Millions of people around the world have been suffering with debt since the financial crisis of 2008. Now that the economy is slowly but surely moving forward, it’s time to start paying back those debts. It can seem like a real chore to dig yourself out of a financial black hole, but it doesn’t have to be. Here are 8 of the easiest ways to reduce debt in just 30 minutes or less.
- Make some calls
If you haven’t already done this then you could be causing bigger problems for yourself. Call anyone you owe money to, find out how much you owe, and whether they offer discounts or repayment plans. This only takes 20 minutes, and you could reduce the amount you owe by a significant amount.
- Shop around
When it comes to insurances, utilities, and subscription services, you may not always be getting the best deal. This means you’re paying extra money when you don’t really need to! Shop around and see if there are better options available for things like vehicle insurance, cable services, cellphone networks, and even utility providers.
It’s a whole lot easier to keep an eye on your debts if you consolidate them. You may even manage to reduce how much you owe too. Even property tax can be consolidated with companies such as Reliance tax loans. One lump sum a month is much easier to keep track of than dozens of payments coming out of your account.
- Get rid of unnecessary expenditure
Do you really need a home phone if you’ve all got cell phones? Are you making the most out of those subscription services? Are you paying for a gym membership but not attending? These are all unnecessary expenditures that can be cut out of your life. You can then use what you would have spent on these, on paying back your debt instead.
- Bulk buy
Here’s another way to save some money and pay off those important debts. Head to somewhere like Costco and buy the food you need to keep your cupboards full. This could save you a small fortune, all of which can go toward your debt payments.
- Hold a yard sale
If you want to earn some money to pay back those debts, then start getting rid of things you don’t need. Hold a yard sale and empty the home of unused items. Not only will your home be clutter free but you’ll earn a fair few cents to pay off those outstanding bills.
- Budget entertainment
One of the biggest drains on our money is most likely to be entertaining ourselves. Work out a way you can cut the cost of this down. Attend matinee movies, eat at cheaper restaurants, and spend more time on free activities – like going to the park.
Finally, if you want to reduce your debt quickly, then you need to be organized. Put together a plan of all the things you need to pay back and when you can afford to do so. Stick to a budget and your plan, to pay your debt back quickly.
All of these eight methods are so quick and simple to do; they won’t take you any longer than 30 minutes each. That means in just 4 hours you can change your life and your financial situation around.
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