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It’s never fun to be in debt, and you might feel stressed about getting everything paid off in time. But once you do pay everything off, you’ll have a sense of peace and the freedom to set aside more for the future.
Thanks to the power of the internet and taking a few easy steps, you can make it happen sooner than later. And as with all things in life, money and business… you are only going to get out what you actually put in.
Here are some of the top ways to start cutting down your debt, while also better managing your finances and potentially making some extra money in the process.
Using the Snowball Method
First, you’ll want to make a list of everything you owe, starting with the smallest to the largest balance, no matter the interest rate. Then, focus on making the minimum payments on everything except the smallest one, which you’ll focus on paying off. Then you’ll repeat it with the next one up and continue until every debt is gone.
This could take anywhere from a couple of months to several years to get through, depending on your income level and amount of debt. It can become difficult once you get to the largest one, but there are a few ways to manage.
Saving Money on Monthly Expenses
One of the best ways to save each month is to refinance debt such as student loans. When you consolidate your eligible balances, you can potentially get a lower interest rate, so you don’t have to pay as much back. Or you might get a different loan term, allowing you to make smaller monthly payments over a longer time. That way, you can focus on the other amounts in your debt snowball first.
Another way of saving is to look for coupons where possible. There are many websites with manufacturer coupons, and you may receive sale ads in the mail with deals. Ensure that the sale or coupon is for items you already get so you don’t let the products go to waste. Still, you’ll want to shop around to find the best price. Sometimes, the store brand item is still cheaper than the brand name with a coupon.
Start a Side Hustle Business
Of the many different ways listed here, it’s one thing to remove excess costs and bills from your life, and it’s another to add a new income stream as well. If you truly want to start decreasing your debt and live a life outside of living paycheck to paycheck, you need to find a way to make more money.
Some of the most effective and easiest ways to get started in this process are:
- Start a website or blog and learn affiliate marketing
- Sell your unwanted goods and clothing on ebay/marketplace
- Become a freelance writer or designer
- Create a new job profile for a skill on Fiverr
There are literally thousands of ways to make money online, and it’s really just a matter of putting the time and work in. YouTube is one of the best platforms out there for learning how to do anything for free, so be sure to take advantage of it!
Look for Free Entertainment
Evaluate your spending carefully and cut out everything that you don’t need. Can you really afford a few hundred dollars each month on your hobbies or entertainment? Saving money doesn’t mean you have to sit around doing nothing in your free time, of course. Instead, look for free things to do. Get a card from your local library and check out movies and books so you don’t need to pay for your subscription service.
There are plenty of free things to do, like walking to the park or hiking and walking. Some areas have free concerts or other events. And if you have kids, there are likely many free things for them to do. If you want a productive hobby, you might consider getting into a craft, like sewing or woodworking. Then you can create handmade gifts for family and friends, so you don’t have to purchase something for them.
You might consider getting rid of your gym membership as well. Instead, online look for workouts you can do at home. You might consider using the money you would put toward a membership and invest in equipment so you can work out from home.
Remove Unnecessary Monthly Costs
Of the many different ways to pay off debt, one of the best ways is to simply start removing excess costs and spending from your life. As much as we all love a good Starbucks, a fancy dinner out or even grabbing an extra pair of designer shoes… these really aren’t necessary if you are living a life in debt.
Take a moment to run through your credit cards and see where you are spending a lot of time. And don’t forget to keep an eye out for any subscriptions that you might be getting nailed with on a monthly basis for things you aren’t using. These are often gym memberships, streaming services or anything else you may have once signed up for and forgot about.
How to Eliminate Debt From Your Life Daily
At the end of the day, you likely didn’t get into debt from the actions you took on one specfic day — but actually over time. This is a process, and so is getting out of debt.
Be sure to read through each of the recommended tips above, and start implementing them daily. Even with a few dollars per day being removed from your bottom line debt, you are setting yourself up for a much better position down the road.