The harsh economic times have forced people to seek financial aid in the form of loans and grants to meet their needs. Inflation and high cost of living are the main reasons why many people are indebted. Everyone desires to have sufficient resources to cater to his or her needs without seeking financial assistance. However, being indebted isn’t a concern provided the debt is manageable, and you have plans in place to repay.
No matter how indebted you’re, it’s still possible to be debt-free as long as you’re determined to get out of this burden.
This article outlines tips that can help you to jump-start your debt-free journey. This journey requires commitment and determination; otherwise, you might not achieve your goal. Let’s look at the ways to jump-start your debt-free journey:
Channel a Portion of Your Side-Hassle Income to Debt Repayment
Other than depending only on your primary source of income to repay the debt, consider channeling funds from your side-hassle to make an additional payment.
Besides your main job, there are numerous opportunities you can explore to make additional income out of your comfort zone, and these funds can be used to settle the debt. However, despite this, you shouldn’t spend all your money to repay the debt as this will leave you with no money to meet your needs. No doubt, making extra repayment will jump-start your debt-free journey provided there is consistency.
Auction Redundant Stuff from Your House
Make a quick review of your house to determine anything that is surplus to your requirements. This can range from furniture, clothes, books, and anything else that you consider redundant. Once you identify and collect all these items, put them up for sale. You can sell these items online by posting them on various platforms such as eBay, local Facebook groups, and many more. All the money made from the sale of these pieces of stuff should be channeled to debt repayment.
This will see your debt decrease by a significant percentage while at the same time encouraging you to soldier on your debt-free journey.
Read debt-free tales
Even though your debt feels like an uphill task, it’s still possible to settle it. By reading debt-free stories, you will get to know people overcome their debt and the tricks they used. These stories are inspirational and exciting to the extent that they will motivate you to soldier on your quest to relieve yourself from debt.
Minimize Your Expenses
Cutting unnecessary expenses is unavoidable when indebted. Take a look at your budget and determine the areas that take up most of your budget—rent and mortgage top the list of expenses on most people’s budgets. If you spend a lot of money on rent, consider relocating to a more affordable room. If food is a significant expense, avoid eating in restaurants and, if possible, initiate meal planning. So, depending on your costs, consider how you can cut them and channel the savings to debt repayment.
Sell Something Lucrative
If you’ve something lucrative at your disposal, consider auctioning it to relieve yourself from debt. Disposing of such stuff to settle debt doesn’t mark the end of luxuries. It’s just a matter of sacrifice to jump-start your debt-free journey.
So, if you have a surplus car, boat, or jewelry, don’t hesitate to sell it.