Getting yourself out of debt is far from easy, but, when you’re in over your head, it can seem practically impossible. Everyone knows that managing your money and budgeting are essential first steps, but when your credit card bills just keep growing, they can only do so much. If you’re dealing with a similar situation right now, then it might be time to take action that is more drastic. Thankfully, you can consider a number of more unconventional ideas. Here are five things you could try to tackle your finances and get yourself out of debt.
1. Sell Any Unnecessary Belongings
Many people get into debt by buying things they simply don’t need and can’t afford to, so why not turn the situation around by making some money back from these unnecessary belongings. If you have a television that is a bit too big or expensive for your needs, then consider downgrading to one that’s a little less extravagant. You could also go around your home and then get rid of anything that is cluttering up the place. You’d be surprised at how much money you can make.
2. Consider Walking To Work
With insurance, gas, tax, and more, owning a car is far from cheap. With that in mind, you should consider ditching your vehicle, and walk or cycle to work. This way, you’ll completely cut out any auto bills, freeing up a large amount of cash each month. Walking and cycling are also much more active than driving, which means you’ll also improve your health. This eliminates the need for a gym membership and reduces the chances of expensive medical bills.
3. Ask For a Raise
Although asking for a raise isn’t the craziest idea out there, it can be a scary one, which is why most people avoid it at all costs. Unfortunately, if you want to get yourself out of debt, then it’s important that you do what’s necessary to boost your income. That being said, it’s important that, when you ask for a raise, you do so the right way. A boss won’t just give you extra cash for no reason at all, so ensure you explain how you add value to the company and deserve a reward.
4. Switch Up Your Job
When one job isn’t paying you enough money, it makes a lot of sense to switch things up. This means you should consider getting a new job or getting a second one. Thankfully, with courses like Master of Accounting and Master of Arts in Mental Health Counseling online, it’s easier than ever to get the qualifications you need to change your career. You could also consider starting a side hustle, as this avoids any potential issues with your current employer.
5. Move Somewhere More Remote
When you live in a big city, the temptation to spend money is everywhere you look. Because of this, you may want to consider packing up and moving somewhere a little more out of the way. By removing the ability to spend your money easily, you should spend less of it, making it easier to pay off your debt. If this is a bit too drastic for you, then you could also consider downsizing to a smaller property, as this will cut down your rent, mortgage, and utility bills.
When you’re drowning in debt, the traditional methods don’t always work, so consider these more drastic ideas.
