10 DEBT FREE TIPS: How To Get Out Of Debt SUPER FAST! (UK)

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Here are my 10 TRIED & TESTED TIPS to help you become DEBT FREE :) ♥. Becoming debt free is the BEST THING that ever happened to me. Today I share our practical tips on how to get out of debt fast! Learn and apply these today.
★★ WHAT TO WATCH NEXT ★★
10 Things to STOP Buying NOW - • 10 Things To STOP Payi...
10 Reasons Why Most People Spend More Money Than They Earn - • 10 Reasons Why Most Pe...
21 Passive Income Ideas For a Freedom Lifestyle - • 21 BEST Passive Income...
How We PAID OFF Our MORTGAGE In 7 Years (UK) - • How We PAID OFF Our MO...
Our 12 MULTIPLE STREAMS OF INCOME - • Our 12 MULTIPLE STREAM...
9 BEST PASSIVE INCOME IDEAS (1000+ per month) - • 9 BEST Passive Income ...
12 BEST SIDE HUSTLE IDEAS for Passive Income - • 12 BEST SIDE HUSTLE ID...
★★ SUBSCRIBE TO CHANNEL HERE ★★
ru-vid.com...
★★ LINKS MENTIONED IN THE VIDEO ★★
10 Things to STOP Buying NOW - • 10 Things To STOP Payi...
10 Reasons Why Most People Spend More Money Than They Earn - • 10 Reasons Why Most Pe...
9 BEST PASSIVE INCOME IDEAS (1000+ per month) - • 9 BEST Passive Income ...
12 BEST SIDE HUSTLE IDEAS for Passive Income - • 12 BEST SIDE HUSTLE ID...
★★ EQUIPMENT USED ★★
Canon EOS M50 Camera - amzn.to/2zcz1K0
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Manfrotto Tripod - amzn.to/2YC3Sto
Apple iMac 2019 - amzn.to/2lEXNyz
Rode Microphone - amzn.to/2lFs0O2
★★ ABOUT US ★★
We achieved Financial Independence aged 34 and our story has been featured on the BBC, Mail Online, Channel 5, Metro, etc.
We share content to inspire and teach others how to achieve Financial Independence and Freedom too :)
MARY:
I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)
Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni
When I'm not creating, I love vegan food, traveling, working out and doing some outdoor fun things with my husband and kids :)
KEN:
I'm a husband, dad, and a First-Generation Immigrant to the UK. I started life poor in the UK and I've spent the last 20 years on a steep journey of Personal Development.
CFO by day with over 12 years of experience in the investment business. I'm also a Chartered Accountant and hold an MBA from Cambridge University.
To explore my creativity, I'm a blogger and RU-vidr by night. I create from my experiences as a family man and entrepreneur.
I have a passion for all things Financial Education, Business and Personal Development. I also love Photography, Music, Travel, and Sport.
★★ WANNA CONNECT? ★★
Blog - thehumblepenny.com
Insta - / thehumblepenny
Pinterest- www.pinterest.co.uk/thehumble...
Twitter - / thehumblepenny
Facebook - / thehumblepenny
Email - Ken@thehumblepenny.com
★★ OUR ONLINE SCHOOL ★★
Visit our online school at Financial Joy Academy for Video Courses, etc:
www.financialjoyacademy.com/
★★ ABOUT THIS VIDEO ★★
how to get out of debt, how to get out of debt UK, debt free, debt free UK, how to pay off debt, how to pay off debt fast, how to pay off debt with low income, how to budget, How To Start Paying, Start Paying Off Debt, Debt, how to pay debt, How To Start Paying Off Debt?, pay off debt, debt payoff, how to pay off debt, Paying Off Debt, how to pay down debt, pay down debt, how to get out of debt, How To Start, get out of debt, tips for getting rid of debt, how to pay off student loans, how to pay off loans, how to make money, debt forgiveness, get rid of debt, leverage, income, How To, money, Ken Okoroafor, The Humble Penny
Massive thanks for watching and following our channel :) ♥
Best, Mary and Ken Okoroafor
DISCLAIMER: We are NOT Financial Advisers and do NOT offer Financial Advice. We create these videos for education and entertainment purposes.
AFFILIATE DISCLAIMER: For FULL Transparency, some links above or in this video may be Affiliate Links. This means that we might receive a commission if you purchase through our affiliate links
#debtfree #howtogetoutofdebt #debtfreeUK

Опубликовано:

30 июл 2024

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Комментарии : 62

@TheHumblePenny 4 года назад

★★ LINKS MENTIONED IN THE VIDEO ★★ 10 Things to STOP Buying NOW - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-FtLZl5p5xsc.html 10 Reasons Why Most People Spend More Money Than They Earn - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-duyPlK8MwVQ.html 9 BEST PASSIVE INCOME IDEAS (1000+ per month) - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-qwn_Gc46ahE.html 12 BEST SIDE HUSTLE IDEAS for Passive Income - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Ns4g9h7OxuQ.html

@garylockhart526 3 года назад

Live like no one else so one day you can live like no one else.

