21 Authentic Ways to Get Out of Debt Quicker- How to Save Money
March 10, 2020
How to Save Money and Get Out of Debt Quicker
There is nothing more stressful than being in debt. The feeling of not wanting to open your mail, answer your phone, constantly looking at your bank balance, and knowing that you are barely making ends meet but also have to pay off other bills…it is overwhelming.
While there may be quick band-aid fixes on offer, getting out of debt authentically is something that takes a lot of time and commitment.
Do not despair though, regardless of how the debt accumulated, unpaid bills, unpaid credit cards, or even something like a car accident settlement; there are ways to get of debt and get your life back on track.
It is essential to understand all your debts and what you owe, along with the interest rates. It might be one significant credit card debt looming over you, or it could be a series of different debts.
This way, you can have a clear vision of what you need to handle. You may even realize that it is easier to pay off than you first thought.
This does seem pretty simple, but working out a budget and sticking to it is one of the most authentic ways to pay off your debt. Understand how much you need; how much is coming in and how much you can afford to pay off week to week.
3. A Coffee a Day
How many times have you heard “instead of spending it on that cup of coffee…” There is some truth to that. Whether it is coffee or a few meals out a week, it all adds up while you are getting your debts under control.
4. More Than the Minimum
While it may seem a bit out of reach, if you can, paying more than the minimum off your debts weekly is a quicker way to get in front. This way, you avoid more accumulated interest.
5. Side Hustle
Extra income, like a side hustle or a second job, or even selling some goods you no longer use, is a great way to create some extra cash.
With that extra, you can put it towards your debts and pay it off sooner.
6. Lower Interest Rate
It is where the debt negotiators come in. If possible, try to negotiate a lower interest rate for your debts. If you are not sure how to do this, then enlisting professional help is possible. The negotiators can advocate on your behalf and work the creditors to get the lowest possible interest rate.
7. Debt Snowball
The concept of a debt snowball is to pay off the lowest debt first, then work your way to the more significant debt.
This method is not just a great way to get yourself out of debt; it is also great mentally as you are starting small and moving to the bigger obstacles.
8. Balance Transfer
A balance transfer is an idea for credit card debt. Basically, you are taking out a new card and transferring the balance of your old card to this one.
While it may not seem like the best idea, it is one way to help remove interest rates and give yourself more time to pay it off.
9. Found Money
Tax returns, holiday bonuses- anytime you receive a sudden influx of cash, it is always a good idea to put towards paying off a big chunk of debt.
10. One at a Time
Simply put, just focusing on paying one off at a time. Slowly, but surely, you will get in front. save yourself from getting a bad credit score.
Different than the snowball, instead of tackling the smallest one first, tackle the one with the highest interest rate. That way you aren’t accumulating more debt than you have too.
12. Putting it Towards
Figure out the highest amount you can pay each week and stick with it until all your debts are gone. Even if you pay off the smaller debts, continue investing the same amount in, you will find that debt shrinking.
13. Debt Consolidation Loan
A Debt Consolidation Loan takes all your debts, rolls them into one, and gives you one debt to pay. While there are pros and cons, it can be a relief mentally for those with many debts in different places.
14. Keep Contact
Always keep in contact with creditors; if they know you are working towards paying it off, they can sometimes offer deals or lower interest rates.
15. Cut Up that Credit Card
Avoid accumulating any more debt, if possible, cut up that credit card. Work with your savings, so you know everything being spent is your money.
Do not get stuck without a plan to get rid of your debt. If you are not sure where to begin, then contacting a professional is always a smart idea. Professional debt negotiators are an amazing resource for tackling debt.
17. Spend Smarter
Thrifting, coupons, rewards points, looking at sales- yes, this seems cliché, but the less money you spend, the more you can put towards getting your debt paid off.
18. Budget Bill Utilities
Did you know you can pay towards your utilities a little every week? By putting money towards your utilities, you can spread out payment rather than having to pay a large amount every month or quarter. It can give you more breathing room.
19. Visible Goals
Give yourself goals to work too. Having goals also gives you accountability and that extra motivation.
20. Your Circle
One of the biggest issues can be social pressure, so surround yourself with people who will not encourage frivolous spending or make you feel guilty about trying to budget.
21. Professional Help
If all of this sounds overwhelming, then the first place to start is contacting debt negotiators. The Negotiators will help you figure out your repayments, as well as advocate on your behalf.
They will be in touch with creditors and/or debt collectors to ensure that no legal action is taken, a suitable repayment arrangement is put in place, and that you get the lowest interest possible.
They can even negotiate a car accident settlement. It will give you breathing room, a clearer picture, and relief so you can focus on paying off your debts without all the extra stress.