Different Ways to Get Out of Debt
If you’ve got a debt problem, whether it’s big or small and you want to get out of your current situation, the first thing to do is acknowledge your situation and face it instead of sweeping it under the rug and being uninformed about it.
Debt can often be a draining thing. It can make you feel helpless, drained and honestly, a little lost as to what to do in order to get out of it.
Although it might seem daunting, one thing to be aware of at all times, no matter how bad your situation gets, is that there’s always a way out.
How to get out of debt
Cut extra expenses and stop eating out
This is a difficult one. Especially when you’re young or even have kids of your own. While staying at home every night or packing lunch every day to work seems like no fun at all, it could possibly save you a lot of money.
Why not calculate the total amount you spent on takeout and restaurants in the last month? You’ll be astonished as to how much money you could’ve used towards your existing debt.
Cut your cable
Ever heard of the internet? While cutting your cable and switching to watching your favourite shows online could potentially save you hundreds each month. You’re welcome.
Stop buying coffee
Or just about any takeout drink for that matter. Imagine spending R30 on coffee a day, 5 days a week for a month. That’s R600 a month and even worse, R7200 a year. Definitely worth breaking up with your favourite barista.
Spend money on food once a week
This might seem daunting to some, but why not finish your shopping in one go and buy everything you need for the week in one day, while vouching not to buy on any other day of the week. You could save tons of money by doing this. What’s more is, if you put a budget on it, you’ll be paying off your debt in no time.
Say no to going out all the time
We’re not saying, stay indoors and don’t have fun ever again, but limit your spending activities and also, be mindful about how much you spend on it. Chances are, you could be doing something fun for a lot cheaper.