@StorytimeBeaming 4 года назад

I'm so happy I'm starting the new year which is debt free. I've cleared my credit card, paid for my phone, cleared all on unsecured loans and overpayments of previous benefits. I'm a single mum who works full time with a side hustle of options trading but I'm on a mission now to save 10k per annum including cash, pension and saving plans for my kids. I would love to see a video on university fees paying vs loans my daughter is 15 and wants to study Law I'd hate her to become a debt slave.

@MzCarterOG 4 года назад

How do u get into trading? Pm me please

@TheHumblePenny 4 года назад

How's your savings goal going, Michaela?

@StorytimeBeaming 4 года назад

@@TheHumblePenny Hi Guys👋🏾Its actually on track, it's been hard to stick to budget the worst is the car, it definitely takes alot to run so I'm looking into a hybrid option. I've watched your video on using Electric👍🏽other than that I've started buying shares over the last week, taking full advantage of the Covid 19 crisis it's like I'm shopping in the sales. Hoping to do some long term 20 year dividend investing ready for when I retire, I'm 45 now, But my motto now is pay myself first and live minimally 💖

@msbriannad2731 4 года назад

Great video that I was able to relate to. I was one of those with average debt of about £15000. End of 2081, I told myself no more....2019 I have put in all I can towards paying it off. I'm down to just above £2000. I stopped going out as much (was fond of RnB concerts etc in London and that could add up the £ - show tickets, train tickets, hotels etc). I stuck to going out to a few local shows. Coming to end of year, and I think it was worth it. I see the end in light and it's an amazing feeling. To those in debt, it can be done. Thank you. Focus now is getting on the property ladder. Would appreciate those types of videos, particularly for those of us that are older. I'm no millennial, lol

@TheHumblePenny 4 года назад

WOW, msbrianna, what a RESULT!! 😁. So pleased to read this. Becoming debt free is tough but doable as you said. Goodluck with the property purchase. If you had to explain it in one sentence, what would you say was the main reason that you took on so much debt?

@msbriannad2731 4 года назад

@@TheHumblePenny I dont know about explaing it in 1 sentence. It was after all £15000. Life....1 income supporting 2 households (family overseas...and those trips back home can be very pricey. Well at least for me. But you want to support parents, siblings....). Some of it, was just me. Mindless spending. Mind you nothing fancy. Just your everyday stuff. You think because you can afford the minimum payments, you are ok. But it never ends. Till you wake up one day and you like this is not right.

@JustFrugalMe 4 года назад

msbrianna D I completely agree. Staying focused on your goal is the key to overcome and achieve any thing that you put your mind to.

@TheHumblePenny 4 года назад

@@JustFrugalMe Well said!

@paulhg1ztn 4 года назад

i am looking at ways to take back control of my Life i have manageable debts but i always seem to be left with no spare cash at the end of the month, no real plans for the future i need to sit down and have a long think and start planning what i really want and take action.

@TheHumblePenny 4 года назад

Sounds like progress to me 😉. A long think and a couple of conversations are necessary. Then follow that with a practical plan around how to manage what you spend as well as how to potentially make more money.

@paulhg1ztn 4 года назад

@@TheHumblePenny thank you for kind comments. I spent the whole day today sorting out my finances, i now know my true financial worth. I was suffering from the 2 most thieving traits! Procrastination and laziness.

@senseiois4208 3 года назад

this is because companies like sky bt and virgin csn charge you excessive rates for early termination even if they breach the contract themselves charging you 700 or 900 or 500 like i was charged when i moved to an new flat but because the flat wasnt ready when i moved in i had to move into a finished flat above in the same property for five months whilst paying and up to date but when i moved downstairs they refused to reconnect me downstairs and world nir reconnect me and on to of that expected me to continue to pay them for internet and a phone line and tv i couldn't and wasnt using for 4 months until i had enough and said no more even after numerous calls to them

@lewissell8904 Год назад

Well done !

@Anonymous-ze2mu 4 года назад

Awesome again.

@khoyrulmiah9903 4 года назад

I really needed this

@livelovelaugh487 4 года назад

Great video! I’m so glad I’ve found you at 22 🙌🏾

@TheHumblePenny 4 года назад

👊🏼 Glad to hear that this is helping.

@JustFrugalMe 4 года назад

haja bangura That is awesome you have a great head start in life.

