pay off debt on a low income
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6 жыл бұрын🎓Refinance and lower your interest rates (Plus $100 Bonus after refinancing):
trufinancials.com/earnest
About This Video: In this video Denis from TruFinancials shares How to pay off debt on a low income. The tips on how to pay off debt on a low income will help you live within your means and live comfortably. Paying off debt on a low income can be difficult especially if your income to debt ratio is really unbalanced. This video will cover what you can do to have a real impact of your personal finances in a positive way.
✅ Budget Template to download
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DISCLAIMER: Denis Trufin, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experiences and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Denis Trufin's results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For financial or investment advice please seek the counsel of a financial/investment advisor(s), and conduct your own due diligence.
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@canningcraftingcrochetingt7910 6 жыл бұрын
The job info you shared is so important, our youngest just went off to college this year and we do not like debt. We had about a $40,000 deficit in paying her college tuition. You hear so much about how hard it is to pay off college loans. So I went from a stay at home mom to a third shift cashier making $11.50 an hour and she found a part time job making $15 an hour to pay for her books and all her extra expenses so in four years instead of having a $40,000 loan to pay off I we will have no college loan debt and I will put the extra aside for our retirement.
@TruFinancials 6 жыл бұрын
Hi Natasha, thank you so much for watching. Wow, that is dedication on helping your child finish college with zero debt! (Plus adding a bit more to the retirement account is nice too). It's so easy to just follow how everyone else does it, but you guys decided to be different and work hard. Now your child can have a great start in their adult life and not have student loan debt be a burden on them for 10+years.
@SulCoCrazy 5 жыл бұрын
That's very nice.
@Vegoonery 5 жыл бұрын
Damn, mom of the year! Good job, I bet your daughter is so appreciative!
@ayshab2105 4 жыл бұрын
That's awesome! I know there are some careers that do debt forgiveness. So when she graduates and finds a job, some of them will wipe out student loans.
@limitlessinfinite2284 4 жыл бұрын
Phenomenal.
@sarahs.9292 6 жыл бұрын
I have found that making monthly meal plans have helped to curb our food budget. I have been doing it for a year now and went from 450 a month to 250 a month for a family of four. We also have no spend days and quit going out to eat. I think the biggest way to help pay off debt is to have a budget and an accountability partner. It's going to be tough, but the reward of being debt free is worth it.
@TruFinancials 6 жыл бұрын
+Sarah S. - Wow $250 a month for a family of four is very impressive Sarah!! Food does seem to be the biggest culprit of most over spent budgets. Accountability partners can have a big impact on the journey of becoming debt free, whether that's a spouse, friend or even coach to keep you on track.
@jerrypartine2973 5 жыл бұрын
Are you being honest? A family of 4 with $250 per month. I don’t believe you. What are you eating?Air:...................
@thebigmann81 5 жыл бұрын
@@jerrypartine2973 family of 2 and we pay $300-$400 monthly
@fireblade8905 5 жыл бұрын
Finance companies hate it when you pay off debt
@TruFinancials 5 жыл бұрын
Indeed. Most only make their money from the loan interest. Even car dealerships are the same. They would rather you get a car loan than pay cash for a car.
@djd829 6 жыл бұрын
Coming from someone who was in a position where I thought debt was inevitable, this advice is great. From my perspective, the hardest part of paying off debt was putting cash in hand toward debt payments. It feels like robbery. You're already living paycheck to paycheck, you have a certain amount of money you can spend from each check, and the last place you want to put it is toward something that is not going to feel like a benefit(like food or buying a new shirt, etc). So many other people fall into this fallacy, and it is an emotional way of thinking and where psychology comes into play. How I got around it was to start considering Net Worth, which is a true metric. The amount of cash you have right now is irrelevant to net worth. Net worth is simply how much you have in cash vs how much you owe. If you have $4000 in assets(cash, how much your car is worth, etc) and have $46k in debt, then your net worth is -$42k. That negative number is what you should be concentrated on, forget the cash on hand, it's not relevant as long as you can meet your bills. Your first goal should be to increase your net worth to $0. My wife and I made this a goal many years ago. About 3 years ago, we finally crossed the line and were worth a whole $493. With this perspective, when you pay a credit card bill, it is a wash, not a loss. You lose an asset(cash) and lose a liability(debt), you're on your way to paying off your debt. This helped us get over that psychological barrier of feeling like we're throwing money away toward debt payments. Besides that, get on a budget. Your budget doesn't need to balance out at first, and it doesn't need to be accurate. The important thing is that you know where your money is coming from and where it is going. A month isn't enough. Collect at least 3 months of information and decide how your lifestyle should change to meet your goals. It took us at least 6 months to form a realistic monthly budget that we can stick with consistently. It's a huge learning process, but my God did it pay off. We'll never be the same again.
