If you’ve ever been in serious debt, you know how exasperating it can feel, and if you’re in it right now, you know that trying to crawl out from under that mountain of debt can seem impossible.
Well, meet your inspiration for paying it all off fast: Emma Mumford, who managed to pay off nearly $10,000 in debt in just two years, Express.co.uk reported. It all started in 2013 when she was 19 and took out a loan to pay off her then-boyfriend’s debt.
Today, she’s not only rid of the boyfriend, she’s also rid of the debt, Express.co.uk reported. So how’d she do it? Extreme couponing.
What Is Extreme Couponing?
Mumford reportedly spent hours on “savvy shopping and scouring the Internet for vouchers.” It allowed her to save nearly $285 (£200) a week, Express.co.uk reported.
Another trick Mumford used was cash-back apps and sites.
“I was working part-time then,” Mumford told Express.co.uk. “It was about making my monthly salary go further and only buying what I needed.”
Mumford’s friends reportedly encouraged her to start sharing her money-saving tricks, so she started a blog called Coupon Queen.
Another smart choice Mumford made was to contact companies she owed money to and explain her situation, which in some cases led to the debt being discounted.
Getting Rid of Debt
You can combine extreme couponing with other money-saving tricks to stretch your monthly income. Other strategies for paying off debt include getting a balance transfer credit card or debt consolidation loan and attacking balances carrying the higher interest rate first. After all, Mumford’s story shows exactly how far penny-pinching can take you. Having the right plan of attack for getting out of debt can save you a lot of money in interest.
Remember, paying off your debt can help not just your wallet, but also your credit score. And a good credit score can help you save on interest when it comes to credit cards, mortgages, auto loans and other financing. (You can check your credit scores for free each month on Credit.com.)
More on Managing Debt:
- The Credit.com Debt Management Learning Center
- How to Pay Off Credit Card Debt
- 5 Tips for Consolidating Credit Card Debt
Image: Cathy Yeulet