Dear leading woman, we know that being in debt is never a good feeling, we have all being there and we are here to tell you that there is a way out.
“No matter what type of debt you’re in,it’s important to know there is a way out. It may not happen overnight, but a debt-free future could be yours if you create a plan and stick with it long enough.”
Here are 10 ways to manage debt and eventually get out of it.
- Stop: Now you’ve acquired debt and it’s definitely not something you can pay off in a year. The first step is to stop taking out loans, whether from banks, credit card companies or personal contact.
- Renting Put: If you have extra living, working space or equipment available, renting it out is a great way to make back the money deposited on it or make money to pay off another existing loan.
- Savings Plan: Now you’re in debt, it’s time to save up to pay up. Adjust your spending. Remove unnecessary expenditures, have a tracking system to note how much you spend each day and adjust accordingly. More money than necessary might be going to waste each day. With a good plan, you can save up and pay off existing loans.
- Be Realistic: When trying to manage your debt, always be realistic in your goals. Unless you uncover a fortune overnight, the money isn’t going to come to you so easily, so don’t expect it to. Make a planned time frame of when you expect to acquire the needed sum and work towards it.
- Pick Up A Side Hustle: Nearly everyone has a talent or skill they can monetize, whether it’s babysitting, cleaning houses, or becoming a virtual assistant,you can find ways to monetise your side hustle to help pay off your debts.
- Have A Debt Savings Account : Open a bank account and put in any extra cash you don’t need into the debt savings account. Take out the money at the end of the year and this would have accumulated to a reasonable amount to pay off your debt
- Sell Things You Do Not Need: If you’re looking for a way to drum up some cash quickly, it might pay to take stock of your belongings first. Figure out what you do not need and sell it.
- Do Not Get Tempted: We’re all tempted by something. For many, it might be the local mall or our favorite online store. For others, it might be driving by a favorite restaurant and wishing we could pop inside for a favorite meal. Whatever your biggest temptation is, it’s best to avoid it altogether when you’re paying your debt. When you’re constantly tempted to spend, it can be difficult to avoid new debts, let alone pay off old ones. So, avoid temptation wherever you can, even if that means taking a different way home, avoiding the Internet, or keeping the fridge stocked so you aren’t tempted to splurge.
- Have A Plan: If you’re in debt because you borrowed money for your business or an emergency, then you need to have a plan of when you will pay back. Draw up a very realistic plan and have an accountably partner that will hold you accountable for the loan and always encourage and remind you of your payment plan.
- Do Not Play Hide & Seek : If you are owning someone, instead of constantly running away from the person, own up and let the person know you will pay back at a certain time, also let the person see your payment plan, you can also drop a collateral with the person and get your item back when you have completed your payment.
No matter what type of debt you’re in,it’s important to know there is a way out. It may not happen overnight, but a debt-free future could be yours if you create a plan and stick with it long enough. No matter what that plan is, any one of these strategies can help you pay off debt faster. And the faster you become debt-free, the quicker you can start living the life you truly want.