Ways To Get Out Of Debt Fast

Ways To Get Out Of Debt Fast

Being in debt can be a stressful experience but we have a few tips on ways to get out of debt fast. Unfortunately, no matter what the circumstances you are obligated to pay back debt even if you lose your job or you are in an accident.  

Don’t feel alone, many people find themselves in situations where they need to get their debt under control. Here are a few suggestions that you can use to reduce your debt and start getting back on track.

Try Frugal Living

Cut out DSTV. Welcome to this millennium, where you can watch most of your favourite shows online. If you haven’t bitten the bullet yet, do it! Put that R1000 DSTV bill toward your debt each month and watch how quickly your debt snowball moves.

Stop eating out. We get it—going out to eat or hitting up the drive-thru is so much easier than cooking at home. But while you’re feeling the freedom of not having to cook, your purse strings are in a pinch. For a creative way to still socialize and share a meal, have friends over for taco night instead of meeting up at a restaurant.

Break up with your barista. If you don’t know where all your money is going each month, we’re pretty sure your favourite coffee shop can locate it for you. Brewing your own coffee at home is a simple way to save money fast.

Visit the library. Remember libraries? They have plenty of books and DVDs you can borrow for free! Your wallet has never loved movie night more than it does now.

Plan your grocery trips. Make a list and stick to it! Use a calculator while you browse the aisles to make sure you’re sticking to your budget.Do impulse items always end up in your cart? Try ordering your groceries online. Oh, and don’t shop on an empty stomach!

Learn to say, “No.” Learn it. Make it a new part of your vocabulary. Love it. Embrace it. Because when it comes to spending money, you’ll be saying it quite often.

Tell the kids you’re on a budget. When it comes to money, the kids can be a worse guide than your stomach. Be open with them about what you do and don’t have room for in the budget. And remember: Never be afraid to use that magical “no.”

Avoid expensive hobbies. Do you really have R2000 a month to spend on golf? Are you serious?

Ditch the gym membership. You can still go for a run outside—for free.

Sell items on Facebook Marketplace or Gumtree. One person’s trash is another person’s treasure. Dig through your kids’ rooms and the abyss of your closet, and look for anything you can part with to make some quick cash.

Start a side gig. Starting your own business has never been easier! Do you have a knack for making things? Sell your product online! Animal lover? Take up dog walking or pet sitting. Have a good eye and a nice camera? Start taking on clients for photo sessions.

Cut up your credit cards. Shred ‘em. Burn ‘em. Shoot ‘em. You’ll never get out of debt until you stop making debt a way of life.

Use the envelope system. When you pay with cash, you actually have to feel your money leaving your hands. Ouch! And people tend to spend less when paying in cold, hard cash.

Use your tax refund to pay the debt. Don’t buy new furniture. Don’t buy the latest gadget. Put that big vacation on hold. The beach will still be there next summer, we promise.

Stop trying to keep up with the Joneses! Remember, you’re living like no one else now so that later you can live like no one else! In 20 years, you won’t have a financial worry in the world while they’ll still have car loans, mortgages and credit card bills.

Make a budget! Budgeting should be easy and—dare we say it—fun! Focus your money on what matters: day-to-day spending, knocking out those pesky debts and building wealth.

Get Creative

Give more. Wait a minute—give more? Yes! Giving changes your spirit. Make giving a priority in your budget and you’ll see a difference.

Ask for a raise. Why not? You miss 100% of the shots you don’t take.

Get a part-time job. Why not become a driver for Uber? Or take on a pizza delivery job? Sure, you’ll have to put aside your pride and give up some nights and weekends of downtime. But that’s a small sacrifice for extra cash in your pocket.

Stay away from get-rich-quick schemes. If it smells like a pyramid scheme, then it’s a pyramid scheme. Don’t get hoodwinked by a smooth-talking salesman.

Have you considered debt review?  This may be the solution to your problems but if you are not sure if Debt Review is for you feel free to contact us for advice on 0861 487 487 or SMS DEBT to 32980 (Cost R1 per SMS) and we will call you.

References: https://www.daveramsey.com/blog/29-ways-to-leap-out-of-debt

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