Smart And Easy Ways To Pay Off Your Debt Faster

Ahhh! Debt is my least favorite four letter word. It makes so many people's lives difficult, haunting them for so long and never letting up. Here are some ways that you can hopefully pay off your debt faster.

Being in debt can be a major cause of constant worry and stress, no matter if you're dealing with a student loan, a mortgage, or credit card debt. According to a recent survey of more than 19,000 American adults, 60 percent said that they feel anxious when thinking about their personal finances. Moreover, the poll reveals that women, young adults, and parents with young children are the most financially anxious among all the participants. Given the connection between debt and stress, it is important to improve money management skills to ward off future financial shocks and have peace of mind. One way to reduce anxiety and stress over money matters is to actively seek ways to pay off your debt as quickly as you can. Here are some smart and easy ways to pay off your debt faster.

Review Your Current Home Loan Every Six Months

Home loans or mortgages make up a huge chunk of the average American person's debt. Even the pandemic didn't hinder people from taking out a mortgage loan as a new report reveals that while 66 percent of people were spending more or less the same amount of money last year compared to the pre-pandemic years, mortgage debt had a 7 percent growth in 2020. Whether you've just gotten a mortgage or have been paying off one for several years, it's important to review your home loan every six months or so to see if it's still working for you. Use this time to think about the things that you could do to take years off your mortgage. Perhaps you may want to switch to a lender with better rates, or maybe you can make a lump sum payment every time you get a bonus. Doing so can help you pay off your mortgage quicker and ease your financial worries.

Consider Getting A Side Hustle

Most people take on a second job to earn more cash, but while it may work for some, others simply don't have the time nor the energy to do so. The good news is you can take on side hustles if you need some extra cash to pay off your debt. Side hustles are more flexible than regular jobs since you can do them anytime you want to earn some extra money. Popular and profitable side hustles that don't take a lot of time include dog walking, writing articles, transcription work and taking paid online surveys. The average dog walker makes about $11 to $16 per hour, depending on location, while doing paid surveys can get you around $5 per survey. Meanwhile, entry level transcriptionists can earn anywhere from $3 to $9 per hour.

You can do these jobs while watching TV or whenever you have a free hour or so since they're extremely flexible. You may also consider renting out your stuff to generate some extra income. Think about renting out your old baby gear, your bike, or even your parking space if you're not using them. At the end of the month, you can use your earnings to pay off your debt.

Think About The Little Things That You Can Do Without

Let's face it-- the past two years haven't been easy, and we've gotten into the habit of treating ourselves every now and then to stay positive. While the occasional food delivery and online shopping mini haul may be fine, indulging in these little luxuries too often can have a negative impact on your finances. In 2020, it was found that the average American spent around $70 a week on takeout, and that adds up to more than $3,300 a year. That money could have been spent paying off half of one's credit card debt, as most people in the US carry over $6,000 in credit card debt.

If you're looking to pay off your debt faster, then think about the things that you can do without so you can have more money to reduce your credit card debt or student loan. For instance, you can try to cut back on online shopping and only buy the things that you really need. Instead of ordering takeout, maybe you can challenge yourself to make a new dish with the ingredients that you have in your pantry and fridge. And perhaps it'll be better if you don't subscribe to a paid streaming service for your music or videos and just get the free service. Remember that the money that goes out to pay for these little treats all adds up, so make a list of your non-essential expenses, then decide on what you can do without so you can have funds to pay what you owe.

Navigating the financial labyrinth to achieve balance can be daunting, and the swiftest route is only sometimes apparent. In such scenarios, turning to professional help, primarily via debt relief programs, stands out as an astute and direct way to fast-track debt resolution. Fortunately, these services are conveniently accessible regardless of location. For example, if you reside in San Diego, you can easily find debt relief options in California with a simple online search, ensuring solutions comply with personal needs and state regulations. These programs simplify the complex finance domain by offering solutions like debt consolidation, interest rate negotiations, and occasionally principal reductions. By following this well-defined approach, individuals can allocate their funds more strategically, maximizing the impact of each dollar. Expert advice can pivot individuals from prolonged financial strain to a swift path toward monetary independence in today's intricate financial landscape. The goal isn't merely debt elimination; it's achieving it smartly and promptly.

Paying off debt can be a slow and arduous process, but it doesn't have to be that way. By reviewing your current loans and debt, getting a side hustle, and eschewing non-essential expenses, you can certainly get the funds you need to be debt-free and have peace of mind.

Penniless Parenting

Mommy, wife, writer, baker, chef, crafter, sewer, teacher, babysitter, cleaning lady, penny pincher, frugal gal

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