10 Tips to Help You Pay Off Debt Faster

Posted by EndThrive on May 18th, 2019

Let's be honest.

We have a problem with debt. The latest numbers show that the average person has over ,000 in debt. More than half of people spend more than they earn each month.

It's easy to understand why there's such a struggle.

In today's article, I want to talk about 10 ways to get out of debt faster. Let's dive in.

1. Pick a debt payoff method

This is the most important step. Why? Because for most of us, blindly throwing money at our debt isn't the fastest way to get rid of it.

I recommend choosing the debt snowball or debt avalanche. And if you're wondering which one is better, it's up to your personal preference. Both of them get the job done.

2. Start side hustling

One thing is true when it comes to paying off debt:

Spend less or earn more.

In the best situation, you can do both. If you're looking for side hustles for extra cash, there are plenty of things you can do online.

3. Create a lean budget

If you're serious about becoming debt-free, then you need to cut expenses as much as you can.

Write down how much comes in and how much absolutely needs to go out.

4. Step away from the credit cards

Because the best way to get out of debt is to stop adding to it. 

5. Don't forget about the extra money

Use tax refunds, bonuses, and raises to your advantage. Take a small amount for yourself and use the rest towards your debt.

6. Reevaluate your large expenses

Is the value of your car(s) more than half of your annual income? Sell it.

Could you downsize your home to reach financial freedom faster? Do it.

Start thinking about ways to make a big impact on your debt, and that usually starts with your big expenses.

7. Start the cash system

Did you know that people who use cash save 12%-18% more money than people who use plastic?

When I started my cash system, I saved 8 the first month. There's something behind handing over your hard earned money rather than just swiping a card.

It keeps you aware of your spending.

8. Stop investing in your retirement

Debt is a vampire. It needs to go. And once you start thinking of it that way, you'll do everything you can to get rid of it.

Right now your goal is to become debt free. Once you pay off your debt and build a healthy emergency fund, you can contribute to your retirement 10 fold.

And trust me, you'll be able to make up for it a million times over.

9. Learn to say no

You know those people who can only have fun by going out every weekend?

They can't just have a night in that doesn't cost money?

While that's fine if you're financially stable, you shouldn't be dining out or wasting money when you're in debt. Your number one goal is to say goodbye to the never ending payments.

Invite your friends over for dinner instead.

10. Clear the clutter

What's cluttering up your finances?

I don't just mean your budget. I mean take a look around your house and see what you can sell to earn extra money. If you aren't using it, then it's money just sitting there.

Not good. We want extra money to go towards your debt - not just lying around.

What can you clear out today?