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Save Money or Pay Off Debt?
Have you asked yourself this question? I know I have because I’m torn between the two. I want to do both. Then I asked myself, do I try to do both at once or just focus on one first, then the other afterwards? After much thinking, reading and researching, the answer became very clear to me on whether to save money or pay off debt.
My top two reasons for saving:
1. In the event of an emergency or unexpected expense (such as an expensive car repair), and…
2. If I lose my job, which in these trying (coronavirus) times, could be a possibility. You never know.
So, it would be great to have money set aside for either of these things. Now, with that being said, I also have two big reasons to pay off debt first. The only debt I really have left is my one credit card (and the money I owe my mom, which she has said she doesn’t want back but I still want to pay her). Anyway, here are the two reasons I want that paid off:
- The credit card has a high interest rate, and…
- To be completely debt free. I can’t wait for the feeling I’ll have when that day comes!
So again, the big question, save money or pay off debt? The one that ended up making most sense to me in the end was to pay off the debt first. The less time I want to be paying high interest fees, the better!
I think that if my interest fees were a fair amount lower, I’d be more willing to do both save and pay off debt, but to me, it doesn’t make sense to save money only to sit there paying interest fees. That’s more money I could be saving after all.
I’m currently going hard on my credit card, which actually feels pretty great. Looking at my monthly statements seeing that amount going down each time, mixed with my credit rating going up, is quite fantastic. Any unexpected or extra money I get, goes to that, and I won’t stop until that debt is gonzo!
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Surveys For Cash – Comparison Review
Well hello again! So, I think I mentioned two posts ago that during some time at home from work due to COVID-19, I started doing some surveys for cash online.
I was a bit worried about income because of not being able to work, and I couldn’t go anywhere, plus I was bored out of my tree to be completely honest. So, my boyfriend encouraged me to do surveys online. He refers to it as “free money” as you can do it while watching TV, waiting at a doctor’s office, etc., not to mention it’s extremely easy and some surveys are even fun!
I figured why not get paid for sitting at home? It’s a no-brainer, really. I joined a few different survey sites. Here is a comparison review of three of the ones I participated in:
1. Swagbucks
Swagbucks is free to join and offers a wide range of ways to earn money from them. Nope, not just surveys either!
How to Earn – doing surveys, purchasing gift cards (I always buy a $250 gift card for the grocery store I shop at because I know I’ll use it!), watching videos, downloading apps/free trials, earning cashback when shopping at a variety of stores, reaching your Daily Goal with them, searching the web through their app/website, referrals, scanning your receipts, etc.
Surveys – they offer a variety of surveys on a daily basis typically ranging from 25 – 150 Swagbucks that take anywhere from 5 – 30 minutes generally.
Pay – you can redeem your Swagbucks either through PayPal or buy one of the popular gift cards they offer. I personally do the PayPal option every time because I like the moula!
Bonus: You receive $5 just for signing up.
Sign up for Swagbucks today to start earning.
2. LegerOpinion (Leo)
LegerOpinion, also known as Leo, is another free website where you can complete surveys for cash. They have over 400,000 members approximately, making them a pretty popular online survey site.
How to Earn – completing surveys, monthly draws (for money or gift cards).
Surveys – they typically have new surveys on a daily basis. The bonus from them is that they will many times notify you by email that there is a new survey available. You don’t always get a notification though so make sure to check the app/website for new ones daily. Surveys typically range from 500 – 1500 points and take, on average, 10 – 15 minutes to complete.
Pay – the minimum cashout amount is 20,000 points ($20.00) for the most part. You can redeem them through PayPal, for gift cards or even Air Miles.
Bonus: Not every survey is going to allow you to complete it (on any survey site), but on Leo, you will receive 50 points and either one or two monthly draw entries every time you do get kicked out of a survey.
Sign up for Leo to get started now.
3. Survey Junkie
Last, but not least, Survey Junkie is a well known survey website that caters to over 10 million members. It’s free to join and offers a great selection of surveys on a daily basis.
How to Earn – first of all, by completing your profile, you will earn points right away! Also, completing surveys.
Surveys – they have several surveys available daily ranging from 5 – 100 points generally. They are usually 5 – 30 minutes in length. If you don’t qualify for a survey, they still reward you with 2 or 3 points.
Pay – Survey Junkie is only available in the U.S., Canada and Australia. In all three countries, you can redeem points through PayPal. In the U.S. only, you can also choose an e-gift card if you prefer instead.
Bonus: The minimum payout with Survey Junkie is only $5.00.
Sign up with Survey Junkie and earn today.
My Favourite – I have personally tried each and every one of these websites/apps and yes, I have a favourite for sure. The one I like best is Swagbucks. Why? They have the most ways (by far!) to make money. Survey sites will not make you rich, but Swagbucks has earned me the most out of all of these, hands down.
Tips: There are many reputable survey sites out there. Wherever you choose to do your surveys for cash, just remember that they should never ask you for money to join. Second, when signing up, the more information you fill out in your profile, the better. That way, you may be chosen for more surveys, as they choose you depending on your demographics, etc.
Please feel free to contact me if you have any questions about any of these.
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How COVID-19 Changed My Money Mindset
Hello! I hope all is well with you in these hard times.
I always try to find a silver lining in any kind of tough situation, and COVID-19 has been no exception. Actually, I didn’t seek a silver lining in this case…I just kind of realized it one day.
How did it change? Well, I have become even better with my money now. Why? To sum it up in one very vulnerable word, fear. I fear getting sick and not being able to work, for one thing. Where I live, the government is currently giving “relief money” for that, but it’s less than what I make with my job, and also, I am sure at some point, they will stop paying that. After all, they can only afford to do that for so long. There is always unemployment insurance, but that is only a percentage of my regular pay, so again, less than what my job pays.
So, my money mindset had changed due to these fears because I am now even more careful of my money. I have one credit card that I am still paying down, and I am currently going “gung ho” on it because if I get sick and/or lose my job, I now, more than ever, don’t want to worry about debt.
After that one credit card is paid off, I will be completely debt free and want to then focus on an “emergency fund”. I want to save up enough money to get me through at least 3 months of not working, just in case.
Because of this money mindset change, I have actually never felt better about my future. That’s an odd feeling to have with COVID-19 instilling fear into me to be able to have this change.
Weird how something so positive can happen from something so terrible. I would love to hear if you have any inspirational stories coming from these past several difficult months.