:::: MENU ::::

Browsing posts in: Loans

Surprising Ways to Get Yourself Out of Debt

by

Debt can be suffocating. Debt is a vicious cycle that seems never-ending. There are some surprising ways you can get yourself out of debt and get a fresh financial start. Follow these tips to wipe out debt and get a clean slate.

Earn More Income

One of the easiest ways to get out of debt is to pay it down quickly. Increasing your income by taking on a part-time job or generating income online can be a great way to get out from under what you owe. If you think you do not have time for a side gig, think again. Online venues make it easy to freelance or sell without sucking up too much of your time.

Ecommerce is bigger than ever. For example, the online watch and jewelry market is expected to reach the $7.6 billion mark in 2021. You can start your own online business with a very small investment. Consider ways to generate more income to pay down debt fast. Use the extra money only for paying off credit cards and loans, and you will be amazed at how much progress you can make.

 

Don’t Take On New Debt

There is only one time you should consider taking on new debt and that is when you transfer balances from one credit card to another that offers a lower interest rate. Avoid taking out loans or opening new accounts while you are trying to get your financial balance sheet in order. In the same vein, stay out of trouble. A DUI can cost anywhere between $500 and $5000 and can include 30 days in jail in Massachusetts, other states have similar penalties. Work the straight and arrow at least as long as you have money owed. The last thing you need to do is to have to pay more money for a misstep.

Declutter Your Life

Streamlining your life goes hand in hand with having the discipline to live on a budget. Start by decluttering your home and selling anything that you no longer use or no longer want. Yes, it is wonderful to donate things, but right now you need to generate as much cash as you can. Selling off the clutter in your home can be very lucrative. Take everything that you make and put it on a credit card bill. Pay off the lowest balance first, then, the next month, take the money that you normally pay on that card, and put it on the next lowest balance. This snowball approach, which starts with decluttering your home, will clear your debt in no time at all.

 

Put Windfalls To Good Use

We all get unexpected extra money now and then. Use that money to pay down your debt instead of buying something or taking a trip. Every dollar counts when you want to get your finances in order. If you cannot part with all of it, use half. Take advantage of the opportunity to get ahead of the game.

Work The System

If you have cards that offer points and other rewards, cash them in and put them toward paying your bill if it is an option. Work the system. Speak to lenders about changing dates if the due date does not work in your favor.

 

Sell Your Car

If you live in an area with access to public transportation, sell your car. You will generate cash, get out of debt, and not have to pay for the extras like auto insurance and parking fees. You can buy another car down the road when you are in a healthier financial place.

 

Keep Up On Maintenance

Unexpected breakdowns can start the debt wheel spinning again. One of the best ways to ensure that your equipment, appliances, and vehicles do not fall apart and cost big bucks to repair is to keep up with maintenance. All the systems in your home need maintenance. For example. If you have a fire protection system under the NFPA25 code, you must have visual and functional testing at several different intervals. Monthly, quarterly, semi-annual, annual, 5 year, and 10 year intervals. HVAC needs semi-annual maintenance, and your roof should be inspected annually.

Keeping up on maintenance will save you a bag full of money on repairs. You can get out of debt with some discipline and by trying these surprising solutions.

 

DIY Wins Again!

by

I’ve gotten pretty good at coloring my hair at home – or I guess I should say my husband has. I cannot tell the difference between when he colors my hair and when the salon does. He watched a couple YouTube videos and we buy good color, so it comes out consistently great. I’ve had a couple DIY successes lately, so I keep trying new things that have been too expensive to have done professionally.

One of the big ones? I love the look of acrylic nails (or I guess it’s gel/powder these days?). I love the shiny color that lasts for weeks but going to a nail salon isn’t in the budget. Those gel manicures run $40-$50 every other week and there are just too many other things I need in my life than nice nails. At best, I get a $20 express manicure twice a year.

A friend posted on Instagram that she had tried nail dip powder at home for the first time. Her nails were gorgeous! I messaged her and she suggested a cheap $25 dip set and sent a couple how-to YouTube links.

Friends. Holy moly. I tried it out and it’s so darn awesome. I tried it a couple weeks ago, but I wanted to see if they result was beginners’ luck or if it was really that easy. The first time was a cake walk and the nails looked great. I kept them on a little over a week, removed them, then tried to apply a different color. Uh. Yeah. Just as easy the second time.

I am no photographer, so my photos don’t do them justice, but they look amazing. It takes me less time to apply dip powder than to paint my nails with traditional polish since the dip powder doesn’t require long dry times and it’s actually pretty fun. Don’t judge my ‘old lady hands’. We’re in the middle of a dry Texas winter and I’ve been forgetting lotion lately.

Any suggestions of things to DIY??