@TruFinancials 6 жыл бұрын
What a wonderful story. Thank you for sharing. It can go a long way in helping someone out in the future, well written. I agree 100% that knowing your net worth is so important. It is why I have it in all of my budget report videos I upload. I like the psychology behind using your net worth to see that paying off debt has a larger impact on your finances than one realizes.
@tmitchem81 6 жыл бұрын
djd829 Your story was very helpful and pointing out the psychological effects that mess w/ us during debt payoffs is soooo true.
@TruFinancials 6 жыл бұрын
Indeed. It's not always a straight line from start to finish. We all have hurdles in life, it was really nice of djd829 to share their story. Never an easy thing to do.
@donnanorris4733 6 жыл бұрын
djd82
@srikala90 5 жыл бұрын
But then if you have a house which is worth more than you bought and you also have a mortgage plus credit card debts then sure your net worth is positive but at the same time it is a struggle with cash every month. Are you saying only liquid cash needs to be considered in the Assets?
@cidcampeador1969 5 жыл бұрын
I like that your videos are short and precise. Thanks!
@TruFinancials 5 жыл бұрын
Thank you for watching, Christine. My goal is to make sure I pass along the value in the videos with exactly the time that is needed. I respect everyone who watches and know that time is our most valuable asset and I don't want to waste it. 😊
@AppleCrider 5 жыл бұрын
Gotta hit those high interest debts first. Not the most motivating, but if you can stick with it, you really end up coming out ahead.
@TruFinancials 5 жыл бұрын
To be honest any method of paying off debt is a great one. Some people might need more motivation than others. At the end of the day as long as debt is being eliminated, that person is one step closer to financial independence.
@latishacampbell5764 6 жыл бұрын
I am a big fan of the debt snowball method however I've come across a third called the debt tsunami which has you pay off the debt that causes the most stress first so in my journey of debt repayment I have actually utilized both debt snowball and debt tsunami I'm very early in this process but the emotional and psychological state that it has me in is very positive.
@TruFinancials 6 жыл бұрын
Hello, Latisha! Thank you so much for watching and sharing. I have heard of it one other time very recently!! I technically went the debt tsunami route. We have a remodeling loan that had more than a student loan debt, but the remodeling loan is weighted down more emotionally so we chose that one instead of the student loan. We are close to paying that one off and I am overly excited. I might make a video about this topic 😊 best of luck on your debt free journey. I'll be here for support if you need any!
@albert333pool 5 жыл бұрын
I actually agree with you on this Latisha. I'm heavy in debt and there were two that were mentally stressing me out! The IRS and this particular credit card (Care Credit) unexpected dental expense! Done with the IRS one, almost done with the Care Credit! Once that's out of the way I can focus on something else!
@PlainAndChelsea 4 жыл бұрын
I’m doing this as well because my student loans stress me out the most. They will always be there. Especially on my low income I’d rather pay more to get rid of them first and get rid of the rest later!
@brianparent4882 5 жыл бұрын
If you are looking for a part time job consider painting, dog sitting, cleaning, picking up dog poop, etc. Although we earn a great living, I did all those things during our debt pay off and continue to do so now. I consistently get paid $20-$25 an hour. I’m in the process of testing homemade grooming products to sell at our local farmer market this summer. You have to get creative and yes there’s a market for dog poo removal! 😉
@TruFinancials 5 жыл бұрын
Awesome suggestions, Brian!!! Haha who know there was a market for dog poop🤣
@brianparent4882 5 жыл бұрын
A real problem at dog friendly communities. Not a pleasant job in the heat of summer.
@TruFinancials 5 жыл бұрын
Especially if you live where I do. Arizona 😄
@delsajoseph 3 жыл бұрын
I love your format
@TruFinancials 3 жыл бұрын
Awww thank you, Delsa!
@sararhoades5643 6 жыл бұрын
Great advice.
@TruFinancials 6 жыл бұрын
Thank you. It means a lot!
@jerrypartine2973 5 жыл бұрын
I like your living room it looks so cozy!
@TruFinancials 5 жыл бұрын
Appreciate that, Jerry! I actually get told that by guest who come over that our home feels really cozy. You can check out my full house tour video 😄
@TheMJKnight 5 жыл бұрын
This has been really useful advice. Thank you for sharing
@TruFinancials 5 жыл бұрын
No problem MJ Knight. I'm glad it helped! Thank you for watching.
@TheMJKnight 5 жыл бұрын
you're welcome. I found this very helpful and I'm going to be paying attention to more videos from you. I find your advise to be clear, concise and effective
@a.citizen7668 5 жыл бұрын
Great information, Bro.
