Have the doubts been disturbing your sleep lately? Believe me, you can pay them faster than you think. To get rid of your debts, you will need a lot of discipline, focus on purpose, and a willingness to cut into the flesh. This means cutting not only the superfluous budget, but also items considered essential, as no one will die from giving up for a while.
So, want to know how to get rid of debts quickly? Just keep reading these 7 steps we have prepared for you.
1. Involve the family in the mission.
Have a family reunion, expose the problem, make suggestions. There will always be someone with a good idea that you had not considered before. If everyone in the family works, try to distribute responsibility for paying bills. One takes care of the light, another of the water, another of the telephone, and so on. You will see how the bills go down as miraculously: whoever pays the electric bill will never leave a light on unnecessarily, who pays for the water will cut down on bath time and so on.
2. Get rid of high interest rates
Start with higher interest loans such as overdraft and credit card. Inquire with the bank about lower interest rate credit lines and exchange one “debt” debt for another with lower interest rates. An example is making a payroll loan to cover the credit card and overdraft, which are the champions of the high interest rates. Some employee associations or cooperatives offer special interest loans to members. Find out about your company!
3. Negotiate terms and discounts
The next step in getting rid of debt is to go to your creditors, ask for discounts and try to renegotiate installments and installments. Lenders can be flexible, especially in the case of old, hard-to-repay debts, as it is more advantageous for them to repay the money in installments and in the long run than to receive it at all.
4. Cut expenses
Household budget analysis with family and see how many expenses can be cut. You can give up the gym and go for a walk outdoors in the park. City halls in many cities offer fitness equipment on squares and rental bikes, enjoy!
Instead of going out to dinner, invite friends over for a gastronomic evening at home: Once a week, someone goes to the kitchen to create different dishes to surprise the class. The weekend movie can be at home. The guys bring the wine or beer and all watch a good movie together. You do not need to give up leisure. Just use creativity!
5. Generate Revenue
See in the cupboards how much has been unused for over a year. Separate everything the family doesn’t need and advertise on sales sites. Or, make a home bazaar and sell it to friends and acquaintances. Your aunt traveling to a cold place may need exactly that coat that is cluttering your closet. The advantage to both sides.
Baking cakes and sweets to sell, tutoring or consulting, walking your neighbor’s dog, renting a spare room, there are several ways to make money, many without leaving home. Use creativity to earn extra money!
6. Keep accounts under permanent control
There are great apps to track your bills and expenses. You track bank transactions, do financial planning, and keep track of income and expenses right from your mobile phone. An automatic option is the GuideBayment itself. End the excuse that you didn’t know how much you had in the bank before you made that impulse purchase.
7. Be wise from now on
Once you have figured out how to get rid of your debts quickly and regained control of the budget, one last recommendation: learn the lesson go into the red again. Nothing better than putting your head on the pillow and sleeping a peaceful sleep without worrying about doubts.
And don’t forget to share our post on your social networks. Other people interested in getting rid of doubts will also enjoy reading!