In the previous article, we saw the first 5 tips to get your debt paid off. We learn that the key to get your debt paid off is persistence — and with the right plan of action, you’ll start to see results in no time. Let’s see 5 more tips!
Take a look at your expenses from last month. Is there anything you really don’t need? Did you go out to eat too much? Do you need to rein in entertainment spending? Pay special attention to monthly regular monthly subscription services that can add up big over time. Then, apply these savings to your debt. Take a look around your house. Is there anything taking up space that you really don’t need? Maybe there are some larger items taking up space such as unnecessary furniture. You could sell them to pay off your debts and decrease your financial burden. You could host a garage sale, sell items online on eBay, Marketplace or Kijiji. If you’re paying high interest rates, transferring your balances can be a great way to save while you pay down the debt. But, be sure to always pay your minimum payments and be sure you can pay off your balance before the introductory interest rate offer expires. Otherwise, you could end up paying hefty interest charges and fees. If you’ve found you’ve done all you can to save and cut expenses, the next step might be to increase your income. Are you ready for a new job? You might find that searching for a better paying job is the way to go to increase your income — for the same number of hours put in. This should be your #1 step! If you really like your current job or you’ve found you’ve maxed out your earning capacity in your field, why not get a second job? It doesn’t have to be forever — just for a short period of time until you’re able to pay off your debts in full. This process of paying off debt doesn’t have to be a chore — make it fun for yourself! Every time you pay off a debt, do something to celebrate! Go out for ice cream, coffee, go to the movies, get your nails done (ladies) — anything that doesn’t eat into your budget too much. This will help to encourage you to keep moving forward on the progress you’ve made.
10 tips to get your debt paid off ASAP – Part 2
6) Downsize – temporarily
7) Sell any unnecessary items
8) Transfer your balances
9) Increase your income
10) Reward yourself when you experience a victory
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