@samanthahardy9903 4 года назад

I am using the envelope method but I found the envelopes were not very good for holding coins so I got some cheap see through plastic pencil cases instead. I have 3 for shopping (1 for each supermarket as I like to shop around for the best prices), 1 for utilities I.e. gas, electric and water, 1 for travel and payg phone top up. Other bills like rent and Council Tax I pay through direct debit. I try to over pay a bit on my rent to be able to reduce my rent arrears each month. I work overtime every time it's available and constantly looking for extra ways to save money. I'm learning to cook and was amazed how many different meals I could make for 1 person (my partner goes away on business sometimes) from 1 whole chicken! I cook in bulk now when I have a day off and freeze them in microwave containers for when I am too tired to cook after work. I pre prepare veg before work and take sandwiches and instant coffee to work with me. I do my shopping on the way home from work get approx 3 items at a time so I can make the most of the bus hopper fare (second bus journey free within an hour). I normally have to get 2 buses to work and 2 buses home and the supermarkets I shop in are all conveniently located right next door to each other. If I find money on the floor such as 1p, 2p,5p ect I pick them up and put them in a jar. So many people just throw them away without thinking! So far I have picked up at least £3 in total this year off the pavement. It's sad that so many teenagers have thrown away these pennies. I once saw 1 teen literally empty their pockets with a handful of 2pence pieces on the floor and just left them there! I picked them up and explained to them that the money they had thrown away could be put into a savings jar along with any other change they get. I asked them to think about the last time their mum or dad stopped their pocket money and what that felt like. Then I asked them to think what it feels like to be hungry. Then I pointed out to them that if you save the pennies they soon add up to pounds. Then if invested or spent wisely they will never be without money and never go hungry again. They thought about this and said, "I never thought about money like that before!" I handed their coins back to them and was surprised but happy at the outcome because the next time I saw her she was with her friends who were discarding 1ps and 2ps on the ground. She told them they were stupid, picked up the coins and put them in her pocket for which her friends made fun of her but she told them, "For every penny you lot throw away you will be poorer and for every penny of yours that I pick up and save I will always be richer than you. So keep throwing your money away and don't ask to borrow any money from me in the future because you were dumb enough to throw away your money in the first place. Finders keepers!" That was one smart kid! Before she followed her friends onto the bus she smiled at me and said, "Thank you!" Hopefully she will do well in life and will pass on the knowledge to others willing to listen.

@TheHumblePenny 4 года назад

Samantha, that is impressive! Great tip on the plastic pencil cases 😀. You're so right about the humble penny. Many take for granted the little.

@joeoluwa6532 2 месяца назад

Your points are very valid ❤😊

@JustFrugalMe 4 года назад

Great video! Keep them coming!

@TheHumblePenny 4 года назад

Thanks, Joshua 👊🏼. I'll drop you a text on Insta later

@sam67uk 4 года назад

What an amazing video. You have been so helpful. I can relate personally to many of them 👍🏻

@burropoco 4 года назад

Excellent video. For me that same Bible Proverb was the epiphany moment. 'The rich rule over the poor, and the borrower is slave to the lender'. I've always earned a good salary and had an excellent credit score so I've never had a probllem getting a loan and I've never allowed it to run to term either just always paid it off early. Last loan I had was a massive 25k over 60months at a very low APR. But why? why? I had to ask myself. I had to develop a basic aversion to debt itself not an acceptance of it as 'normal' which was how things were in the household growing up - no money, lots of debt. I had to ask myself why bother with a loan in the first place? Just be disciplined and save up for things. Fool! :-D (I cleared that loan in 7months btw and I was done with loans/debt).

@msbriannad2731 4 года назад

Wow...7 months. Impressive 👏👏. Well done

@JustFrugalMe 4 года назад

burropoco I completely agree

@TheHumblePenny 4 года назад

Don't know how I missed your comment. Your reflection there was spot on! Rather than accept cheap debt, live with no debt at all. 7 months - EPIC!

@yourlexusgirl5814 11 месяцев назад

I had no debts ever, until the last couple of years. Right now, i need a loan! What do i do???

@PUBLICSECTORJOBSWORTHS 2 года назад

Hi my council have sent me this...The authority can apply to the County Court for a Charging Order to enforce the Judgment of the County Court to secure payment of money due under the Judgment (section 1 of the Charging Orders Act 1979). (The property they want to place a charge on is in a living trust) I have looked at the Act and it clearly states...Charging orders. (1)Where, under a judgment or order of the High Court [F1or the family court] or [F2the county court], a person (the “debtor”) is required to pay a sum of money to another person (the “creditor”) then, for the purpose of enforcing that judgment or order, the appropriate court may make an order in accordance with the provisions of this Act imposing on any such property of the debtor as may be specified in the order a charge for securing the payment of any money due or to become due under the judgment or order. The council is not a person its a corporation, so can they use this act? TIA.

