5 Money-Saving Tips From Couples Who Cleared $40,000 Loan

The COVID-19 pandemic has affected all of us. But it was disastrous for a New York-based couple, Noami Willis and Ricki. As the Cornovivirus broke out, the couple lost their jobs. Since they had no savings handy, they were compelled to live on loans. With this progressing for a year, the couple owed $40,000 in debt to the state government.

Pixabay / Pexels / Financial literacy is crucial for building wholesome net worth.

Life also poses a silver lining no matter how hard the situation, as they say. This turned out to be very true for the unfortunate couple. Within the next year, the struggling couple successfully paid off their debt. Nonetheless, this wholesome milestone was not achieved overnight. Rather, they had to compromise on a lot of things. And it was their unwavering commitment that allowed the couple to pay off the massive debt:

Here are five money-saving tips from Noami and Ricki. Keep in mind these tips will be handy for every couple who struggle with financial crises and are deeply bothered by debt:

• Be Financially Smart

“We really need to have financial education and smartness,” says Noami, who was once struck by massive debt. He argues that even “turning off unused lights” is a way to save you a penny. Think about things like unused chimneys, extra rooms, and extravagant appliances. All these drain money from your money – no matter how small.

“Every single cent counts,” he argues. He goes on to say, “If we are financially smart enough, we can amass massive net worth.” Consequently, these tiny savings can be handy in paying off your debt and will make you financially independent.

• Keep an Eagle’s Eye on Your Bank Account

Pixabay / Pexels / Effective bank account usage clears the pathway for potential savings.

“What Ricki and I focused on (during the financial crisis) was our bank account,” asserts Noami. He further suggests, “We acutely monitored every penny that came in and went out from our bank account.”

Furthermore, the couple suggests that checking direct debits and cutting off unnecessary standing orders is an effective way to save money.

• Reassess Your Needless Premium Subscriptions

Let’s be honest. Premium subscriptions charge a lot. Be it premium cable, Netflix, or Hulu, it drains out cash from your bank account every month. “For a moment, we paused and pondered the monthly premium subscriptions that we had,” says Noami. “We noticed that we do not even use most of the subscriptions. So, we cut them off.”

Of course, cutting off premium subscriptions may seem a very minute thing. But all the amount that you pay for the subscriptions adds up to your savings. With that same money, you can do everything – with paying off your debt being no exception.

• Consider Saving On Fuel

Car From Japan/ Pexels / Eco Mode on cars is an effective feature to improve fuel efficiency.

With the price hike in fuel prices, couples across the globe continue their struggle with fuel bills. So, it is worth opting decision to consider saving on fuel. “We used loyalty schemes for filling up the fuel,” says Noami. “And before filling the fuel, we checked the prices of local fuel stations,” he further suggests.

Even a 5% savings on fuel can be of great help in making good savings. You can also use the oil efficiency features like Eco-mode or Econ option to lower fuel consumption.

• Side Hustle is Underrated; Consider One for Yourself

Side Hustle is another worth-taking option that you can use to double your savings. You can potentially increase your savings from remote work and freelancing to online service offerings. “My partner and I made a lot of savings from our side hustles,” says Noami. He concludes by saying, “The nature of our side hustles were different. But both of us had the same objective. To all couples who suffer financial crises, find a side hustle. And let it help you cope with your financial struggles.”