Living in this capitalistic world, where everything revolves around money, is not a simple task. One must be aware of the ways through which one can spend money wisely and save themselves from falling into the abyss of debts. We tend to spend money without thinking about the future prospects, which lead to negative consequences. People frequently ask how to get out of debt, without compromising with their daily needs. By adapting to the dire situations and following these really crazy ideas, you can find a way to get out of debt.
1. Embrace the creative drive within you
Having a creative mind solves most of your problems. If you love doing creative things, it would save you from vain expenses. You can apply your creativity into DIY things. For example, you can make lip balms at home, do your haircut yourself, do projects of college students for money, use washable cloth instead of toilet papers, give tuitions and make greeting cards for your friends and customers. The creativity within you can be applied to cooking too. You can cook delicious food with garnishing and toppings, to give it a feel of restaurant. Avoiding eating from outside would help you in becoming debt free in no time.
2. How to get out of debt…do long-stay instead of night-stay
In these competitive times, everyone is striving to pay off all their debts and invest in something permanent. Crazy and odd it may sound, but living together would save you from huge rental and maintenance expenses. You can stay with your friends for the time being and can share all the expenses on food, electricity and rentals. Although living independently is a motto that every youth abides by, but when you fall into debts, living with your parents might save you from falling more into the pit.
3. Buying and selling used products is a pure Art
This is one of the best ways to get out of debt quickly. Instead of buying items like clothes, books, upholsteries, furniture, etc. at originally high rates, you can buy second-hand or used items. You can buy these used items at half of the prices on online sites, in garage sales and on Black Friday. Not only purchasing but selling used products is also an amazing way to earn money. There are many items which you use twice or thrice and then buy something different again. So by selling your used stuff like clothes, footwear, accessories, etc. with little wear and tear would help you in bad times.
4. Indoor is God whereas outdoor is Devil
Hyperbolic though it sounds, but at the time of excessive debts, this statement seems so familiar. There are so many devils outside which entice you to spend excessively and you are headed towards the door of Hell (or Debts?). Instead of making outside plans for partying or entertainment, you should remain at home with friends and enjoy within limited expenses. Instead of going for shopping outside on regular days, you should do online shopping. This will help you in calculating and controlling your expenses, as you can choose the product according to your needs and given discounts.
5. Commuting is the best policy
This is yet another crazy way for becoming debt free. When you travel to your work place by your personal vehicle, it seems comfy and stylish. Until the time you fall into incurable debts, you remain unaware of the expenses it had cost you. By avoiding personal vehicle for some time, you will be able to save money and come out of debts. Commuting to your work place, changing trains and walking for some distance; would leave you little tired, but will also help in maintaining your health. Thus, this has dual benefits for you and your pocket.
6. Avoid multiplication and go for number One
Mathematics as a subject had given awful experience to us during our school days and it becomes grosser, when applied to counting high interest rates on innumerable debts you have undertaken. You take various loans from different lenders, which cost you separate interest rates and high monthly payments. To save your money from being wholly spent on paying debts, you should opt for debt consolidation. This way you will be liable to pay to only one creditor or loan-giver and it will reduce the interest rates too.
Adopt these crazy and interesting ways to pay all your debts in lesser time and fulfill your impending dreams.