Debt. Most of us have it, and none of us want it. It creeps up on us, insidious and compelling, and urge us to simply charge that new purchase to our credit card, socialise with friends instead of staying in, and live outside of our means.
Many of us are handed credit cards as soon as we graduate high school, and with poor impulse control, and an inability to look at the big picture, we simply keep swiping away, swapping cards for ones will lower interest, and swearing that this time we’ll pay it back.
If you feel like debt is holding you back, here are some ways to get out of debt fast:
Create a budget
In order to really make a dent in that debt, it’s important to have goals. And writing them down makes them achievable and keeps you focused. Make a budget, and include all of your monthly income and expenses. Write down exactly what you’ll be cutting, and stick it on your fridge to help yourself look at the big picture.
Cut up those credit cards
Credit cards are the worst. Sure you may be aiming to pay them off completely each month, but that rarely happens, and the interest keeps adding up. Cut them up, and look for a credit card with 0% interest on transferred balances, so you can pay them off easily.
Often we get into a rut, and continue to pay home, life, and auto insurance, without ever checking if it’s the best deal we can get. Take some time to shop around, and check if you can bring down those payments.
Cancel unnecessary expenses
This goes for magazine subscriptions, manicures, facials, and anything else that is a “want” ad not a “need”. You’ll be surprised at how easy it is to give these up in the short term and replace them with news websites, and at-home manicures.
Get temporary work
If you’re serious about paying off a chunk of debt, consider picking up a second job. People are always looking for babysitters and nannies, and at least waitressing will give you good tips.
Buy groceries in bulk
Head somewhere like Costco, and grab all of your groceries monthly to save money. See if there’s a market in your area for fruit and vegetables so you don’t need to make constant trips to the supermarket through the week. These all add up, and you’re sure to spend more if you just need to run in and grab something for dinner a few times a week.
Swap that gas guzzler for a cheaper model
If you’re paying for your car to be repaired every few months, and it costs an arm and a leg to fill up with gas, it may be time to look at getting a new car. This may seem counter-intuitive, but you don’t need to buy something that’s out of your price range. Simply get something reliable and cost-effective, and you’ll have one less thing to worry about as you pay off that debt.