10 Easy Ways to Get Out of Debt
I just started a small business in my area where i make some extra income to support myself but i soon realize that i was already in huge debt because of the cost of starting the business and of course i don't expect to start making money immediately but to find a way of making the business grow.
See Also, How to Start a Business
I decided to go for loan just to meet up with customers demand and other things not realizing i was in debt already which i need to pay back. I then decide to find ways of eliminating and get out of this debt. Debt can never be avoided for the business minded and entrepreneurs but i soon got to know that are free ways of getting rid of my debt which are stated below.
How to Get Out of Debt
1. Do away with Credit Cards : i soon realize that the presence of my credit card distract me in which i spend more forgetting that i need owe a debt. Anyone who wants to eliminate debt should do away with credit cards. I t may force you to buy even unwanted stuffs if available.
2. Stop Acquiring new Debt : the best way to get rid of debt is to avoid more debt. An individual who is in debt should always think of paying back the debt he owe and not get more debt which he/she may not be able to pay. This is a good advice from a money expert and it works great.
3. Start a side Business : If you are already in debt, you could easily start a small or side business which may cover up and bringing some cash to pay back the money borrowed. Its a good idea
4. Save Extra Money : saving money is the oldest and most reliable way of paying back money borrowed. If you are already in debt either big or small, then start saving towards pay back. Its a good one, just set a target and you are there.
5. Do away with Wastage : if you owe debt, then you need to curb wastage and excesses. If you don't need a car for business why change your car, why get an expensive house or phone while owing a debt. Please, do away with any kind of wastage.
See Also, 8 Ways to be Financially Stable
6. Save a certain amount towards debt each month : a good way one can actually get rid of debt is to save a certain amount of money weekly or monthly from earnings just to meet up with the date set aside for payment of debt. It actually works fine for me when i started to save for the debt a owe my bank
7. Spend less than you Earn : If you owe a debt and you think of settling such debt, then its time to spend less cash from your earnings. Its a good way to get rid of debt
8. Invest Wisely : investing wisely and profitably is a good way to get out of debt. If you are in debt, then the best thing is to invest in things that will bring more money just to repay the money owed or loan gotten.
9. Sell Some unused Items : during the time of repaying the money i borrowed, i tried to sell some unused stuff which help greatly in getting some small cash with the money i make. Selling some unused items like CDs, Computer, Tablet, Phones, Cloths, Kitchen material etc can bring in some cash especially when some online.
10. Earn More Money : Another way of getting out and eliminating debt is to find ways of earning more money. It may involve anything business, online business, offline business, sport business, fiverr, selling stuff and many more.
I applied this tips above and in little time, i was able to pay my debt which has really encourage me to stand firm and grow my small business. Read carefully and apply the following tips and you will see it really helps. Clear your debt, avoid getting more debt and don't see debt as a big deal because some good money earner and entrepreneurs can do without it. Thanks for reading.
I must confess, you write greatly and very simple. Keep up the good work as a blogger and the knowledge you are impacting is great. thank you writerReplyDelete