Quick Way To Get Out Of Debt

Quick Way To Get Out Of Debt – It was a weekday night. I just got laid off from work for the winter and I look at my income and expenses. $450 truck payment, $300 student loan payment, $120 credit card minimum, and so on. . .

In fact, I’m in trouble. For years I accepted that debt was just a way of life for us — and for all Millennials. Is everyone doing it right? I can name a few friends who own their vehicles outright and have no credit card debt.

Quick Way To Get Out Of Debt

I know this is not how I want to live my life. Being a slave to creditors is not fun and I want out. My husband and I made a plan together on how to start paying off our debt using the strategy below.

How To Get Out Of Debt Fast

When it comes to paying off debt, if you want to give yourself the best chance of success, you need to have a plan. Whether you want to use debt, snowballing, or other methods is not as important as some type of planning. Write it down along with your goals and you’ll start in the best possible position.

When do you want to pay off your debt? Work backwards to determine how much you will need to pay each month to do this. For example, if you owe 12K and want to pay it off in 6 months, you will need to find an extra $2,000 every month to reach your goal.

I recommend attacking the problem from both sides. Cut your expenses as much as you can. Be ruthless and leave the account undervalued. All the little things add up. Just Netflix, Google Play Music, and my monthly Audible credits add up to almost $50 a month. That’s $600 a year that I can cut right now to pay off debt.

The first step to staying out of a hole is to stop digging. If you want to be successful and get out of debt quickly, you must stop using your cards.

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Cut them off permanently to ensure you never use them. Alternatively (and I like this method), you can freeze it in a Tupperware container in the refrigerator. This won’t stop you from using it in an emergency, but it can help prevent impulsive decisions.

If Amazon plays a major role in getting you where you need to pay off your debt right away, consider removing your credit card information from the site so you can’t make an impulse purchase through the app.

Some of us like to spend money on Amazon (I’m guilty here); For others, it might be food, clothes, or something else entirely. You need to get control of what causes it by identifying your triggers – the first things that lead you down the path of overspending.

If you spend a lot of money on food because you’re tired at dinner time, a good solution might be to start meal preparation on the weekend.

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If your partner spends money on clothes, try to think about why you do that – and what drives your spending. It is very important to get to the root of your behavior.

You can pay off debt like crazy, but you won’t get anywhere if you don’t solve the problems that got you there in the first place.

Everyone should have a limited budget. When I say “budget”, I’m not talking about something very complicated. Preparing a budget can (and should) be easy and not time-consuming. The key to controlling spending is being able to track exactly where your money is going.

Unless you’ve received a raise in recent months, consider asking for it. An increase of just $1/hour can generate an additional $2,000/year. That’s a lot of money you can use to pay off your debt.

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It can be uncomfortable to ask for a raise, especially if you are someone who avoids confrontation. Remember this as it is the easiest way to increase your income with minimal effort. There are still many things you can do to increase your chances of getting the raise you want.

This is where you get quick momentum towards paying off your debt. Look around your home, your business and your garage. Do you have valuables that you don’t use?

Take some time to evaluate the value of the items you want to sell to make sure you get the best you can. Last year, I had a set of socket wrenches that I put on Craigslist for $50. After doing a quick search for items sold on Ebay, I saw that the wrench set would sell for over $120. I quickly took it down the ad and sold it on eBay!

To have the best chance of meeting your debt payoff goals, you need to make more money. Besides making a living, the best way to do this is by starting a side hustle.

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I won’t go into detail about your options – you can find them here. That said, the best side hustle is usually a combination of something you enjoy, can generate a possible second income, and works around your current work schedule.

This is especially valuable if you are behind on payments. Creditors want to get paid, and quickly. Contrary to what you might think, you have bargaining power with the company you owe money to.

You may not get what you want here, but there’s no harm in asking. In my experience, lenders appreciate it when borrowers are proactive in contacting them to explain their situation.

I know it’s tempting to buy a new computer or car when you have more money, believe me. However, extra money can go a long way toward paying off your debt. Some sources of money can be:

Ways To Get Out Of Debt Fast

Maybe this isn’t true for everyone, but I think frugality is the hardest thing to sustain over the long term. This is especially true if I don’t allow myself to be treated or special. For me, it’s important to have a little extra money in my budget to buy breakfast. I know how much it costs and is worth it to me.

What you value varies, but the point is: make sure you take care of yourself. Maybe put dinner in your budget or shell out $50 a month for Amazon shopping. A small budget for something important to you can help you avoid impulse purchases.

Whatever it is, treating yourself a little can be an important part of your success and really help you stay on track.

Good for you who want to get out of debt quickly. This can be done easily by just continuing to live with your debt and making minimum payments. Once you experience a debt-free life as an adult, I’m sure you’ll never want to go back to living under the burden of monthly payments.

Easy Ways To Get Rid Of Credit Card Debt And Be Debt Free

There is a way out. You may feel like you haven’t made much progress in a week or maybe even a month. However, as the months go by, you will see these balances steadily decrease. This will help you feel confident that a debt-free life is within your reach.

Stick with it for the long haul and make sure you celebrate milestones in a way that is meaningful to you. It’s worth it in the end, I promise!

This post was contributed by Mike from NinjaBudgeter. An amazing husband and father of three, Mike teaches others how to get out of debt, live on a budget, save, and make money.

David Cahill is the founder/CEO of. He and his wife, Meg, earned more than $250,000 and paid off $18,000 in student loans in 54 days. He loves Jesus, his career, and helping others live their dreams. David lives with his wife and son in Chicago.

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