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7 Steps to Creatively Pay Off Debt

Personal Finance

Are you overwhelmed with debt?

A garden in the backyard

Or do you have some debt but just can’t seem to get to that last payment?

In some circumstances, debt is unavoidable.

However, what can be avoided is how far you allow yourself to sink into debt. Fortunately, it’s never too late to turn around your priorities and start climbing back out of the hole.

The following are creative ways to pay off debt without sacrificing everything in terms of enjoyment.

1. Ditch the cable package and use the Internet

You don’t have to miss out on family movie night to save money and pay off debt. However, by choosing a less expensive option, like Netflix, you can save money every month without sacrificing entertainment.

2. Take unwanted clutter to a consignment shop

Unlike donating unwanted items, a consignment shop will give you a small amount of money back.

Things that you may consider consigning include gently used clothing, appliances, and furniture.

If you’re having a hard time parting with items for sentimental reasons, a good rule of thumb to use is this: if you haven’t needed, touched or used the item in some way during the last six months, then it’s usually safe to say you can get rid of it.

3. Take advantage of grocery store sales

Another way to save money while grocery shopping, and thus pay off debt faster, is to watch for stores that accept competitor’s coupons.

This allows you to get a good deal on all the pantry items you need without wasting gas traveling from one store to the next.

4. Grow some of your own food

Many cooking staples like lettuce, peppers, tomatoes, and most cooking herbs are not difficult to grow – even in limited space.

Of course, the larger your edible garden is, the more money you can save at the grocery store.

5. Make money off of your skills

Using your talents and hobbies to your advantage is a great way to creatively pay off debt while enjoying yourself at the same time.

A few in-demand skills include painting, writing, jewelry making, and repairing vehicles.

6. Sell unneeded vehicles

If your family can afford to downsize in transportation, then consider getting rid of extra vehicles.

Taking the bus to run small in-town errands and carpooling (or public transit) to work can help you pay off debt faster because you don’t have to keep filling up on gas or paying for car repairs.

7. Use natural resources for cleaning

Most household cleaners can be replaced with a natural alternative that literally cost pennies to use.

For example, vinegar can be used for mopping the floors instead of bleach.

The same can be said for some personal hygiene products, as well – like replacing shampoo and conditioner with baking soda and organic apple cider vinegar.

There are plenty of ways to cut unnecessary spending; it’s just a matter of finding the ones that you can commit to sticking with.

If you’re having a difficult time putting aside money to pay off your debt, then consider making a list that separates the things that you want from the things that you need to live.

By looking at a physical list of things that you don’t actually need to survive, it’s much easier to determine what you can afford to cut from your monthly budget – like replacing fast food dinners with simple home cooked meals prepared in advance.

Do you have any tips or creative ways to save money to pay down debts faster?

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Photo credit: The hills are alive via photopin cc

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