Debt Free – 5 Common Sense Steps
There is no magic bullet for getting out of debt. It is a conscious effort and may require a bit of hard work to achieve. Here are some realistic approaches to start down the road to financial freedom. When focus is put into saving money each month, creating additional income streams and applying that additional income in the right place, being debt free is closer than you think.
1. Cut Up The Credit Cards
This is not a new concept, but it’s the most tried and true start to getting yourself out of debt. This ensures you will not be incurring new debt while taking the following steps to eliminate debt. You don’t want to be working against yourself.
Mark Cuban Debt Advice
2. Limit Dining Out
The average household in the United States spends about $3,008 on dining out each year. Not only will more careful planning of your meals save you cold hard cash, but may result in healthier options, reducing other health care expenses.
How Much Do You Spend?
3. Pay Extra Each Month
We are going to let the numbers speak for themselves. See how much paying a little bit extra each month on your credit card can affect your wealth with this Credit Card Savings Calculator. When you sign up for Snowball, spare change is automatically applied to your debt. And because it’s just spare change, it doesn’t require a major budget overhaul. But spare change adds up to huge savings. Our beta testers created an average of $56 each month in spare change.
Credit Card Savings Calculator
4. Consignment Shopping/Selling
We know you want to look good, but paying full price at a retail stores for your clothing can cost big bucks. Below is a list of consignment apps that you can use to find name brand clothing, and in most cases “New with tags”. You can also use these apps to sell the clothes you no longer wear.
Apps For Consignment Buying & Selling
5. Start a Side Gig
We saved this for last because it’s important to get all the other pieces of debt reduction working before spending your time making extra money. After all, you want to start acquiring wealth, not just more “stuff”. Here is a list of some ways to get started on earning extra money.
NO MULTI-LEVEL MARKETING COMPANIES !
Side Job Ideas