Five Gifts: Gifts for Someone Paying Off Debt
1. Scholarship for Financial Peace University
Find a class in their area or offer to pay for them to attend online. Sometimes starting the process of getting debt paid off is the hardest part, and a little kick in the pants like Financial Peace University is a great way to get it going. Dave Ramsey teaches about his debt snowball method, goes through his baby steps of getting out of debt, and then what to do with your money once you're debt free! It is a great starter-overview-learn it all course for those getting started in responsibly managing their money!
2. Gift Cards
The key here is not just any gift card - while eating out is nice, it is considered a luxury while you're paying off debt. Find out what their biggest expense is, like gas, groceries, daycare, etc., and get them a gift card for that. Anything that they can use a gift card for and free up cash towards their debt snowball will be a welcome gift!
3. Cash, with a Purpose
The gift of cash is always welcome but make sure to earmark it for exactly what your intented purpose is. If you want them to use it to pay towards a loan, tell them. If you want it to go towards monthly expenses, like a gift card, let them know. If they are paying off debt they are being responsible with any source of income they can get and they'll do with it what you ask.
4. Envelope System
Using the cash envelope system is the key to really getting down to the grind stone and getting debt paid off. We have made many attempts before but until we added in this factor to the mix, it did not work. This is the envelope system we use, and it is perfectly fine, but I wish I had gotten this one instead, since it has slots for my driver's license, debit card, etc. so that I only had to carry one wallet around with me!
5. Words of Encouragement
It can get really, really boring. I'm not even going to lie. I already feel like I'm running out of dinner ideas and I'm trying to reserve some of my enthusiasm for a few months in when I know I'll run out of steam. So a card with words of encouragement and a reminder that you'll be supporting them in the journey can actually go a really long way!
If you're paying off debt, or have done it, what would you add to this list?
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