Being buried in debt can be a living nightmare, and I know the feeling. That is why I wanted to compile these five simple, common sense ways to help eliminate your debt and end the debt nightmare.
With a solid monthly budget where you know exactly what you are bringing in and spending every month, along with eliminating unneeded expenses, you can utilize these five steps and be well on your way to financial independence.
CONSIDER A SIDE HUSTLE: A side hustle is doing something that is going to make you money outside of your full-time job. Get a part-time job, be an Uber driver, deliver pizzas, whatever. The more money you have coming in, the more money you will have to throw at that mountain of debt each month.
LET YOUR HOBBIES PAY YOU: If you are good at anything in particular, if you like graphic design, build websites, carpentry, etc., then moonlight a bit.
STICK TO A REALISTIC BUDGET: Your monthly budget needs to be well thought out, planned, but most of all realistic. If you can never meet your budget, it is useless and you have no way of realistically tracking your progress each month.
Figure out how much income you expect for the upcoming month and how much you expect to pay in expenses as well as your debts. Now take any extra money and throw it at your lowest balance debt. Keep the lights on, pay the mortgage, all of the important things. Common sense people.
DEBT CONSOLIDATION: It may be easier for you to consolidate your current debts into one for ease of payment and lower interest rate. This depends on your situation and I don’t always suggest doing it, but if you do , don’t take out more loans to do it.
SELL YOUR STUFF: If all else fails, it’s yard sale time. This can also mean eBay or Craig’s List. We all have things lying around that we don’t need. Find it and sell it. You are making money and clearing out space, double win! You will be surprised at what you can get for your old stuff.