How To Find Money To Pay Down Debt
Paying down debt is not easy. To truly reduce your debt you need to find a way to reduce it without borrowing. And this includes not borrowing an interest free loan from a relative. You can do that, but technically you are still in debt.
Here are some ways to find money to pay down your debt –
• Eat the groceries in your cupboard before you go shopping. Most people shop mindlessly for groceries once a week rather than eating up what is in their cupboards in the first place.
• Cut down on eating take-out food and eating in restaurants. Eating at home and bagging your lunch can save thousands of dollars, and sometimes even tens of thousands of dollars per year.
• Give up a luxury such as cable television or a gym membership. These little things often add up to over $2000 a year that could be put to minimizing your debt.
• Sell things you don’t need anymore – You can hold a yard sale, take clothes to sell at second hand consignment shops and auction off items on eBay.
• You can start a small business or get a second job – Sometimes the surest way to make some cash is to get a second job. This might be painful but it might be a quicker way to stop that compound interest from multiplying your debts.