The greatest desire of most individuals, small business owner, and organization today is to get out of debt as quickly as possible and to regain their financial freedom while it is a waste of time to bemoan your present predicament, it is also unwise to accept it and do nothing about it.
Here are some innovative ways you can use to speed up your debt payoff and exit the debt burden. Be incharge, take absolute control of your financial life.
- Embark on a selling spree: You will be amazed at the number of unused items in your store which can be turned into cash. A visit to one of the many online stores will give you ideas of what to sell off.
- Stop all unnecessary subscription based expense: If you indeed desire to exit your debt payment burden as I think you do then you will get rid of such expense as cable subscription, gym membership subscriptions, magazine subscription and other such monthly subscription you rarely use and find cheaper alternative, the extra savings can be saved to achieve your debt freedom goal.
- Monetize all freebies: This idea might sound some how to you but don’t worry about the ethics of the idea. flipping your freebies or monetizing I.e. getting cash for your free stuff can set you on a financial freedom path. Sell those free stuff
- Stop eating out: Drastic situations demand drastic changes. You might have to change your eating habit in other change the course of your financial freedom. Take your lunch to work and stop visiting the expensive restaurant for lunch.
- Cut down on soda and other alcohol intakes: Imagine the number of dollars you will save in a year by deciding to cut down on similar drinks. Of cause it just for a period, you might even discover you lose the taste for all those expensive spirits rather channel the saved extra expense towards regaining your financial freedom.
- Use rebate apps to get some dollars back: A common trend now is the use of rebate apps such as ibotta, savings star. This rebate app pays you something back for your expenses.
- Engage in side hustles: you will be amazed at how much extra income you can amass by engaging in legitimate side hustle. Go on Fiverr, upwork and such to monetize your skills and earn extra income.
- Put your credit card on hold: Using the cash envelope system and putting the use of your credit card on the back burner will save you loads of dollars. By making sure you pay cash for most of your small purchases you unconsciously begin to question your spending and eventually cut out all frivolous spending thus saving a considerable amount of dollars.
- Throw every extra available fund at debt: To get out of debt quickly requires a deliberate effort on your path. Every extra income and all leftover dollars should be paid into your debt repayment account, this will pay off eventually as your debt keeps going down.
- Learn to say no: For most of us, it is difficult to reject outing Invitations. Your colleague has asked you out, your friends want you to hang out with them, especially if you are a super social butterfly. Saying no to such outing will save you loads of dollars you can use in paying off your debt so learn to say no to such unscheduled outings.
The foregoing are some of the ways in which you can use to speed up your exit from debt. Although the list is not exhausting, yet making use of the idea in the list can help speed up your exit from debt.