How to Get Out of Debt Quickly [Top 10 Money Tips]
Many of our members want to know how they can reduce their debt quickly.
Unfortunately, accruing the debt is usually the quick part. Paying it all back (plus interest) takes a bit longer.
Still, there are ways to speed up the pace of debt payback, and being able to see that number dwindle at a fast clip every month is a better motivator than just saving a few bucks here and there.
Below, we’ll take a look at 10 quick debt-reducing money tips you can start today.
How to Get Out of Debt Quickly: 10 Useful Tips
1. Cut out unnecessary expenses.
Most people assume they don’t have unnecessary expenses. And it’s possible you don’t.
Still, this step is really all about taking an honest look at where you put your money. In fact, this step alone should alter the way you shop and spend.
For example, you might find that you’re spending X amount of dollars on 2 monthly streaming services, but no one in your household uses one of them. Or, you might notice that you spend most of your grocery dollars on cans of carbonated water and realize that purchasing a home carbonator would save you big in the long run.
2. Create a budget.
Any money-saving advice is going to tell you to start a budget. Just remember that budget-living doesn’t have to mean pasta for dinner every night.
You can cater your budget to what you’re comfortable with. It all starts with taking the first step and setting an attainable monthly limit on things like groceries, toiletries, clothing, and going out.
3. Eat at home.
This is a big one. Most people spend a significant amount of their budget on take-out and fine dining. If you’re used to buying your lunch at work, start brown bagging it. If you love eating at restaurants, start making elaborate meals at home; it will still be cheaper than going out.
4. Get a part-time job.
If you have the availability, pick up some extra work. Waitressing, bartending, or working retail
5. Start using coupons and following sales.
Coupon-cutting is a passion of many who are excellent at money management. Coupons and sale shopping (especially for groceries) can certainly save you money, but it’s also about the act of coupon-cutting. This alone can help you reexamine your shopping habits and make you double-think purchases that may be unnecessary.
6. Be creative with your hobbies and pastimes.
Hobbies and pastimes are fine to have, but while you’re paying off debt, consider getting some cheaper ones.
Love going to the casino? Start a card night with friends, and play for quarters. Enjoy going to the movies? Rent a movie instead, dim the lights, and make popcorn at home.
7. Credit Cards: Try a balance transfer.
Balance transfers take debt from a
Keep in mind that some balance transfers come with a fee, but even so, the new interest rate may be worth the ultimate savings.
8. Credit Cards: Start negotiating interest rates.
Some credit cards will give you a lower interest rate if you request it. The verdict usually rests on whether you’ve been a long-time, bill-paying customer. Learn more about card options at Members Plus.
9. Credit Cards: Always pay more than the minimum payment.
Even if it’s just a few dollars more, it all adds up. That extra is money you won’t have to pay interest on the following month.
10. Start selling – One man’s trash is another man’s treasure.
If you’re not using something like a large appliance, workout equipment, clothes, or a piece of technology, try selling it. Online sites like Craigslist can help you sell things in your local area, or you can use eBay to broaden your customer base. Finally, many people are now using social media sites like Instagram and Facebook to sell personal items.
Learn more about saving options at Members Plus today!
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