Top 5 Tips To Help You Pay Off Your Debt

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Top 5 Tips to Help you Pay off your Debt

The general aura of the term ‘debt’ gives the feel of something negative. However, this is mainly determined by how manageable a debt or the borrowed amount is. If the debt can be paid off comfortably within an agreed time period, then it can definitely be considered as something to opt for. In certain situations, however, the debt may become unaffordable and that’s what causes problems! 

Below are my top 5 tips that can greatly help in paying off your debt. 

Sell off any extra items at home - We often tend to hoard various items, either we really need something while sometimes we just like to buy stuff either because of an impulsive buying decision or the fact that it was being sold on sale or promotion. I consider myself a very sensible shopper, but even I have a few brand new items that have been lying around since a few years and are still unused. Selling these extra items won’t just clear off the space, but will also help you in making some extra money.

Recalculate your spending - Generally, when we see the list of things we buy, there are often many items that can easily be ticked off from the list. Such items include things like expensive scented candles, or the weekly trips to the salons. While you think you’re burdened under the debt, you can easily stop unnecessary spending for some time as it greatly helps in increasing the amount of money saved at the end of the month. Also, purchasing grocery items from certain stores, instead of the high end stores help in saving more than 50% of the entire monthly spend. 

Turn your hobby into money - Every individual enjoys certain activities and it’s a brilliant idea to turn this into something that can help one in earning some extra money. Either you enjoy baking, painting or writing, you can always start working on a small scale by making customised cakes for various occasions, creating portraits or personalised paintings or starting your own blog or opting for freelance writing services. This may need a bit attention and time initially, but will definitely pay off in the long term even if not immediately! 

Take help from a personal insolvency practice company - Entities such as Creditfix know how stressful not being able to repay a debt can be, and they strive to help debtors in getting back in control quickly. This is done by working out on the available options and by suggesting the right solution and a practical repayment plan. 

Use any extra money to pay for debts - Money earned from tax refunds or bonuses at work are brilliant to reduce or even pay off a debt. Instead of going on a spending splurge, it’s always a better idea to use the funds to pay off any debts. Also, you can open up a savings bank account to deposit any extra money that is earned - you can click here to read about how to open a new bank account in 4 simple steps. 

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