Payment Planned: How to pay off credit card debt and still budget

One of the great money mysteries abounds when you try to do two very important financial things at once, and yet can’t seem to think how it would even be remotely possible: save money budgeting and pay off credit debt.

For most, debt is a nuisance of epic proportions to the point that paying your creditors has turned more into a battle to just get the minimum payment in on time, much less make a dent in the total amount due.

But for those who have managed to pull this off, you’d be surprised that not only is it possible, but those who are adept at it have been able to pay down and ultimately eliminate their debt altogether.

This is more about making room in your budget by cutting expenses so you can allot more money toward your credit card debt and also adding to your income in some instances, too, so that not only can you save money but you also have extra to put toward debt.

Granted, the most obvious choice is adding to your income but that isn’t always feasible. The 40 or 50 hours you’re already working during the week hardly seems as though it can be added to, but you also might want to think outside of the box.

If you’re a teacher, tutor from home at night.

If you’re a writer, write from home on the side of the freelance variety.

If you work as a massage therapist, take clients at home or visit them with at their house provided you feel comfortable with that set up and charge accordingly.

Even if you don’t have a skill that lends itself to this, you might want to consider all avenues and income streams, such as selling things online at auction sites or just babysitting on a Friday night.

Even the smallest of incomes means that much more toward paying off debt, credit cards specifically.

The flip side of that discussion starts with cutting expenses but doing so in a way that takes legitimate chunks out of your budget. The more popular saving money, cost cutting measure has been ditching your vehicle for public transportation, big city or small. The rise of independent car services popping up left and right have made traveling to work more cost efficient than maintaining a vehicle and making a subsequent car payment.

If you’re going to get serious about debt and paying off your credit cards, you can take two approaches that are iron clad: make more or spend less, no matter what means might be necessary.