5 Smart Ideas To Start Getting Out Of Debt

by: Michael Woods | August 2, 2018

Do you desperately want to speed up the process of getting out of debt and putting more money back into your own pocket?

Debt can destroy your financial dreams. Whether you carry a small balance on your credit card each month or are staring up at a mountain of financial obligations, debt makes it impossible to get ahead.

Paying off debt requires dedication, determination and persistence. Here are 5 smart ideas that you can implement to start paying off debt today:

Stop going out to eat. This is a tough one, but it works. Best of all, it’s not something you’ll have to do forever. Going to a restaurant or hitting up the drive-thru is so much easier than cooking at home. For a creative way to still socialize and share a meal, have friends over for taco night instead of meeting up at a restaurant.

Cut your cable. Welcome to this millennium, where you can watch most of your favorite shows online. You can watch a lot for free on YouTube or pay a minimal monthly cost for Hulu, Netflix, or something similar.  Put that $100 cable bill toward your debt each month and watch how quickly your debt snowball moves.

Start couponing. You’ve probably heard this one a thousand times—but are you doing it? You can save a ton of money just by showing a coupon to the cashier. Start using coupons to save as much as you possibly can at the grocery store. Then put the amount you save toward your debt. Just be sure you’re using coupons for products you already buy, otherwise you could end up overspending.

Plan your grocery trips. Plan your meals so that you not only know what you’re having for breakfast/lunch/dinner but what you need to buy. Make a list and stick to it! Do impulse items always end up in your cart? Try ordering your groceries online and then picking them up curbside at the store. Oh, and don’t shop on an empty stomach!

Make a budget! This should go without saying, but it is not always obvious. If you don’t have a budget, you really have no control of your money. Focus your money on what matters: day-to-day spending, knocking out those pesky debts, and building wealth.

No matter what type of debt you’re in — whether it’s credit card debt, student loan debt, car loans, or something else — 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.

If you’re not sure how to create a plan make sure you check out our upcoming Financial Peace University that starts next month!  Click here to learn more!

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