Money Gal Coaching: Bouncing back after living your best life

Kelly Blodgett launched Money Gal Coaching with a goal of serving people who, like her, were burdened by debt. You can get her tips for paying down debt on a regular basis at Bring Me The News, in addition to the Money Gal Coaching website and Facebook page. In her words, these are tips and tricks that she used to pay off debt. 

Keeping up with the Joneses is expensive. Spending excessive amounts of money on going out to eat, a quick trip up north or that thing at Target adds up quickly and is a major reason Americans struggle with debt.

I am here to tell you that overspending just by a little in a handful of areas may be the reason you are carrying a balance on your credit card.

According to an article from USA Today, “Groceries are the number one reason why people carry a balance.” 

One explanation for increased credit card debt is that we put everyday expenses on credit cards, when we once used to pay for these items in cash. Dealing with other debt payments, we are strapped for cash at the end of the month, unable to pay the full balance on our cards.

Here are some tips to get ahead of your credit card debt after you had a couple months of excessive spending:

1. Look at your spending and figure out which categories caused you to not make your payment in full.
2. Determine a spending limit for your budget categories and make sure it adds up to less than your monthly household income.
3. Use that extra money to pay extra towards your credit card balances
4. Check your spending before each purchase to make sure you haven’t hit your category limit
5. Make sure you are not spending just to qualify for rewards or card benefits, you can do this once you get your balance back to zero

If your credit card balance is not manageable, but you would be able to pay it off within a year, look at consolidating onto a new card with 0% APR.

The thing to remember is that consolidating to a new card or rolling the debt over with your mortgage does not solve the problem at hand. Be sure you are proactively creating a spending plan before each month and really sticking to it. 

By following a plan each month you will ensure you have extra money to pay down debt.

If you need help getting out of debt, contact Kelly Blodgett of Money Gal Coaching. Reach out to her via the Money Gal Coaching website or Facebook page.

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Disclaimer: Bring Me The News will receive a portion of the proceeds from readers who purchase a service from Money Gal Coaching via our articles.