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Taking steps to pay down debt can feel like walking on a wide field without an actual track. You walk, and walk, and somehow end up missing your way. And when it comes to saving money while paying off your debt- it’s a real struggle!
And that’s why we got you eight tips that could help you to control your debt situation and eventually get out of it with your patience and focus.
What are the ways to pay off your debt & start saving money?
1.Make a list of debt you owe
The first step to paying off your debt is to know how much you owe. Keeping track of all your credit balances and debts can be tiring as well as scary, but if you’re serious about taking steps to clear it off, you need to know where to start from. So make a list of every debt, including interest rates and balance.
2.Pick a plan to pay off your debt
When you’re done listing and summing up your debt, you need to pick a plan on how you’re going to pay off your debt. Now that you have a list of big number debt and smaller numbers to focus on, decide whether to start with the smallest balance first or highest interest rate, i.e., expensive debts. Whatever the plan you choose, ensure to stick and commit to it.
3.Make your debt less expensive
If you have a load of debts from a car loan or a home loan from multiple lenders with huge interest rates, consolidating them or refinancing could be the right option to make your debt less expensive. Super Money helps you to find the best debt consolidation loan offers that would simplify your finances and lower your interest rates without affecting your credit score.
4.Transfer the balance to a new credit card
In case of having a credit card debt, transferring the balance to a new credit card with a 0% APR might help you to avoid interest and even pay the balance off faster. If you’re unsure where to look for credit card offers, join Credit Sesame to get personalized loan and credit card offers, along with your credit score and credit report analysis.
5.Fine-tune your budget
Lowering your expenses is a must when you’re ready to pay off your debt. The main goal of making a budget is to find extra money. Don’t have a budget plan? Grab these gift cards to lower your expenses on your regular buys.
6. Use cashback apps
Using cashback apps to pay down your debt can seem backward, but it let you stick with your budget and allows you to stop spending extra! Signing up to Rakuten and downloading the Chrome browser extension lets you get exclusive coupon codes and cashback for every online or in-store shopping.
7. Pay off your debt with unclaimed money or extra money
Any money found in your name that comes the way you didn’t expect or budget for, is an extra payment to debt or savings. The found money could be unclaimed, tax refunds, financial compensations, or cash gifts.
8.Start a side hustle
Using your skill or hobbies can be a good start to save money. Starting a side hustle depends on the money you want to make and the time you have in your hands. If you’re willing to give it a try-
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Now that you have these eight ways to pay off your debt and start your financial savings, be truthful to yourself and avoid spending more than you could pay!