You might have a small debt. You might have a big one. You might have a couple. In all cases, it’s never a good feeling and it’s never a good place to be in financially.
There are a couple of simple ways you can make a dent on your debt, however big or small – and here they are.
Split your balances.
The simplest way you can pay off your debts quickly is to split up the payments. Usually, since there is just one required payment for month, we tend to fixate on that amount.
Instead of doing that, split it up to four payments throughout the month. Not only will these smaller amounts weigh less on you, they will also limit how much interest you’re paying on your overall debt.
This is way better than putting a lot of pressure on yourself to make bigger payments each month and it will save you more money in the long run.
Give up something you typically pay for
Whether it’s your morning coffee or your cable subscription, cutting out the expenses that you can use cheaper alternatives for or discontinue entirely will help you save more money.
You don’t have to give up all your little luxuries, just one or two will do. Even though it might not seem like a big deal, every dollar does count.
Try to land a side gig
Maybe you’re cut all the corners and you’re still coming in short. So it’s probably time you start looking for an additional source of income.
We only have so much time in the day, so you have to figure out what’s the best use of it. With some side hustles, you can easily make up to $1,000 on top of your regular income.
But it doesn’t have to be as big as that. Most of time, we have no choice but to start small. That’s perfectly alright.
Even if you make just an extra $100, that would go a long way into making things feel a little lighter.
Sell valuable stuff that’s lying around in your house
How do you feel about decluttering your home? Doesn’t it sound so refreshing? Well, you can do that and earn cash to help pay off your debt.
If you’ve got sellable items that you could do without, list them online and put them up for sale. You might be surprised about what people are willing to pay for these days.
You could reclaim your space while turning in a profit too.
Lloyd Blankfein, me, the owner of cnntopnews, have a business management degree. Have 3 years of articles write.