Feeling like your debt is bearing down upon you and there’s no way around it? Follow these steps to get it to a more manageable level.
1. Know Your Debt
Get a free report from Credit Sesame, and use their tips to help you improve your credit score – this will lead to better rates for you down the line.
2. Negotiate Your Bills
Many service providers are willing to give you discounted rates – all you have to do is ask. Also, don’t forget to cancel the subscriptions and services you don’t need.
3. Consolidate Your Debt
Think about refinancing several different cards and bills into just a single loan – you might be able to get better interest rates, and a more feasible payment plan.
4. Invest Without Doing Anything
Acorns helps you round up purchases to the nearest dollar then invests that money for you! Over the course of a year, it can lead up to quite a bit of money.
Clear out your closet or storage space and let go of things that you haven’t used in years – there are apps to help you with that too!
6. Automate Your Savings
Set up a separate bank account without an ATM card to route your salary into, and pay yourself weekly from it.
7. Cashback rewards
You’ve cut down on your spending already, so now it’s time to utilize the many cashback apps available to earn money for the things you’re still spending money on.
Instead of spending money on subscriptions or going out, learn to have more fun for cheap or free! This forces you to get creative, but also ends up in a rewarding experience at the end of the day.