With rising costs and unending expenses, one mom on a mission says she managed to dig her family out of debt in eight short months by finding stacking up a bunch of little ways to save.
Ruth Taylor shares her money-saving life hacks on her Money Savvy Mum UK blog, where she tells followers how she paid off her family's £21,000 debt in less than a year.
And no, she doesn't have a high-paying job that helped her out. In fact, she managed to do it while being a dog walker.
"It took grit and determination and many, many sacrifices, but it was so worth it.," she shared on her blog. "I'm going to share with you how we were able to pay off this huge amount of debt and how you can do the same."
The mother of two shares how buying her first home with her husband, then having kids and dealing with a loss of income all took a toll on their credit.
But she says there are ways out of that debt trap, and here's how she did it.
According to Ruth, you want to start by reviewing your bank statements and figuring out where all your money has gone in the past few months. After spotting all the useless purchases, start cutting them out. For instance, that old magazine subscription you don't care for, or the excess Uber rides.
Then try to reduce all your bills; this includes lessening your car insurance, heat, electricity, gas and internet bills.
Cut out anything that's not essential. So say goodbye to your Amazon Prime account.
She even turned to buying second-hand clothes and getting haircuts from her husband during the period of time she was trying to get out of debt, reported the Mirror.
Next, you want to meal prep. According to Ruth, this step avoids food waste and ensures you aren't turning to consistent takeout for sustenance.
If you notice a bunch of unused possessions in your home, like clothes and shoes you haven't touched in a while, you should consider selling them and making a few extra bucks that way, she says.
However, the main reason Ruth was able to get rid of her debt was by making extra money. This means working seven days a week for six straight months.
"We set ourselves a goal of saving six months' worth of expenses for our emergency fund," Ruth told Latest Deals as per the Mirror. "We carried on making sacrifices and working extra hours to get this money together as quickly as possible, and we managed to save the whole amount within seven months."
"We now have £10,000 in our emergency fund, which is just under six months' worth of living expenses."
On her Instagram, Ruth also raves about buying no-name-brand versions of popular products instead of the original brands.
For instance, she buys the 65 pence bottle of Aldi ketchup instead of spending £3.49 pounds on the Heinz brand version.
If you're in a similar situation, give Ruth's advice a try. Maybe you'll be out of debt sooner than you think!