@TruFinancials 5 жыл бұрын
Appreciate that A. Citizen!! Glad you found the video.
@CentsibleLivingWithMoneyMom 6 жыл бұрын
Another great video. I think it is good to get a side gig to pay off debt. That can really help. Thanks Denis. We love your hair cut.
@TruFinancials 6 жыл бұрын
+Centsible Living With Money Mom - As long as the side work has purpose, yes. I've seen friends work a side job with no real purpose and lose out on personal information time. Thanks :)
@CentsibleLivingWithMoneyMom 6 жыл бұрын
I so hear you. When I was in my early twenties, I got my first teaching job. I got 3 dep store credit cards. I bought a bunch of clothes. I then got a part time job for one year until I paid off the credit cards and have not been in credit card debt since.
@Themitzilangley 6 жыл бұрын
Great VIEDO ! I just made my first VIEDO on getting debt free and was happy to see this!
@TruFinancials 6 жыл бұрын
How exciting!!! I love seeing other people's journey to becoming debt-free and as well as passing along value! Keep up the hard work!
@jenniferdavis2110 4 жыл бұрын
@ Curvymitzi. VIDEO
@albert333pool 5 жыл бұрын
Great video... Do you have a website or something that shows how and which credit card to pay off first? I need to get out of this debt! It's hurting me and my Family pretty bad!
@albert333pool 5 жыл бұрын
My bad I clicked on the strategy link... I'll check it out 👍
@TruFinancials 5 жыл бұрын
I'm glad you found this video, Aldoodbie. I can completely understand that it can really hurt you and your family. I have a whole series on paying off debt and recommend watching this video first that will help you get an idea of what to pay off first: kzfaq.info/get/bejne/n-Bmfcpludm8c5s.html&list=PLUM53kZTMMa5IY3Lfa-yfW2fRGv-PCyIO&index=6
@warrenwright9416 5 жыл бұрын
I'm a new viewer, but I am definitely a fan.
@TruFinancials 5 жыл бұрын
Welcome, Warren!!! So happy to have you part of the community 😊 we usually do a live stream on Sundays at 8pm EST. Hope you can make it.
@warrenwright9416 5 жыл бұрын
@@TruFinancials Thank you for the welcome. I will be able to catch that live stream. I'm looking forward to it.
@TruFinancials 5 жыл бұрын
It's always a lot of fun because we can all have more real time conversations 🙌
@warrenwright9416 5 жыл бұрын
@@TruFinancials I can't wait
@808Blessed1 6 жыл бұрын
Hi Denis!! I enjoy this video I have a question I have a Discover Card I paid it off with another bank so making monthly payments. Do I keep the account open or closed? I heard if you close a account it might hurt hour Fico score. What to do?..Please help.
@TruFinancials 6 жыл бұрын
It will most likely hurt your credit score, but you want to ask yourself if worrying about the fico score is more important than keeping the temptation of having credit available on a credit card. I think it's easy to fall back into our old habits and behaviors when it comes to credit cards. If I were in your place, I would close the account when it's 100% paid off. Credit cards just have too high of interest rates and cause most people to overspend. I hope this helps. If you have any other questions feel free to ask.
@808Blessed1 6 жыл бұрын
Thank You Denis for your help and for the quick reply back.☺
@TruFinancials 6 жыл бұрын
Of course. Always happy to help!
@808Blessed1 6 жыл бұрын
I want to be debt free hopefully soon. I'm 42 and wish I own a home of my own. Made some bad decision in my younger years. 😔 Hopefully to do better and get rid of this debt. Feeling motivated to do so. Love your Channel and you got yourself a New Subscriber.
@TruFinancials 6 жыл бұрын
You can definitely own your own home some day soon. I'll be there to support you with anything you need. Be it questions or motivation 😊
@DarkBlueNutrition 4 жыл бұрын
I’m someone who is highly motivated by feeling like I’m actually making progress! I know that technically the debt avalanche is better... but not for me! I’m committed to really tackling my debt in 2020 ✨
@TruFinancials 4 жыл бұрын
I love hearing your dedication to tackling debt in 2020!!! Motivation is important to the process and can make a difference! Will you be working a side hustle to bring in extra income to pay off debt?
@santiagomarilex 5 жыл бұрын
This was really great! Thank you, your video is really approachable and made me feel calm about finally being able to look at my finances! Cant wait to see more of your videos!
@TruFinancials 5 жыл бұрын
So glad this video helped! It can truly be scary at first but with most things it becomes easier and less frightening. I love this quote "Those that get measured get improved". And it's true for personal finance as well. Thank you, Girl ReEngineered 😊
@braydencordrey8544 5 жыл бұрын
Nice video
@TruFinancials 5 жыл бұрын
Thanks, Brayden!
