Being in debt is no fun at all. However, paying it down doesn’t have to be boring. In fact, today I’m sharing with you creative ways to pay off debt faster and even some fun ways that you can do to pay down your balances when it comes to mortgages, loans and student loans, and credit card debt.
#1 Use Cashback Websites to Get Cashback on Purchases (And Pay Your Debt)
Shopping is something that is inevitable even when you’re in debt. You must purchase essentials for yourself, the kids, and the house. Plus, when kids are involved they always need things such as clothes and shoes and let’s not forget the school supplies and things needed for extracurriculars.Did you know that just by shopping online via a website you could get cash back from these required purchases? You can with sites such as Rakuten and Swagbucks.
The money that you get back from your purchases can be used to go towards your debt. Make sure to check out these other cashback websites.
#2 Use Your Digital Change
Is your problem with paying down your debt that you never seem to have the money to pay more than what’s required? Change that today by using your digital change using an app such as Digit.With Digit you can forget about saving because it does it for you by taking a set amount each time you make a purchase and putting it into an account. Once you think about the account simply cash out and use that change to pay your debt.
#3 Complete a Savings Challenge
Savings challenges are commonly done by people who want to save for a vacation of Christmas shopping. However, who says that you can’t use it to pay off your debt?
Start the 52 weeks savings challenge or even the $5 savings challenge and watch how much money you’ll have to put towards your debt at the end of it.
Another unique savings challenge idea is to put all your change every time you break a $20, $50, or $100 into a jar and watch the change turn into a couple of thousand.
#4 Have a Digital Assistant Lower Your Monthly Bills (And Save You Money That Can Go Towards Your Debt)
When was the last time you looked over your monthly bills? If it hasn’t been recently, a digital assistant such as Trim could be beneficial for you.
With Trim, you link up your bank accounts and it will analyze your spending. It will look for subscriptions you’ve possibly forgotten about and could cancel to save some cash and even negotiate bills for lower prices such as your phone and television bill.
The money that Trim saves you can go towards your debt.
Another good one to join is PocketSmith
● Add notes, labels, files, and pictures to your transactions, and further customize the automated categorization using rules and filters.
● Find transactions quickly with a powerful multi-criteria search engine and saved Powerful budgeting, tracking, and reporting.
● Build budgets your way with your own categories, flexible budget periods, nesting and roll-ups.
● If you’re short on time, use Auto-Budget to predict your budgets based on historical spending.
● Track your overall and per-category spending on the Trends page.
● Get better clarity across your finances with Income & Expense, Cashflow, and Net Worth statements.
● Check your finances on the run with our mobile apps. View accounts, categorize transactions and keep an eye on budgets from your mobile device!
Sign up with PocketSmith
#5 Try the Holistic Approach to Pay off Debt Faster with Rocket Money
Rocket Money (Formally known as Truebill) goal is to take a holistic approach to understanding and taking hold of life's finances by bridging the gap between education and action.
● Get a snapshot of your financial life: See your cash, credit, and investment balances at-a-glance. Keep track of what bills are coming up and stay on target for your monthly spending goals!
● Monitor & cancel unwanted subscriptions: 84% of people have subscriptions that they’ve forgotten about. They’ll help you easily find those and even help you cancel them!
● See where your money is going: They categorize your expenses for you so you’ll know where you’re spending your money, and keep track of your largest and most frequent expenses.
● Enjoy paying less for your cable and cell phone bills: Don’t overpay for your cell phone, cable, security, or other bills. Rocket Money will negotiate the lowest possible rate for you -no headaches, just savings! They even get you refunds when your internet goes down!
● Reach your savings goals with ease: They’ll help you automatically set aside funds for your savings goals while also making sure you still have the money you need on-hand.
● Monitor & cancel unwanted subscriptions: 84% of people have subscriptions that they’ve forgotten about. They’ll help you easily find those and even help you cancel them!
● See where your money is going: They categorize your expenses for you so you’ll know where you’re spending your money, and keep track of your largest and most frequent expenses.
● Enjoy paying less for your cable and cell phone bills: Don’t overpay for your cell phone, cable, security, or other bills. Rocket Money will negotiate the lowest possible rate for you -no headaches, just savings! They even get you refunds when your internet goes down!
● Reach your savings goals with ease: They’ll help you automatically set aside funds for your savings goals while also making sure you still have the money you need on-hand.
Sign up with Rocket Money
#6 Start a Side Business
Are you passionate about cooking, animals, crafting, or something else? Why not turn it into a side business?
All the money your side business makes can go towards your debt and who knows it could even turn into a full-time career/income source, which would allow you to be debt free sooner and join the entrepreneurship revolution.
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