Becoming Debt-Free After Having Children

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    Are you done having children? Maybe it’s time to focus on serious matters like getting out of debt. There’s good news, it is possible to get out of debt with a little bit of determination. Here are some tips to make this a reality.

Only Use Cash

    It’s pretty simple to use a debit card and swipe swipe swipe. However, when you only use cash, it’s gone when you run out and there’s nothing you can do about it. Using only cash can help you get out of debt because you’re not going to continue to use a credit card.

Prepare for Emergencies

    One of the biggest issues facing people who are debt is that they are not prepared for emergencies. When an emergency happens, it’s easy to put it on a credit card and then debt adds up really quickly. You can start preparing for financial emergencies by having an emergency fund set up. Even if it’s only $500, that’s something you won’t need to put on a credit card.

Sell Your Stuff

    Although you may not want to, selling your items is one great way to become debt free. Selling your items can be done through a garage sale or even a Facebook group. After you’ve sold these items, put all the money you have made towards your emergency fund or paying off debt.

Get the Kids Involved

    Getting out of debt is a whole lot more fun whenever the kids are involved. Ask them if they’d like to get involved and allow them to do things to help. Let them prepare their own budget and allow them to “use cash only.” Make it fun and you’d be surprised at how much lightheartedness kids can bring to the situation.

    Getting out of debt does take some time and effort and the key is to not get discouraged. Set small goals, so you can work towards them without quitting within the first month.

Let’s Discuss:  What are some of the ways that you are trying to drive down your debt now that you have children?

© 2015, Tough Cookie Mommy. All rights reserved.

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Comments

  1. We’re “in the market” for children LOL I’m bookmarking this post – great info!

  2. And then when they start wanting to do sport, need a car (and insurance) and then prepare for college, you can go into debt again! 😉

  3. Robin (Masshole Mommy) says

    We’ve sold a lot of our stuff since the kids grew out of it. It’s nice to make a little bit of money back.

  4. These are some great tips. When we were in debt, we did a lot of Ebaying to bring in some extra money.

  5. There is a big relief that comes with knowing you are debt free. We are working towards that goal daily.

  6. I’m so glad we don’t have any debt, I could imagine if we did before having kids how bad it may have gotten now! These are some great tips!

  7. Chavonne H says

    We are changing our eating habits to cut down on costs. Buying $30 worth of soda a week is crazy but it’s what we were doing. Not too mention eating a lot of meat, sometimes two different meats in a pasta dish. So we’re changing our eating habits not only to cut costs and save but for our health too.
    Not eating out helps tremendously plus it’s fun to cook at home as a family especially now that we have to be more creative with our recipes. We also buy used furniture/clothes which helps us have money to save and pay off debt. I also like your idea of using cash only.

  8. We are just trying not to spend excessively. Great tips!

  9. I am always trying to get out of debt. We get out of it and then right back in it. One way we try and get out of it is simply by staying home and only going to the grocer when we need something.

  10. Those are great points. Thankfully most of debt was gone before we had children and only have our mortgage payment debt left.

  11. When my husband and I first met, he had a mountain of credit card debt. I made him cut them up and throw them away. I am happy to say that we are now credit card debt-free!

  12. We didn’t start to get into debt until we got married and started a family together. Bella was born and my husband decided to go back to school to get a better job and while that didn’t pan out so well some bills got left behind but we are slowly catching up.

  13. These are awesome tips. After I’ve paid off my credit card debt, I started using only cash.

  14. Focus on needs not wants and you’ll never get in debt again. It’s all the wants that typically fuel debt. And get rid of most if not all of your cards.

  15. Ann Bacciaglia says

    These are great tips. I try to use cash as much as i can. I now have two kids in College so that is going to be a little expensive.

  16. Other than our home, our debt is gone. Of course our children are grown and through college. Getting out of debt does take some effort and these are great tips to help you along your way.

  17. I’m on a cash only diet right now. It’s hard, but it’s going to be okay. 😉

  18. Good tips for getting out of debt. I need to start thinking about our debt.

  19. All these are amazing tips for being debt free. Only Cash usage is something which I always advice to my husband. I love the idea of setting up an emergency fund set up which could be so helpful in need.

  20. These are all great tips, I just paid off all of my debt a few months ago and applied some of these ideas to do it. Paying cash really works to keep you from overspending!

  21. We use cash whenever possible. It’s so easy to get sucked into bad habits that are hard to break. We do our best to stay debt free.

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