@tinacape2326 4 года назад

Im nearly debt free. Hard work treats once a month. No credit cards. No loans Budget budget budget. Bought a tyre rrp £175 got it for £145 no cheap tyres Pirelli scorpions.

@TheHumblePenny 4 года назад

Keep at it! Debt free is a dream worth pursuing

@Yazzaroo22 4 года назад

Can I just take a moment to tell you how amazing the amortisation spreadsheet is 😍 as someone who is an Excel fanatic I was thoroughly impressed!!!

@TheHumblePenny 4 года назад

Haha amazing! 😊. You're the first to write in an appreciate the work that went into creating that spreadsheet. Much appreciated message.

@MsLemonpielover 4 года назад

I've just downloaded it and oh my God, so impressed by how easy it is to use ! Thank you so much !!

@GH-he5wf 4 года назад

Strong message... Status or Freedom? Love this!

@TheHumblePenny 4 года назад

Cheers!

@vansavage528 4 месяца назад

underrated comment, needs more likes

@jomo7002 4 года назад

I love your channel I just have one question Im not sure whether to start a side hustle and small business or pay off debt first? The advice FROM Dave Ramsey would be to say for an emergency fund and start paying off debt some people have taken other routes I just wanted to know your opinion? :)

@TheHumblePenny 4 года назад

Hey Introverted Mama, we appreciate you supporting our channel 😊. I would say that you can start a side hustle whilst still trying to pay off debt. In fact, it could be a big motivator for your debt freedom. It certainly worked for us. Depending on how much resources your side hustle or business requires, you should always have some emergency fund as backup.

@lisaberry6611 3 года назад

Absolutely brilliant!! Thank you for this video 😃

@TheMrsgd 4 года назад

Just stumbled across your channel and found your videos very practical and informative ! My main struggle with becoming debt free is that the bulk of my expenditure goes towards childcare costs and there’s no way I can cut down on that due to mine and my hubby’s working patterns. If I didn’t have to pay for this I’d definitely be able to save at least £800/month! On the plus side, you’ve gained a new subscriber 👍🏾😁

@TheHumblePenny 4 года назад

Thank you, TheMrsgd! 😀 Just thinking about your challenge there - I presume the need for childcare is temporary and will improve as soon as your child starts school?

@lexuzasare 4 года назад

How you keeping Ken? I use debt to make investments and leverage the 0% money transfers on my credit cards for a higher ROI than what he bank offers. I make enough to pay back the loan before term with something on top but wonder if this strategy will keep me from becoming debt free. Thoughts?

@mikeroyce8926 3 года назад

Prior to the credit crunch in 2008 I had two credit cards that I used to rotate credit at 0% from one card to the other. I thought I was being clever. Then one day one of the credit card companies took over the credit card business if the other company and only allowed me to have one credit card. At about the same time another credit card company stopped offering interest free credit and my bank dramatically reduced my credit limit. Somewhere along the way I had decided that I didn't need a rainy day fund because I could always borrow interest free on a credit card. I had made the "reasonable" but incorrect assumption that banks would always want to lend me money. I was in a very difficult position to get out of, even though I had other assets. A few years later I hit a bump in the road and was late with a payment on a credit card. The lender thought it was a good time to increase my interest rate from 16.9% to 29.9%. The borrower is indeed the servant of the lender (as the Bible says). In Ocober 2020 I have a maximum credit card score with Experian (999) and no late payments for over 60 months, but the interest rate on my credit card is still 29.9% It is not a good idea to borrow money on credit cards (even st 0%) to buy assets. It is a good idea to have instant access to a rainy day fund.

@tomavery441 3 года назад

This is great, I like the idea of paying off the smallest first. I took out a loan in 2019 which I very much regret, high fixed % APR, but I am really motivated to focus on eliminating this debt first. Then the mortgage in 10 years!

@santiagoagustine3749 2 года назад

I am 55 years old with very little set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns.

@errolkingston6546 2 года назад

Buy index funds if you wanna be safe, though you are probably be better off just going to Vanguard or something for that

@santiagoagustine3749 2 года назад

@@jaluriaja6294 who is your financial coach, do you mind hooking me up?

@HarryNicNicholas 3 года назад

the real problem a lot of people have though is not having the income to cover their debt, i fell into massive debt (not my fault) and was never going to pay it back, being advised "budget" and "economise" when you have 50k worth of debt to worry over isn''t much use. advice on how to beat the banks at their own game (they get you to create NEW money, not loan you existing money) would be more helpful...