Featured Photo by pina messina on Unsplash
Being an adult and a parent brings tons of debt. Going to college, getting your masters buying and owning a house, buying a car, paying for daycare, having credit cards – and the list just goes on and on. When does it end? For many people, it just doesn’t end. But there are ways to work on paying it off in a quick matter, other than dragging it on for your entire life!
How can you get rid of debt quickly and not be broke? Here are a few tips:
- Pay more than the minimum payment every month: The more money you put down every month, the less you will have to pay on interest in the long run. Interest is what makes it difficult to ever pay off your debt, so make sure you are paying more than the monthly payment.
- Set a monthly budget: With your significant other, together set a budget that you are willing to set aside to pay off bills every month. If only one person is working to pay them off, it will make it almost impossible to make progress. Setting aside even $200 a month per person can help you make gains by the end of the year, that’s $4,800.
- Set a monthly payment schedule: Along with setting a monthly budget, make sure you are not deviating away from your monthly schedule and you set up autopayments for credit cards or banks to take the money directly out of your accounts. Some companies have a discount when you set up autopayments.
- Find a side job to add extra income: Luckily these days there are so many companies that you can sell for on the side. Selling beauty products, wine, knives, food, etc. There are so many choices. Find one that would work best for you and that you believe your network will support you with.
- Sell into consignment and online local groups: If you haven’t done this yet, get started on this right away. Selling your clothes to consignment shops or online consignment shops as well as baby clothes to consignment shops, you can make some money off of this. Another way to sell things you don’t need any more is on a local group, Facebook or Craigslist.
- Find an expert: Not always can you solve every problem of yours on your own and it might be worth while to bring in an expert to help get all the finances situated in order to move on with your life.
Do not be ashamed to reach out to a company to help you consolidate your debt and help you manage your finances. There are many people out there that are working through this same exact process every single day. A great company that I would recommend is Nationwide Debt Reduction Service, LLC. They can help you take back control of your financial life by settling debt for less than what you owed! They only charge you for their services after you have received a settlement. It is worth looking into if you are serious about getting your financial life back on track.