• Small Savings Can Lead to Big Gains

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    snowflake

    Snowflake your debt away

    When we started this blog in 2006, we had a little over $18K in credit card debt. That number was probably higher since we had already started paying down that debt. Also back then, our salaries were about 35% lower than they are now. Since our main goal back then was to get rid of our credit card debt, we needed a way to get more money to put down towards the debt. These days finding little bits of money to pay down debt is know as “snowflaking,” akin to the debt snowball method. The money we found was put towards our debt, and we finally paid off our credit cards in 2007. Here’s a few ways we made a couple extra dollars each month to get rid of that debt.

    Selling old items on Craigslist or ebay

    It’s incredible the amount of crap that follows us around. When Her and I moved in together, we had a lot of redundant items. Much of our stuff was low-quality, college level stuff, like no-name appliances or less-than-ikea furniture, and was easily sold locally on Craigslist. More expensive gear, like last-generation electronics, were put up on ebay to maximize what we could get.

    Having a garage sale

    Our apartment is on a well-traveled street on the way to a well-liked brunch spot, which made it a perfect location for a garage sale. Stuff that didn’t sell via Craigslist or ebay were sold here, in addition to clothing, books, bad art, and neighbor’s miscellaneous items. We definitely needed both Her and I to help out since there were so many people poring over all of our stuff. At the end of the day, we pulled up our car, loaded up everything that didn’t sell, and dropped everything off at our nearest thrift store.

    Checking account bonuses

    Back in the day banks were offering up to $100 to open a checking account, often with a small stipulation of having direct deposit for 6 months or a minimum balance. We each would open an account, doubling the reward. One bank even gave us pie!

    Sold original crafts on etsy

    For our wedding, Her made some incredible DIY crafts. She posted them on some websites for other females to ooh and aah, but she got an unexpected response: requests from other brides to make stuff for them. After testing the waters, she setup an etsy store to gain a larger audience. It was easy money to be had that she could be doing at the same time she watched a reality TV show.

    What are some ways that you’re getting some extra cash to meet your goals?

    image: Juliancolton2

    Giveaway!

    We’ve partnered up with SavingsAdvice.com to offer you the chance of winning $5 through PayPal or as an Amazon Giftcard. It may not seem like a lot of money, but when you’re trying to get out of debt, every little bit counts. Entering is easy – all you have to do it like our Facebook Page. You can get additional entries by doing any of the other activities. That’s it! Even if that takes a minute to do, your effective rate would be $60/hour – not too shabby. The contest is open today until October 5. Good luck!

    This contest is over. If you are a blogger and would like to participate in future giveaways, click here

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