FASTEST WAY TO PAY OFF DEBT WITH DOLLARS AND ENJOY LIFE AT THE SAME TIME
Do you think that you’ll have to compromise with your enjoyment till you repay the debt? Well, not really. You can burn debt with dollars and enjoy life at the same time.
HOW TO BURN DEBT ONE BY ONE AND GET RID OF THEM FOREVER
To burn debt with dollars, first, you have to save them. Here are a few ways to save your precious dollars.
• TRIM SOME OF YOUR EXPENSES
Do you pay the gym subscription but don’t visit regularly? If yes, then why not switch to a low-cost alternative? Instead of running on a treadmill, you can jog at your nearby park. If you live in an apartment complex, most of them have a free gym, open to the residents, round the clock.
Likewise, cancel magazine subscriptions that you’ve been paying for years.
Making your own breakfast and lunch and carrying them to work is not only a low-cost alternative but also a healthy one.
• PLAN A REALISTIC BUDGET
It is almost impossible to repay debt without a suitable budget. So, it’s high time you plan one. Don’t worry if it’s not the perfect one. With practice, you’ll be able to plan a good budget following which you’d be able to save a significant amount every month.
You can follow 50-30-20 budgeting technique. While planning one, keep 50% of your take-home pay for your needs, 30% for your wants, and at least 20% for paying back debts and saving.
If you’re paying back credit card debt, then the minimum payment will be included within the 50% and extra payment will come under the 20% category. You can include it in the 30% category, too. Try to save from your allotted 30% for your wants, fun, and entertainment activities.
• MAKE A LIST WHEN YOU GO SHOPPING
Are you thinking that I’m talking about grocery shopping? Well ‘yes’, but we can follow the same method while shopping for anything.
Before going garment shopping, scan your wardrobe and get rid of the items you don’t need, then list the items you need for the present season. Now, go to the shop and look for items as per your list. Do not see garments that are not on your list even if they’re offered at discount.
Doing so, you’ll buy only the things you need.
• OPT FOR A PART-TIME JOB
An extra income always helps when you’re trying to repay debt. So, look for opportunities to earn extra. It can be a summer job, using your hobby to earn extra, and so on.
Now that you know how to save a decent amount every month, let’s talk about a few ways to repay credit card and other unsecured debts.
• SETTLING YOUR DEBTS
If you are looking for how to be debt free fast, then debt settlement can be the right option for you. Through this option, you can get rid of debts by paying less than what you owe. You negotiate with your creditors and get rid of debts one by one.
•CONSOLIDATE YOUR DEBTS
If your financial condition permits you to repay the debts in full, you can decide to consolidate your debts. In this strategy, you repay your existing debts just by making a single payment every month.
Well, apart from consolidation, there are few more ways to pay off your credit card debt, depending on your specific debt scenario.
You can also opt for debt snowball and avalanche and target one debt at a time.
Whatever option you choose, be patient and motivated to repay till the last cent.
And, continue paying your rent and bills along with paying off your debts.
HOW TO ENJOY LIFE WHILE PAYING OFF DEBT
Enjoying your life along with your family members doesn’t always mean that you’ll have to spend a lot. Here are a few options to enjoy without spending much.
1,SELECT A HOBBY TIME FOR YOUR FAMILY
It is true that hobbies can be expensive. However, you can always find out low-cost options to spend quality time with your family.
For example, you can take up gardening. What can be a better option during the summers than the entire family planting trees making your backyard a perfect place for hosting parties? It is fun too! You can buy not so expensive plants from your local farmers’ market.
2,ORGANIZE A SMALL MOVIE PARTY AT HOME
Have you ever thought about how much you spend when you go out with your friends and family for a movie or at a restaurant? Let me give you an idea.
If you go to a restaurant and watch a movie, it can cost you around $40. So, you and your partner will spend around $80 in an evening.
You can invite your friends and have a movie party at home at much less than that. You can prepare coffee, homemade pizza and watch a movie together. You can also make good snacks at around $10-$15.
So, what can be a better way to enjoy a social life?
3,ARRANGE FOR A GARAGE SALE
Dedicate a family weekend collecting stuff at your home which you don’t need anymore. Doing so, you can declutter your home along with earning some dollars by arranging a garage sale. A good way to select such items is to choose those things that you haven’t used for past 1 year.
When you’re struggling to pay off debt, every dollar matters. So, advertise and sell items, that you don’t want, in a garage sale.
4,KEEP AN EYE FOR FREE ACTIVITIES
Most of the cities have some free entertainment opportunities every now and then. Keep an eye for them.
You can attend a free movie night with your family, take your little ones for the free kids’ activities, etc. To select such an event, browse online with the name of your city and you’ll come to know about the upcoming events.
So, you won’t have to think more about how to live while paying off debt, there are ample ways to have fun with the family while paying back what you owe.
Enjoy life and be debt free!