16 Ways How to Get Out of Debt For Good

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Almost all people will deal with a serious to moderate amount of debt within their lifetime.  Some people work hard to get out of debt and learn a huge lesson about how to manage their money.  Others are feel trapped by debt and never seem to be able to say “NO” to their kids, their spouse or themselves when their financial future is on the line.

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Let’s get a few things out of the way….

First, most people are terrible with their personal finances.  They simply live for today and don’t give a lot of thought about tomorrow let alone 20 years from now.  It’s like my grandpa always said, “No plan, is a plan to fail.”  It only took over 11 years of debt and living paycheck to paycheck to finally understand how much of a difference a little planning and determination can make in my life.

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Second, and very important to understand, is that you have an unlimited number of ways to go into debt and stay in debt.  Mainly because saying “Yes” is much easier than saying “No” to a new car, eating out, a new television etc.  Marketing firms spend millions of dollars learning what may trigger you to buy their product, and the sooner you realize these companies are not your friend the sooner you will be on your way to freedom from debt.

And lastly, the reasons to get out of debt and stay out of debt far outweigh any temporary feeling spending money can bring.  We are talking about your family’s future, retirement, and even the funds to help yourself or others in an emergency.

So by now, you might be wondering how do I actually get of debt and stay out?  There are only 2 ways to make a significant impact on your debt.  You must either make more money or reduce how much you are spending.

Let’s explore some of the top 16 ways how to get out of debt for good!

8 Ways to Earn More Money!

1. Start a job working from home.

Find a job that allows you to work from home is a great way to earn extra money that can be applied toward your debt.

2. Get a part time job.

Believe it or not, a simple extra part-time job at night or on the weekends can make a huge difference in paying down your debt.  Keep in mind its only temporary, but many part-time jobs can fetch as much as $22,000 a year.

3. Ask your boss for a raise!

This may seem a little intimidating, but asking for a raise especially if you are a good employee is most likely the quickest and best way to put extra money towards your debt.

4. Use your skills to start making money on fiverr.com.

Many people don’t know how to freelance their skills on the side.  But writing articles, designing logos or becoming a personal assistant is a great way to make some extra cash quickly.

5. Drive for Uber or Lift in your spare time.

Becoming an Uber driver has a lot of perks people that already have a full-time job.  You are essentially your own boss and get to choose your own hours, plus your car becomes a tax right off.

6. Start a blogging about something you are passionate about.

Blogging won’t get you rich overnight, but it can end up producing a steady recurring revenue stream if you take the time to develop a blog advertisers like.  You can build an email list to market to or find advertisers who are willing to pay for ad space one your site.

7. Use your tax refund to pay off debt!

Most people simply blow their tax return on a big purchase they don’t really need.  But, that tax return can have a huge impact on getting you out of debt.

8. Sell stuff online through Ebay.

If you like me I have a lot of stuff I paid good money for and don’t use.  Why not get some of your money back and sell it online or through a service like craigslist?

8 Ways to Save More Money!

1. Get on a budget and stick to it!

Start by making a plan about where your money will go.  This is a lot simpler than it may seem and tools like mint make it a breeze.

2. Downgrade your expensive car or truck for something more practical.

An auto loan is a huge commitment and probably not something you should have if you are serious about getting out of debt.

3. Evaluate your monthly commitments.

Go through your bank and credit card statements.  I bet you’ll find some fees you were being charged you had no clue about.  Whether it’s Netflix, Hulu or that $15 dollar a month car wash plan you signed up for, everything should be evaluated to see if it can be cut.

4. Stop investing until you’re debt free.

It just does not make sense to be investing for a smaller return 3%-7% return, when your credit card companies are mostly likely charging you 12%-29%.  Get out of debt first and then start your investment plan immediately.

5. Use Coupons at the store.

Yes… Coupons still work and still can save you quite a bit at your favorite stores.  There’s no shame in using every tool at your exposure.

6. Have a family meeting to make sure your spouse and even kids understand the plan.

A financial talk with the family can be tough.  But, it’s time to get real and be honest about your financial situation.  Plus you family will be more likely to make sacrifices to help out.

7. Be willing to say “NO”.

You have to learn to say no to a lot of things if you really want to change your financial future.

8. Delay that vacation until your debt is dealt with!

Vacation is a privilege and not a necessity.  Don’t fool yourself into taking a big extravagant vacation while you have $10,000 or more of debt piled up.  That’s just silly and what got you into this mess in the first place.

As you can see getting out of debt means you are going to have to sacrifice now to have a more stable future.  Many of us did not acquire our debt overnight, so we can’t expect to be free from debt in the next week.  It takes time and dedication to follow the plan.  But do whatever it takes and treat debt like the cancer it is.  It can ruin marriages families and your future.  So get a plan and get going today!

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