budget living

Debt Payoff Strategies

If you need help paying your debt off fast, you have come to the right place. It is so easy to consume yourself in debt, and so difficult to find a way out of it all. It ruins lives, empties bank account, and creates instability. Rather than succumbing to the crippling effects of debt, fight to pay it off. It may seem impossible now, but with hard work and sacrifice, you can begin chipping away at the debt that has taken over your life. Do not let your debt control you; take back over the reins of your financial situation.

If you are wondering where to start, here are four strategies to consider as you begin to chisel away your staggering debt.

Cut Your Expenses

In order to pay off your debt, your lifestyle is going to have to change. To start with, cable may have to go. If you cannot rid your life of it completely, you may at least need to consider cutting back to a basic cable package with only a few channels. We waste so much money each month on cable and internet. Another change to be made is your meal schedule; no more eating out. Grocery shop, use coupons to save, and meal prep for the week. Eating out is expensive and it is not a daily luxury for those serious about paying off debt. Lastly, you may need to cut back on your Starbucks runs. Instead of using that five dollars each day on coffee, put it straight into your savings to pay off your debt. Baby steps now lead to huge rewards later.

Get a second job

If you are struggling to pay more than just your bills, you may need to pick up a second job. If your main job is a 9-5 weekday commitment, look for something you can do a few evenings a week or just on the weekends. Devote all the income of this second job to paying off your debt. Do not treat it as spending money. Its sole purpose is to get rid of that unwanted debt.

Have a yard sale/Craigslist

It is time to make a little extra cash. Sell the weird and fancy paintings you inherited from your grandma, the couch that you have been storing in the basement, the Wii that you never play, and all the clothes that you never wear. Even the small items will begin to add up and all of the cash can go straight to paying off your debt. Plus, your house will be clean and decluttered! Win-win.

Sell Your Car

Depending on how deep in debt you are, this intense strategy may be worth it in the long run. Consider cutting back to one car in your family. Do you and your wife HAVE to have two cars, or could you survive on one? Consider selling cars completely if you live in the city. Carpool when possible, or take trains and buses. If you need large sums of money quickly, this strategy could help you tremendously.

Enjoy Blonde & Balanced?

Screen_shot_2017-04-25_at_1.31.17_pm

Subscribe and get regular content via email.

Powered by ConvertKit

About the author

Emilie Burke

Emilie is a politics-major turned data engineer. She graduated from Princeton University in 2015 and from Smartly with her MBA in 2016. She lives in North Carolina with her college sweetheart Casey who is currently stationed at Fort Bragg. She enjoys eating food, cuddling with her dog, and binge watching HGTV. She blogs at Burke Does. You can find her around the web at @emilielimaburke.

Leave a Comment