When it comes to paying off debt, the struggle is definitely real. It doesn’t have to be though. Below are some methods from DaveRamsey.com that can help you jump start getting your debt snowball rolling. Some might be common sense, but when put into action, can really help.
1. Start couponing.
You’ve probably heard this a thousand times—but are you doing it? You can save a ton of money just by showing a coupon to the cashier. Just be sure you’re using coupons for products you already buy, otherwise you could end up overspending on items you’ll never use. That’s how you end up with 10 bottles of spicy mustard sitting in your pantry.
2. Try consignment shopping.
Let’s be real: Kids grow out of clothes at the speed of light. It’s not worth it to go into debt for your two-year-old’s wardrobe. Check out consignment stores that sell pre-loved outfits in good condition. If you’d rather shop online, no problem. Sites like thredUP and Swap.com are great resources to get adult and children’s clothing at a fraction of the cost.
3. Cut the cable.
Welcome to this millennium, where you can watch most of your favorite shows online. If you haven’t bitten the bullet yet, do it! Put that $100 cable bill toward your debt each month and watch how quickly your debt snowball starts rolling.
4. Stop going out to eat.
We get it—going to a restaurant or hitting up the drive-thru is so much easier than cooking at home. But while you’re enjoying the freedom of not having to cook, your purse is in a pinch. For a creative way to socialize and share a meal, have friends over for taco night instead of meeting up at a restaurant.
5. Break up with your barista.
If you don’t know where all your money is going each month, we’re pretty sure your favorite coffee shop can locate it for you. Brewing your own coffee at home is a simple way to save money fast.
6. Visit the library.
Remember libraries? They have plenty of books and movies you can check out for free! Your wallet has never loved movie night more than it does now.
7. Plan your grocery trips.
Make a list and stick to it! Use the calculator app on your phone while you browse the aisles to make sure you’re sticking to your budget. Do impulse items always end up in your cart? Try ordering your groceries online and then picking them up curbside at the store. Oh, and don’t ever shop on an empty stomach!
8. Learn to say “no.”
Make it a new part of your vocabulary. Love it. Embrace it. Because when it comes to spending money, you’ll be saying it quite often.
9. Tell the kids you’re on a budget.
When it comes to money, the kids can be a worse guide than your stomach. Be open with them about what you do and don’t have room for in the budget. And remember: Never be afraid to use that magic word, “no.”
10. Avoid expensive hobbies.
Do you really have $200 a month to spend on golf? Are you serious?
11. Ditch the gym membership.
You can still go for a run outside—for free.
12. Sell items on Facebook Marketplace or Craigslist.
One person’s trash is another person’s treasure. Dig through your kids’ rooms and the abyss of your closet to find things you can part with to make some quick cash.
13. Start a side gig.
Starting your own business has never been easier! Do you have a knack for making things? Sell your product online! Animal lover? Take up dog walking or pet sitting. Have a good eye and a nice camera? Start taking on clients for photo sessions.
14. Get a part-time job.
Why not become a driver for Lyft or Uber? Or take on a pizza delivery job? You can even deliver other types of food in your spare time by working for places like uberEATS or Grubhub. Sure, you’ll have to put aside your pride and give up some nights and weekends of downtime. But that’s a small sacrifice for extra cash in your pocket.
15. Find free entertainment.
Put a spending freeze on your entertainment costs for a little while. This means no going out to the movies, concerts, mini-golf, bowling, or whatever you do for fun that costs money. Instead, challenge yourself to find free ways to stay entertained. Take the kids to the park, go for a walk or a hike, enjoy a free concert, or look for a free event in your community.
16. Ask for a raise.
What do you have to lose? You miss 100% of the shots you don’t take.
What about student loans?
One of the questions many also get faced with when paying down student loan debt, is should they also be investing at the same time? There are many varying opinions on this, but the site LendEDU has a great resource that can also outline the benefits and drawbacks of both.
What are some strategies or things you have done readers to help pay down your debt? Feel free to comment below! We can all only help each other out by doing so!