How To Approach Debt In A Reasonable Manner

There are two ways to get rid of debt. You can either spend more or make more. Although it sounds simple, it can be challenging to implement. It is best to implement tips towards both spending less and making more.

Reduce, Reduce, Reduce

You can downsize, declutter, and sell some of your possessions to help pay off your debt. It’s easy to sell on online platforms like eBay, Craigslist, and Mercari, as well as Facebook Marketplace. There are many other options, and you can choose the most effective one for you. Anyone you can do it!

Save When Shopping Online

Shop online and save money! Rakuten, Swagbucks, and other programs can help you earn points and money online. You can also save money in-store with apps such as iBotta and Fetch. There are also many incentives programs for stores, including store app incentives. Be sure to clip coupons through your favorite store apps, and don’t forget to watch store sales and clearance.

Save Without Trying

You can save without trying – Everyone has a smartphone and can utilize these apps. Your smartphone is your best friend. It is possible to save money without even trying. Yes, it is possible to save without trying. Check out apps such as Digit, Acorn, and Stash Invest. Although each app works differently, they all periodically take small amounts from your checking account, and these tiny amounts quickly add up. These apps are great ways to save money for those annual taxes that always surprise anyone.

Hide Debit and Credit Cards

If you want to work extra hard to eliminate debt, don’t allow yourself to use a debit card. Return to carrying cash and paying in cash for everything. It’s either cash or debit, and don’t use the debit. It is easy to use a debit card, but it can be challenging to manage. A debit card makes it much easier to eat fast food, make impulse trips to the supermarket, and listen to your children’s whining. You will have to ask yourself if you want to give up tangible cash if you must pay for something. Most of the time, it is an emphatic NO!

Assess Current Expenditures

Assess your current bills and call your phone company to see if they have a cheaper plan that meets your needs. Is a dish better? Are you a Netflix or Hulu subscriber? Entertainment – Have you checked out Groupon or Restaurant.com?

Have you ditched the cable yet? Cable costs have skyrocketed in the last five years, and many people are ditching the cable and switching to just Netflix and other streaming services such as Hulu or FuboTV. 

Budget

To start budgeting, gather all of the monthly bills you have to pay. These include rent/mortgage, the electric bill, phone bill, credit card payments, student loans, car insurance, etc. Add them up. If you want to know the annual cost, multiply by 12. 

Decide how much money you’re going to save each month. First, figure out what you’re spending your money on – groceries? Coffee? Entertainment? Then subtract these expenses from your monthly income (after adjusting for taxes). You should aim to save at least 10%. If it’s too hard, try saving 5% or less until you can get back on track with 10%.

What If You’ve Tried And Nothing Worked?

This list could go on. The bottom line is that almost everything we do can be modified. 

You’re not alone. Debt is a problem for many people, and it can be hard to know where to start when trying to get rid of it. There are two ways to get rid of debt – either spend more or make more money. Although it sounds simple, both solutions can be challenging to implement. You should implement tips towards spending less, making more money, and taking advantage of the resources and guides available on our website!

Learn more for all the information you need today!