Often times you may wonder how to get out of debt quickly. Here are 3 great tips to help you:
1. Spend What You Have
Start paying for things with cash or debit cards and resist the urge to splurge on a cute new purse or the latest smartphone. The sooner you stop spending money you don’t have, the sooner you will get out of debt fast.
2. Look for Ways to Increase Your Income
You might not be a reckless spender—you may simply need more income to eliminate debt. Consider the following ideas:
- Sell things you don’t need. Do you have kitchen appliances that haven’t been used in 8 months or clothes you haven’t worn for years? Consider selling these items at a thrift store or garage sale. You can also sell new and used items online. Consider listing old video games, college textbooks, or that camera lens you don’t really need.
- Find ways to make more at your current job. Are you overdue for a raise? Do you have an opportunity to apply for a promotion? Can you get paid extra for overtime work? Does your boss need someone to help with an extra project on weekends? Start looking for opportunities at your current job to make more money.
- Look for a new job. If your current job pays too little, consider applying elsewhere. Job hunting can be stressful and time consuming, but you might find a great new opportunity.
- Look for a second job. If you love your current employer, or can’t risk moving for a new job, consider looking for extra work. You may be able to do freelance work online after you get home from the office, or take a part time job coaching a high school soccer team.
3. Look for Ways to Reduce Expenses
While increasing your income is a great way to get out of debt fast, reducing your expenses is also an important step. This will help you avoid racking up more debt, and you can use the money you save to pay things off.
You can reduce your expenses by eliminating things you don’t need and making smart substitutions. Here are some ideas to get you started:
- Cancel your cable subscription.
- Reduce the data on your phone plan.
- Make coffee at home.
- Switch to a generic brands at the grocery store.
- Plan a hike instead of going to the movies with friends.
- Pack a lunch instead of going out to eat on your lunch break.
- Sell your car and use public transportation to get to work.
- Make dinner at home for date nights instead of going out to a restaurant.
- Cancel your gym membership and go running in your neighborhood.
- Eat leftovers.