Paying down debt does not always have to seem like a chore. You can make it fun and worthwhile. When all is done, think of the money you’ll be able to make since you can save and invest even more money once debts are paid off. There are some extreme ways that can help you pay down debt. Take a look below at some of these extreme ways and how they might help you.
10 Extreme Ways to Help You Pay Down Debt
Many of us get tired of the same mundane ways to pay down debt. The ways you choose to get rid of debt can become overwhelming. It can become so tiresome that you may forget the reason why you wanted to pay down the debt. No problem, here are some extreme ways to help you pay down debt.
1) Try Living With Friends or Family
This is a great way to help you pay down your debt. There are many reasons why this can be really helpful. For starters, there would be less rent to pay when you split it between 4 or more people. With the money saved from this, you can put that money up as part of your savings. You could dedicate a portion of those funds to paying off your debt.
2) Find a New Way to Commute
This method may turn out to be a little more time consuming, however, it would probably be worth it.
Extreme ways to commute would be using:
- scooters or bikes
- bus transport
- your own two feet
Commuting in extreme ways can help you avoid a car note and expensive car insurance, even money on gas every week. By using these ways you can manage to save loads of money that can be used to pay down debt. If you want to go green and save money, just try biking. It can also be a great source of exercise!
Property management would be great as a start.
- give you money to pay down debt
- help you understand if you’d want to do rental properties in the future
You don’t have to jump straight into flipping homes, which could put you in more debt before you gain income. It is a great way to make money dealing with rental properties without actually doing it. So try managing for others and see if you like it, you may just surprise yourself.
4) Rent Out Your Home
This is another way to make enough money to start paying down debt. You can rent out your house or just put a room up for rent. You can post your home for rent as a vacation home on sites like VRBO, Airbnb, and HomeAway.
People that stay there can leave reviews and tell about their experiences, so make sure your rental home is a place they won’t forget. Keeping your customers happy can help bring in more customers, and ultimately, more money. The more you make, the more you can use to pay those debts!
5) Create Gifts, Stop Buying Them
This is another one of the extreme ways to help you save money for those debts. Get creative!
When holidays or birthdays come up, try things like:
- making gift baskets/boxes
- create custom cards
- make candles, soap, or lotion
- paint portraits
There are a number of gifts that you can come up with when you use your imagination and get a little creative. By doing so, you will be able to save money that can be put to better use on your debts.
Right now especially, this is important. Side hustles help you create the income necessary to invest and pay off debts. The pandemic has made things tough during this time so you’ll need to get creative with your side hustles.
You can do things like:
- become a tutor
- do hair/nails from home or become mobile
- become a Postmates delivery driver
There’s also an app called Steady that can help you find side hustles to do while on quarantine. It’s useful and quite helpful during this time so you can figure out what you can actually accomplish.
7) Start Couponing
You will want to save as much money as possible to help get those debts paid down so why not try couponing? Now’s the best time ever to really get into it since many of us have a lot more time to work with.
You can find downloadable coupons online at sites such as:
These sites offer coupons for daily grocery shopping. You can also opt to go the old-fashioned way and clip coupons. Most people still get newspapers in the mail with coupons that can be used to shop. Cut those, go shopping, and save yourself loads of money.
Remember those little penny banks you had as a kid? Remember how good it felt to get the little pieces of money you were given (or would find) and drop them in until you had just enough? Well think of that same concept now. Any penny you find, save it.
That loose change you may think is worthless because it isn’t in paper form can quickly add up to more. During these times, it is especially important to save as much as you can.
If you have children, teach them this concept as well. In just a few months, you may have saved up more than you could have even thought, making it easier to pay down those debts using one of the extreme ways.
9) Invest Your Bonus
If you are fortunate enough to have a job during these trying times and receive any bonus, use it to your advantage. Invest your bonus in your debts. Use this as one of the extreme ways to pay down those debts you may have.
10) Sell Your Junk
You can sell some of the “junk” you no longer find useful to yourself, someone else may find some use in it.
Such things may include:
- old baby items
- music records
- kitchen appliances
Anything that can still serve its use or that can be reconstructed to be useful as something else is worth selling.
You can find places to sell your items like OfferUp and Decluttr. If you’re still stuck in the house due to quarantine, go through some of your old things. They may hold more value than you know.
Are You Ready to Start Paying Down Your Debt? It’s Time!
Using these extreme ways to pay down debts can be helpful in so many ways. Mainly helping you get out of debt so that you can invest and grow your money wisely. It’s time. Tally up your debt, commit to paying it down, and use the free debt snowball calculator to propel you to debt freedom!
Are you prepared to start paying down your debts?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.