By Mary Rae Floresca | Negosentro.com |
Getting out of debt is not easy, especially on how to get the money to pay it off. You can start with how to avoid bankruptcy and how to earn the extra money to get out of it. There can only be two ways to solve this common problem of consumers, that is to spend less and earn more.
Listed below are just a few tweaks on how to steer clear from that money rut.
1. Seek professional advice.
Find financial advisors around your area, or better if you have friends or relatives who had a longer experience in dealing with creditors. Best if you can ask for help that you don’t need to pay a fee.
2. Cut expenses on food.
Yes, food is necessity, but admit it, did you ever but take out food more than cooking and eating at home? Again, it is less cheaper to eat at home and even healthier than eating out. Bring packed lunches, there are a lot of ideas and recipes in Pinterest.
3. Shop less.
They say, “Shopping is therapeutic”, but it is not therapeutic to read your credit card bills unpaid when you no longer have enough money, right? You don’t need designer labels to survive fashion, choose clothes that is classic, it’s not a rule to follow trends. If you’re bored with your wardrobe, mix and match, swap with your friends, or family. Buy clothes that is off-season, example, malls tend to cut down prices on clothes that are for rainy season when it’s summer.
4. Lower utility bills.
Simple ways like making sure that water is not wasted because of loose faucet, turn off the lights when not in use. If you’re renting, move to another apartment with lower rent.
5. Earn more.
Do a garage sale at home, sell your assets, if you don’t need that furniture, sell it to someone else who needs it. Sell anything that you don’t need, you may never know how much you’ve earned without spending a capital. Look for part-time jobs,if you are musically inclined, teach guitar lessons to kids.
As simple as that, when you know you have enough money to pay, pay your credit card bills or any bills you have, late dues is a no-no, you don’t want to double your bill, right? Work with your creditors as well, they can adjust your payments per month, can be lesser monthly payments or lower interests.
If all else fails, you may seek help from family or friends that you know you can trust with. This should be the last option though, try to repeat and repeat the steps above first. Getting debt for another debt may be an unending cycle. Focus on your goal, and eventually, you will spare yourself from bankruptcy.