Help To Get Out Of Debt Fast

Help To Get Out Of Debt Fast – This blog shows 7 ways to get out of debt fast. My husband and I paid off seven properties in 2 years totaling £36,000.

According to a report by the Trades Union Congress (TUC), the average non-mortgage debt of each UK household is £15,385. This report was made in 2018, considering the events of 2020, I think today’s number is much higher in 2020.

Help To Get Out Of Debt Fast

With over 8.3 million people in the UK in debt, talking about money and offering solutions to help people tackle their debt has never been more important.

Ways To Get Out Of Debt Fast

So in this blog I’m going to share seven ways my husband and I paid off over £36,000 in debt in 2 years. It wasn’t easy and it definitely took a lot of blood, sweat and tears. But if you’re willing to go through the process, you can achieve debt freedom and achieve your future financial goals.

When we are in debt and struggling to pay our money, we admit to ourselves that we are in trouble. We have dug a deep hole and it is up to us to get out of it. Face your debt, stop running, and hide from your situation. Don’t bury your head in the sand. Make a list of all the different debts you owe and add them up.

This step was very difficult for us, we knew we had a lot of debt but we didn’t know it was over £36,000. Seeing these numbers in a table should motivate us to stay out of debt.

Once you know the problem and know exactly how much you owe, the next step is to create a budget. There are different ways to invest. My personal favorite is contactless banking. This process you can get your income without spending. You need to know exactly how much money is coming in and out of your account in different currencies every month, so you don’t let money slip through your fingers.

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If you don’t have money and don’t know where to start, I suggest you download my free business model. But if you need more help, call a financial advisor and I’ll be happy to help you organize your finances and get your work done.

Once you’ve created your budget and know exactly where your money is going, the next step is to find ways to manage your spending. Think about your budget and find ways to manage each one.

There are certain types, so there is nothing you can do to reduce them. However, there are other expenses that change a lot, and by making lifestyle changes you can reduce them and free up money to get out of debt.

For example, when we first started budgeting and looking for ways to reduce our expenses, one of the areas we did was save a lot of money. I’ve been able to cut my food spend from £300 to £200 a month by switching to online shopping at Tesco, Aldi and the market. Other ways we can save are canceling certain monthly subscriptions and limiting our entertainment budget.

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Making these cuts in our budget means we have more money left over to pay off our debt each month.

Once you’ve reduced your expenses as much as possible, calculate exactly how much you can afford to pay off your debt each month, and then calculate your default date.

For example, if your total debt is £10,000 and you can use £175 of your monthly budget to pay off your debt, you can calculate your debt-free day.

£10,000 / £175 = 57.14 months or – 4 years 9 months until you are debt free.

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If you take 5 years to pay off your £10,000 debt, you don’t need to follow this process. However, if you want to get a quick loan, you should look for ways to increase your income.

One of the things I did when I was trying to pay off debt was a side hustle. I sold things around the house that we no longer use. I cut hair for friends and family, and my husband worked overtime at work and did personal errands. Think of different ways to earn extra money. Any other money you spend is included directly.

Whether it’s free, more time, selling items or exploring sites, find ways to get more money to pay off your debt.

It can be tempting when you want to spend extra money but start to see that you’re not spending it. Commit to investing in extra cash directly, and you’ll see your debt come down in no time.

Ways To Get Out Of Debt Faster

Because we fail to practice procrastination, we end up in debt in the first place. It does not live on our property. Not everything you want to buy should be rushed. Think before you buy. Learn how to save the things you want to buy now before you buy them, and let your impulse buys pay off later. Take the time to understand the difference between what you want and what you are buying now because you thought you had the money to do so.

When I was little, my mother always said: “No matter where you want to go, you have to go.” When I was younger I thought it was too much fun, I didn’t want to enjoy life and have fun. But now I understand what he meant, now it means a lot.

“It’s important to know when to say no. You don’t have to go everywhere you’re invited. If it’s not in your budget and you haven’t planned and organized how to spend that money, then don’t. Don’t let other people do it. Plan your finances. or be forced to spend money you don’t have. Calculate the costs before creating the financial statement. Focus on your debt-free goal and don’t hurt anyone in your wake.

I’m not saying don’t enjoy life, by all means, do. But not at the expense of reaching your debt-free goal. If it’s not in your budget, say no and move on.

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Keep your savings. Or if you’re trying to get out of debt, put your money aside to help pay off your debt. For example, let’s say you’re coming home from work and you go to the store to buy a magazine, but at the last minute you change your mind and don’t buy it. The money you buy from the magazine will be used to pay off the debt. You’re running out of money, use it to pay off your debt.

Here are seven things we did on our debt-free journey that helped us become debt-free in two years. I hope you find them useful and that they help you in your personal financial journey as well.

If you are currently on your debt free journey, what have you tried to help you along the way?

If you liked this post, 7 Ways to Get Out of Debt Fast, you might also like my blog posts on similar topics. Check them out below:

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Financial coach and content writer, passionate about helping women break the cycle of debt and achieve their financial goals through the power of investing, saving, and investing. If I’m not talking about money, you’ll find me spending time with my 3 big mouthed kids.

Tolu Frimpong does not provide financial advice. All information on this website is for educational and informational purposes only. Use of this website is at your own risk. You should always do your own research and seek professional financial advice. Borrowing too much can be financially damaging in many ways. You may struggle to pay your bills, or your credit score may suffer, making it difficult to get additional credit, such as a mortgage or car loan.

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