How to Pay Off Your Debt Quicker

Can you imagine paying off your debt/s sooner – pulling your last ever payment that much closer to you, and the freedom it will bring?  Here are some ways you could speed up the process.

Cut Back on spending

What can you cut back on? Where can you cut corners in your weekly/monthly food shopping? Can you swap some of the products you buy (milk, cheese, jam, meat) for cheaper alternatives? Are there places that sell cheaper products? Is it cheaper to buy in bulk?
If you smoke cigarettes, try to cut down. If you drink alcohol, try to cut down on this as well.  If you are more of a coffee drinker, try to find a cheaper version and avoid buying takeout coffee.  If you tend to buy ready-made smoothies/juices, try buying the ingredients to make your own as it will go a lot further.  If you buy bottled water, buy a water filter and a reusable bottle.  It’ll work out cheaper in the long run (vs. buying bottled water indefinitely).
All the spending you cut back on can go towards paying off your debt/s faster.
You might find the following home budget calculator useful in helping you cut back. It helps you calculate your monthly budget, taking into account aspects such as your monthly income (and your partner’s if you have one), your taxes, utilities and insurance.

Cancel Your Subscriptions

Look at the subscriptions you currently have and think about canceling some of them. It could be some that you don’t really use and perhaps have been meaning to cancel. Or maybe a few that you can get a cheaper alternative for. If you’re a long-time customer of the company running the subscription service, it’s worth calling them to see if they can offer you a discount as a loyal customer. A cost saving on any of your subscriptions is more money in the pay-off-your-debt kitty.
Do you really need that TV, that computer, laptop? There are a number of really good TV-like services online. Do you really need your TV? If that’s too extreme an idea for you, then perhaps you own more than one TV. If so, sell it/them. The same goes for computers/laptops. Do you have more than one of each? Do you really need them? What other gadgets do you have that you are willing to part ways with?

‘Pay my debt’ Job

Try and find a job that’s solely for paying towards your debt/s. It could be an evening job or a weekend job. It could even be one day a week, but it would solely be for the purpose of making a bigger dent in your debt/s, helping to pay it off faster.

Looking for an online job is also an option and gives you more flexibility. Depending on your skills, you could get a writing job, a proofreading job, editing, something in social media, marketing, virtual assistance work, translation, transcription or design; the list is endless.

You have the power to pay off your debt quicker by using a two-thronged approach of cutting back on your spending and making more money. Make 2018 the year you really take control of your finances.