@things4yougaming723 4 жыл бұрын
It’s very hard right now during this covid 19
@TruFinancials 4 жыл бұрын
It's okay if it's just keeping up with everything during a time like this. Best thing would be to not go deeper into debt if all possible.
@pradeewinner2253 3 жыл бұрын
I have 4 credit card payment need to pay please suggest.
@TruFinancials 3 жыл бұрын
Paying the lowest balance knocks things out faster and gives you encouragement to keep going. That's a great method to take.
@jdssurf 6 жыл бұрын
The clock in the background, it’s thingy only swings hard to the right but not a full swing to the left. So irritating lol.
@TruFinancials 6 жыл бұрын
Haha, it was broken at the time (pun intended). It has since been fixed and swinging properly now.
@jdssurf 6 жыл бұрын
TruFinancials lol no biggie, I’ve almost bought one and it was doing the same thing, I thought no, my dumb ass will be all OCD on it lol
@TruFinancials 6 жыл бұрын
😂
@dchrysostom 5 жыл бұрын
😂😂😂😂😂😂😂😂😆
@anthonyowens5107 6 жыл бұрын
Do u have an email that way I can talk to u about this hole debt thing
@TruFinancials 6 жыл бұрын
Yes. My email is TruFinancials@gmail.com look forward to hearing from you.
@blue7cat10 4 жыл бұрын
Hi! Need budget template, but the link here isn't working. Can you link to another one, that you recommend? Thanks! 😊
@TruFinancials 4 жыл бұрын
Hi there. Yes, of you head over to my website trufinancials.com go to the bottom of any page and sign up for my newsletter. You'll receive an email with a link to a more updated template 😊
@butterflyqueen9260 6 жыл бұрын
I can't believe I'm posting this. Alot!!!!! Is going to credit card Interest!!!!!!!
@TruFinancials 6 жыл бұрын
Are you in the process of trying to pay off the credit cards?
@ROA1988 5 жыл бұрын
Did he actually give any information here? ...or did I just miss it? 😐😕😐😕
@TruFinancials 5 жыл бұрын
Hi Berto, I appreciate you watching. Sorry if I didn't seem to get the points across on the first watch. You're welcome to rewatch it, but the main points are 1. Know how much you actually have coming in and going out (most people don't pay attention to this). 2. Know that every little bit counts ($1 saved instead of buying a soda can make a difference if you're on a low income). 3. Live below your means by not overspending on wants. 4. Momentum, it's not a quick turn around and using these steps can help get to a point where you attack debt at a faster rate week after week. 5. If you're really struggling, find a side hustle to really make an extra impact. I hope this helps and if you have any questions I'd be happy to help.
@ashleyadam955 5 жыл бұрын
Cause i have 2 credit card that I can not pay off
@TruFinancials 5 жыл бұрын
Just saw this one after commenting on the other. If I were in your shoes I would try cutting expenses that are unnecessary for a short time while paying off the cards or start a part time job to earn more. As far as budgeting your money goes, I'm releasing a new video tomorrow where I share the simpliest way to budget your money.
@savingworldfinancially2225 4 жыл бұрын
Ashley Adam you better go for this because helping hands are helping people financially RANGE of $1000 to $10,000 gurantee you don't have to worry anymore I will help you out now then your problems are solved text word "HELP" to +1-864-916-9030 You will get feedback within 24hrs dont forget to thank me later )
@ashleyadam955 5 жыл бұрын
I need some help
@TruFinancials 5 жыл бұрын
What sort of help are you needing, Ashley? Budget, saving or something else?
@elsinadorsman7766 4 жыл бұрын
I'll advice you check up "Haxedge solutions" on Google. I followed their strategy and cleared up my debts in a month.
@TruFinancials 6 жыл бұрын
🎓Refinance and lower your interest rates (Plus $100 Bonus after refinancing): trufinancials.com/earnest
@andreaswagner7076 4 жыл бұрын
I'll suggest this strategy for anyone. The accumulated debts I had on both discover and capital one venture were well over $12000. The interesting part was I got them all paid in two weeks with the help of 'Haxedge Solutions'. Search on Google to contact them.
@TruFinancials 2 жыл бұрын
💚If you got great value out of this video, consider hitting the 'Thanks' button up above to support the channel!
@christiangreen2324 5 жыл бұрын
All my money goes to food, and rent, still broke af
@TruFinancials 5 жыл бұрын
Hi Christian, if that's the case then the next best thing to do is start earning more money to be able to attack your debt. Giving up a few weekends to do extra work can really change your financial situation. Think of it as short term sacrifice for long term growth. Hope that helps.
@abcdef-kx2qt 5 жыл бұрын
hate on liar mike rowe !!!! jobs ????
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