Are you currently in debt? Would you like to pay off those loans as soon as possible? You might think that there’s no way out, but believe me, there’s a way. Just follow these simple steps and you could soon be saying, “sayonara” to your debts. It’s time to get out of debt fast.
1) Get Serious
Anyone that thinks debt is no big deal will most likely be poor forever. If you want to be wealthy later in life, you’ll want to avoid interest payments, and that means get rid of your debt!
If you are truly serious about becoming debt free, find someone that will blaze the trail with you. If you have a spouse, this is a necessity! If you and your spouse are not working toward the same goal, then that goal will NEVER be accomplished!
2) Sell As Much Stuff As You Can
When my wife and I were committed to paying off all of our loans, we decided to get rid of all of our unnecessary stuff and put the money toward the debts. This sounded like a great plan to me (since I hate debt more than anything) until I realized that I was the only one that owned “stuff”….
The TV and home theatre system fetched a pretty good price on Craigslist and it gave us a great jump on our debts. Then, since we no longer had a TV, we obviously didn’t need cable, so we cancelled that too! I missed it for the first month, but I really didn’t want to watch TV after that (in fact, we still choose to do without cable today)! Sell a bunch of stuff and reduce any expense that you can.
3) Add to Your Income
If you really want to get rid of your debts, it’s a great idea to reduce your expenses, but it helps immensely if you can bring home some more bacon. Think about it. If you make an extra $1,000 a month, how much of that could you put toward your debts? 100%! That’s an extra $1,000 payment each month. I bet it wouldn’t take too long to get that credit card paid off.
Yes, we’re all busy, but find the time to take on some side projects. You could find a job as an online assistant, you could mow lawns, you could pet sit, or maybe you could even detail some cars. You don’t have to do these things forever, but it would sure help you get rid of that debt wouldn’t it?
4) Keep Track Weekly
For many of us, paying off debt is absolutely no fun (which is obviously why you want to get out of debt fast) and if you only evaluate your progress once a month, you’re going to get burned out in a hurry! I suggest that you hit it hard and take a look at your numbers each week (and maybe even make some extra payments each week) to give yourself a more constant boost. Paying off those debts will be much more fun if you actually feel like you’re getting somewhere.
5) Reward Yourself
I know it sounds counter-productive, but we are all emotional beings and we need a break from time to time. Set up a bunch of goals along the way to your end goal (debt-freedom) and set up a reward for yourself when you hit them. Perhaps when you pay off your first $1,000, you and your wife can enjoy a night out to dinner (keep it cheap, but enjoy yourself). When you pay off your first $3,000, go out to the movies. I think you get the idea. By gifting yourself along the way, you’ll be much more likely to stick with it and get out of debt fast!
Are you currently working to get out of debt? Are you working extra-hard to get out of debt fast?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.