Have you resolved that you are really going to keep your New Year’s resolution and actually get yourself out of debt this year?
We’re here to help!
The following article discusses 5 real-life strategies that use technology that you can realistically apply in order to finally win the war and get rid of your outstanding debts once and for all.
In today’s always-on society, there are unlimited ways to use technology to help you keep track of your expenses and get out of debt. Technology tools that you can use to help you get out of debt fast fall into the categories of apps, software programs, smartphones, and wearable devices.
You can find popular and reliable software built into these technologies to help you track how much you’re spending, to see where you’re spending the most money, and to offer suggestions on how to get of debt faster using real-life calculations and scenarios.
Pay More Than The Minimum Due
When it comes to credit cards and everyday expenses, always pay a few dollars more than the minimum amount due. It may not seem like you’re making a dent by adding a small amount to your monthly payments.
If you keep using this strategy over time, you will notice a reduction in balances owed and that your debt will gradually begin to dwindle to a manageable level. Using this strategy for a longer period of time will eventually result in you zeroing out balances left and right. You may even find yourself ahead.
While it’s definitely easier said than done, if you’re really serious about getting out of debt, then you’ll have to be even more serious about reducing your overall expenses.
(As mentioned in the example above small amounts do indeed have a big impact.)
Reducing costs and unnecessary expenses can go a long way towards putting money back in your pocket and bank account. Expenses that you can realistically reduce include
Cable/Internet Packages – Reduce the cost of your package to speeds that you need and cable channels that you really love to save up to 100.00 a month on cable and internet services.
Starbucks/Fast Food – We’ve all done it, however in this case we have to save the daily lattes and chicken McNuggets for special occasions only. Your budget and your waistline will thank you.
Entertainment – Do you really have to go to the movies every single Friday? Cutting entertainment expenses by choosing less expensive entertainment options like Netflix or Hulu will get you to your debt free goals much faster.
Store Brand vs. Name Brand – The ingredients are the same. When it comes to store brand vs. name brand, save splurging for special occasions like holidays and opt for store brand in between to see your savings grow and your debt shrink.
Pick Up A Side Gig
Side gigs are becoming all the rage. Millennials are getting this new work-life solution right by freelancing and using gig sites like Fiverr, Upwork, and Guru.com to bring in extra bucks. Picking up a side gig will allow you to generate extra income that you can use to help you pay off your debts faster.
The best part about side gigs is that they can normally be done from the comfort of your own home and pay as well as a traditional part-time job would. This smart tip will increase your income and reduce debt at the same time.
Use Online Selling Sites
Online selling sites like e-bay, letgo, offerup, craigslist and more have made it possible from getting paid from selling used and unwanted items from your home. It really doesn’t get any easier than this one.
These sites operate under the premise that one mans’ trash truly is another man’s treasure, you can make money from that old iPhone, or dusty flat screen holding up the wall in the garage. Turn that unloved clutter into cash and pay down your debt.
Note: When conducting business online and using sites that may have access to your personal financial data be sure to use trusted enterprise sites that have security support and integrated user management features that are secured by companies like Centrify.