MoneyMakingEasier

Most people in the world surprisingly have debt. This could be as simple as owing $10 to your sibling to something as intense as owing $48,000 for a car. In this blog I am going to give many examples of how to pay off debt.

How to not have debt in the first place

1. Spend less than you earn: For example if you earn $2,000 a month you should only spend $18,000 a month.
2. Build an emergency fund in case anything ever happens and you don’t have money for it
3. Avoid using future money because if you rely on what you will earn in the future you eventually won’t have any future money
4. Delay purchasing right at that time. Wait a few days and see if it’s actually worth it and if you actually want it
5. Know the difference between wants and needs so you don’t spend all your money on wants and not have enough money to cover food or electricity bills
6. Plan to pay off big expenses before you purchase them such as cars, holidays, school costs and bills
7. Keep track of your subscriptions so you don’t have to pay for an extra month without realizing
8. Don’t spend emotionally because you’re most likely to buy a lot of things for yourself if you feel sorry for yourself

But if you are already in debt, I have a few solutions on how you can solve your debt problem and get out of debt.

How to get out of debt

1. Slowly pay it off but don’t fully spend all your money on it. If you slowly pay for the debt than you will still have money left over for other things
2. Save up money to pay it all off in one go so you can feel good about yourself after you pay it off
3. Cut expenses temporarily if they are not as needed, such as eating out, subscriptions and daily coffee
4. Get more money by getting a part time job or doing small one time jobs that still pay a lot of money
5. Negotiate with the people you owe money to. Try to buy yourself more time and/or pay lower than anticipated
6. Use extra money from things like bonuses or gifts to help pay it off instead of using it for something else
7. Sell unused things to gain money and get rid of old unused things
8. Take extra shifts at work but be sure not to completely overdo it. People who overdo it suffer from burn outs and spend more