Are you searching for creative ways to pay down your debt without it being an overwhelming task? Does the idea of earning extra income to decrease what you owe feel like personal torture? It doesn’t have to be overwhelming nor torturous if you know a few simple and easy strategies. Begin today and move onto the path of being debt-free by following these suggestions.
Be an Impala
An impala is a swift antelope that can run up to 50 miles per hour. No, the idea is not to run like the wind from your debt, but instead be like an impala when paying it down. The more motivated you are towards reducing debt, the better off you’ll be; increase the speed towards your goal, and you’ll reach it much faster. Instead of focusing on how to achieve results, approach the issue with impala-like intention. Brainstorm ideas with trusted friends or colleagues, and strategize ways to speed up the process and pay down your debt faster.
Accept Odd Job Offers
If the term “odd job” brings to mind the image of a handyman with octopus-like arms, let it now represent you accepting work, even if it seems unusual. If a neighbor wants to pay you to wait in their home for a delivery, take the offer — and the money! Does your child’s school hire tutors for homework help? Sharpen your pencils and earn some dough. In some cases, it helps to think less about what you are doing and more about the money you are earning, as you move towards paying down debt.
Become a Student
It seems everyone attends at least one class in the proverbial “school of life” to learn a lesson. Become a student and use available resources to hone your skills in debt reduction. The internet has literally thousands of articles worth reading with ideas to quickly reach your targeted goals, like these 11 ways to get out of debt faster. Likewise, try your local library, which may offer free classes related to managing debt and to help you learn more about topics like reducing debt, paying off credit cards, or spending wisely.
Refinance to Your Advantage
If you have loans you want to repay at a lower rate, consider refinancing to give you more affordable monthly payments that are easier to tackle. Compare private student loan offerings if you’re going back to school to find the best rate. If you own your home, you might ask about a lower mortgage rate to consolidate what you currently owe or even change the length or type of your loan to make your payments easier to meet. With any refinance situation, be sure to read all the fine print before you agree, and always speak honestly with your lender, doing any necessary research before signing to change any terms.
Ready to get started? Choose one or more of the ways above to add to your monthly income and pay down your debt. Gear up to move towards your goal, using your knowledge to guide you on the path to success.