Quick Ways to Pay Off Debt You Must Do
Who else doesn’t know the impact of being entangled in debt ? Of course it is very unpleasant because in addition to attacking the emotional impact that leads to stress, usually if the debt problem is not resolved immediately the stress can lead to debt. To get rid of debt immediately, you can do a variety of ways to quickly pay off debt. Here are 6 quick ways to pay off debt that you need to do in order to start a new financial life:
Keep a record of all debts that you have
First take the debt bills that you have and record each nominal. Don’t forget to note each interest charged on the arrears. Give priority to debt with higher interest rates. If you already know the details of debt in arrears, you can begin to adjust how much money needs to be allocated to pay debts. This is useful so that you know exactly the funds that need to be disbursed, without having to mix ajsk with savings funds and some expenses that are better not cut even though being in debt. Furthermore, although we don’t make this nest, you can also pay with a minimum payment while saving to pay off debt.
Manage Your Monthly Salary Well
After knowing the amount of debt, interest rates, and the total money allocated to pay the debt, you can start the next step. You have to start dividing salaries per month for savings accounts, debt payments, and expenses which of course must be suppressed. Always set aside savings first so that you still have money saved in savings, at least 30% of the income per month that you get.
Look for Additional Income
Try to double check items at home that may not be used, but are still good for resale. Currently there are many sites that you can use to sell used goods in order to increase funds to pay for the remaining debt.
Start a New Lifestyle that is More Efficient
How to pay off debt quickly next is to start a frugal lifestyle. After being satisfied managing revenue, the most important moment came to manage expenses. If you are able to cut expenses and are willing to reduce lifestyle, believe the impact of savings will be felt more quickly. There is more money left and can be allocated to pay debts. Actually there are many ways you can do in order to start a new lifestyle that is more efficient, you only need to be creative and sensitive to the opportunities you can take to cut costs more:
- Shopping for cheaper goods for the same quality
Living a frugal life doesn’t mean being stingy, you just need to be more creative in making use of attractive promotions and offers around you. When deciding to buy a product for example, try to find alternatives so you can get a cheaper price for the product. If this is not possible, you can also look for other products that have more or less the same quality, but at a cheaper price.
- Shop at supermarkets cheaper
Although we recommend that you shop at the market for cheaper prices, we understand that sometimes there are items that are sometimes cheaper if you buy them at the supermarket. This is usually because there is a private lable that makes shopping more economical. Shopping in supermarkets can actually be done with more savings as long as you know the tricks that must be done, such as: utilizing vouchers or discounts that are currently in effect.
- Save while working
Not only when at home, in fact savings can also be done at work. Some things you can do, for example, use public transportation or bring supplies from home. Even though it seems to only cut a little, but if it is collected at the end of the month, your total savings can be very much, you know!
Use Emergency Funds
One quick way to pay off debt that you can do is to use emergency funds. If you manage your savings fairly regularly, surely you must have set aside an emergency fund each month. As reported by Liputan6.com , financial expert Safir Senduk revealed that every month you should set aside a minimum of 10% of the salary earned. On the other hand, if the risk of a job is greater such as working as a freelancer, professional, singer, enlarge reserve funds 6-9 months of expenditure, but if you are an entrepreneur at least prepare funds for 9-12 months of expenditure. Emergency funds can be collected using savings plans that automatically auto debit every month from your transaction account. Another way to raise emergency funds as a way to pay off debt quickly is to collect the people who still owe you money. Usually the amount of receivables that you have can greatly help you to collect funds to pay debts.
Ask for Help from More Experienced Parties
People often assume that the best way to quickly pay off debt is to use a bailout or use aid money from your family . Simply by using these funds, you can immediately pay off debt without worrying about being listed on the BI blacklist . Unfortunately, both methods are not appropriate. If you use bailouts, for example, you will continue to have to pay debt to the bailout without knowing when you can pay off the debt. Not to mention the risk of credit cards that must be withheld as one of the requirements. Relying on aid money from family is also not appropriate given the moral burden that is borne, especially if you have to bother parents to overcome debt problems.
Therefore, the best way to quickly pay off debt is to ask for help from experienced parties . One that you can take advantage of is the company’s debt management program services. This management program can be obtained by using a trusted provider of debt management programs so that you can get relief, which can certainly save more time and save more money.