Being in debt feels like being on a lifeboat in the middle of the ocean with no one around to save you. As stressful and scary as it can be, there are things you can do to get yourself to shore and get back on top where you belong. It’s going to take discipline, learning a few budgeting skills, patience, and a few tools, but you can do this. In this blog, you’ll find a few habits you should develop and a few tips to help you get out of the pool of debt you’re in and stay out.
Consider Debt Consolidation
The first thing you want to do is get your debts under control. This could come in the form of borrowing money from family and friends to pay off your debts or even considering debt consolidation. Debt consolidation allows you to take those little bills and pay them off, leaving you with one bill to pay every month instead of many different smaller accounts.
Debt consolidation can help you get back on top where you belong, but there is more to getting out of debt and staying out of debt. If you’re ready to consider your leading options , contact WesternShamrock to answer your questions today.
Create a Budget
Once you’ve consolidated your debt, you need to create a budget that will fit you and your family and accommodate your needs. If you already have a budget, then the entire thing needs to be revamped into something you can live with and still stay on top of your debt. Take a look at how you can redo your budget to get completely out of debt, then stay out of debt.
Living frugally doesn’t have to mean that you never buy anything or never do anything with your family and friends. Day-to-day spending has a lot to do with living frugally. For example, instead of stopping at Starbucks on the way to work in the mornings for that expensive cup of coffee, try making coffee at home. Instead of eating out for lunch every day, pack a healthy lunch and take it to the office with you. Living frugally to get out of debt is about making the wisest choices and spending money on things that are truly important to you and your family instead of things that aren’t.
Refrain From Swiping If You Can
A credit card can pave the highway to debt if you’re not careful. Many people land in debt, to begin with, because they use their credit cards to purchase things they can’t afford and genuinely don’t need. The result is you’re going to find yourself right back in debt. The solution to this is not to swipe that credit card unless you have to. Save the money for what you want and pay cash instead.
Start a Side Gig to Bring in Extra Money
If you’re having problems making ends meet with your regular paychecks, and are falling back into debt, then you might want to consider starting a side gig to make extra money. Extra money is great, even once you’re out of debt and on your feet again. The extra money from side gigs such as dog walking, selling on eBay, or even doing blogs for clients online can go to pay for the little things you’re missing out on as well.
These are just a few tips for getting out of debt and staying that way. From starting a side gig to earn extra money to applying for a debt consolidation loan, these tips will help you get out of debt and hold your head up high once again.