Are you in debt and struggling to pay it off?
Millions of people are, and there’s really only 2 ways to reduce debt effectively:
- Earn more and pay off more
- Trim your expenses and use the extra to pay off the debt
Trying to make a dent in your outstanding balance can seem like a very formidable endeavor, especially if it’s a large amount. Nevertheless, if you’re consistent and pay off whatever you can, whenever you can you will diminish and finally eliminate your debt.
You MUST be proactive about it. One of the best ways to trim your expenses will be to write down in a notebook whatever you’re spending money on. This may seem like a bit of a hassle, but it will shine a spotlight on your spending habits.
It’s here where you will find a plethora of ways to reduce your spending. Of course, it’ll not be a fun experience.
Sacrificing what you want now for what you want most (zero debt) can be difficult because you’ll be delaying immediate gratification, and that’s always hard.
Nevertheless, once you’re debt-free, not only will you feel a sense of accomplishment and freedom, but you’ll be much happier too. Financial anxiety and stress will no longer have a hold on you.
More importantly, you’ll have much better control over your spending habits and this will serve you well all the days of your life. Millions of people struggle to control their spending. You’ll not be one of them. This reward alone is worth paying the price now.
21 Money Hacks to Help You Save More and Pay Off Debts Faster!
- Call up your creditors and renegotiate your interest rates.
- Eat at home more instead of spending money on food outside.
- Stay home more and spend less.
- Have a budget and stick to it!
- Buy necessities in bulk to enjoy discounts.
- Cancel subscriptions you don’t use (Cable TV, magazines, etc.)
- Pack your lunch for work.
- Do it yourself instead of paying others (E.g. mowing your lawn, house cleaning, etc.)
- Cancel your gym membership and workout at home.
- Use less electricity so that your utility bills are lower.
- Sell off items you don’t need. You can use eBay or do a garage sale.
- Only spend on items you need and not items you want.
- Use bar soap rather than liquid soap which finishes faster.
- Avoid using public transport or the car if you can walk/cycle to your destination.
- Choose generic/store-brand products instead of name-brand items (especially if the difference in quality is negligible).
- Ask for a raise at work (you might get it!)
- Only use air-conditioning or heat if you absolutely need to.
- Take on a second job. The extra income will definitely help you pay off your debt faster.
- Use cold water for your laundry.
- Look at the rates for your home insurance, car loans, etc. Always find a better deal and be willing to move to a new provider so that you enjoy cost savings.
- Use coupons when shopping.
These tips are just the tip of the iceberg. Pun fully intended.
By now, you’ll realize that there is a myriad of ways you can cut your expenses. You just need to be proactive and look for them. The more you save, the more your debt you can pay off.
If you’re willing to do even more, a second job like Uber driving or some other side-income 3-4 days a week will help you earn more to settle that pesky debt. You don’t have to do it forever… just long enough to get out of debt.
Apply these tips and once you get out of debt, make a promise to yourself that you will keep away from bad debt forever.