4 Winning Methods To Pay Off Debt

Use the following tips to begin or refuel your journey to financial freedom.

Adjust Your Habits

Consider how much money you are spending on a daily basis. A lack of time management resorts in quick meals from fast food restaurants for breakfast, lunch and often times even dinner. Use a planner to take account of your time blocks throughout the day and planaccordingly. 

 

Pay More Than the Minimum Balance

If possible, commit to making larger monthly payments to accelerate debt payoff. This method can be applied to multiple lines of credit such as personal loans, credit cards, student loans and car payments. Seeing the overall balance decrease due to your hard work serves as motivation to push forward on this journey.

 

Save Financial Windfalls

As tempting as it may be to buy yourself something nice dedicate tax returns, bonuses and any unexpected income to pay down your debt. You’ll be surprised how quickly this money adds up and gets you one step closer to becoming debt-free. Temporary fulfillment because of shopping sprees or big-ticket purchases can never compare to completely changing the life of you and your family by wiping out debt.

 

Sell Unwanted Household Items

How many of us hold on to things we don’t use anymore? Take a look in each room and select items that you no longer use. This can also be applied to pieces in your wardrobe. If it hasn’t been used or worn in at least six months, it’s likely something that’s no longer valuable to you. Sell these items and use the money earned to tackle outstanding debt.

What methods are you using to tackle debt?

 

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About

The Finance Bar is a personal finance suite helping women and couples achieve financial wellness through coaching, education, and an innovative learning hub on wheels. Creator Marsha Barnes is a Certified Financial Social Worker, Official FICO Brand Ambassador, and was named the 2018 Best Money Expert in the Net-Worth Category.

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