Creative ways to pay off debt faster | Creative ways to pay off debt fasterFinancial Buzz

Creative ways to pay off debt faster

With the right tools and motivation, you can get yourself out of debt. However, debt repayment does take time. That being said, there are things you can do to speed up the process. Read on to learn about some creative ways to make your debt disappear quicker.

Consolidate your Debt

A good way to pay off your debt faster is to consolidate it. Debt consolidation involves taking out a personal loan to pay off all your different debts. This then leaves you with only the personal loan to pay off. This is advantageous because personal loans tend to have lower interest rates, and as a result, you can pay down your debt faster.

Make A Budget

It doesn’t sound that exciting but building a budget can go a long way towards paying down your debt. You need to have a clear vision of what money you have coming in and what money you have going out. In other words, you need to subtract your expenses from your income to figure out how much you spend each month. Then, look for expenses you can cut back on to have more money to go towards debt repayment.

Sell Your Things

What you consider junk, somewhat else may covet, and as a result, you’ll make some cash. So why not clean out your cupboards and closets and have a yard sale? You’ll be riding yourself of clutter and earning money that you can put towards debt repayment. Additionally, if you have particularly valuable items like electronics or jewelry, you could get more money for them by listing them on eBay.

Conserve Your Change

It’s amazing how fast the change from your morning coffee can add up. Instead of just leaving this money lying around, you should keep it somewhere safe, and then once it’s accumulated to a sufficient amount, you can take it to the bank. Another way to conserve your change is to sign up for a round-up app. A round-up app will round-up your purchases to the nearest dollar when you make a purchase on your debit card. It will then take the difference and put it in a savings account. For example, if your groceries’ cost was $100.60, it will round up to $101 and put the extra 40 cents in your savings account.

Take Advantage of Coupons

A great way to save money is through coupons. There are a ton of websites that detail how to save the most money by clipping coupons. If you use coupons to save money on everyday necessities, you can use that money to apply to your debt repayment.

Take on a Side Gig

Lots of people need help around the house. Consider hiring yourself out to freelance, walk dogs or do some cleaning. These small jobs can be done on the weekend and can earn you enough money to increase the rate at which your debt gets paid down.

Be a Survey Taker

Companies and brands want your opinion and will often pay you for it. By signing up for paid online surveys, you can earn money by expressing your thoughts. Do as many or as few as you want and put the money towards paying off your debt.

Convert Gift Cards into Payments

If your relatives like to give you gift cards for your birthdays or holidays, you can turn that money into cash with programs like CardCash. CardCash takes the value of the gift card and places that amount in your PayPal balance. You can then use the funds to make payments or shop at online stores.

Cash In On Your Crafts

Do you like to knit or sew? Are you a whiz at carpentry? With sites like Etsy, you can turn your crafts into cash. Alternatively, you can teach crafting classes on YouTube or sites like AltSchool to bring in money for debt repayment.

Summary

If you’re motivated, you can do lots of creative things to earn money to repay your debt quickly. This includes things like consolidating your debt, making a budget, saving your change, and finding ways to earn extra cash.