Reduce Your Debt by the Holidays

22 Jul

We know.  We’re in the middle of summer and the weather outside is not at all frightful, in fact, it’s really quite delightful, which means there’s actually a lot that we can do for free!  So, it might just be a good time to think about reducing debt after all.

Forbes Magazine offers a couple of approaches, and we love the idea that you don’t have to be a financial wizard to understand them:

Debt Snowball Method

How dare we mention snow!  We didn’t come up with the term, we promise!  Here’s the theory:

“The debt snowball method tackles debts from smallest to largest, throwing extra money to the smallest balance; once that’s paid off, you take everything you were paying (minimum payment plus the extra money) and put it towards the next smallest balance. Want to see what this method looks like in real time? I went to the website to create a repayment chart for the following balances: a $2,500 personal loan at a 2.75% interest rate, a $6,500 Stafford Loan at 6.8%, an $8,500 private student loan at 8.75%, a $4,000 Perkins (student loan) at 5% and $7,200 in credit card debt with an 18% APR.”

The Avalanche Method

“Re-configuring your payment plan to put the extra money towards the balance with the highest interest rate — in this case, the $7,200 credit card debt — means that you’ll spend more time with all five loans on your balance sheet, but it also means that you’ll save money in interest payments.”

Be sure to read the entire article for all the details and check out some of the helpful links on the Forbes website.

male-731888_640So we won’t leave you high and dry, not when you can make a splash this summer for FREE.  Here are some great ideas we’ve rounded up so you can starting paying off your debt.  (Need some inspiration along the way?  Follow the amazing journey of our partners at

Movies Under the Stars

There are some many opportunities in so many places in Rochester!  Check them out, but be careful because many are near restaurant venues. Buy a snack if you must, but eat before you go.

They list daily events on their website that are free.  Some of the fun includes carousel rides, crafts, music and story time.


Band on the Bricks:  There’s a great lineup at the Public Market on Fridays in the summer.

Concerts by the Shore:  Concerts begin at 7:00 and end at 9:00 pm.  Bring your favorite lawn chair and a friend.

Monroe County Parks:  We are so fortunate to have so many choices in our area and there’s so much to do and see.  There’s parks for our canine friends as well.  Some do require an entrance fee, but it’s usually charged by car.  Great fun for all. Be sure to download the list of events in the parks for each month.

sun-in-hand-693382_640It’s summer and maybe in some sense we’re celebrating Christmas in July!  What we’d love to celebrate is your financial security.  If you need help or want to learn how to save for a down payment, contact us today!  We have a great network of professionals we have partnered with.  If you’re ready to invest in your future and make a move, we can help with that too!