/ Savings And Investments

10 things you can do to get extra money to pay off your debt💪🏻

10 things you can do to get extra money to pay off your debt💪🏻

Spiralling debt is a nightmare(especially when its a compounding debt) and most of the time our income barely covers our expenses and we don't have enough money to commit towards clearing our debt.
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There are two ways to get more money to pay your debts. Increase your income or reduce your expenses.
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Below are some ideas to achieve both. If you can find 10 different things then you could save at least £50 a month which is £600 a year. Not all of these will apply to you but if you adapt a few and make a few sacrifices you will reach your goals faster. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

Decrease your expenses:✔

  • Cook at home instead of eating out (£30/week)
  • Premake your work lunch ( £25/week)
  • Swap meat for cheaper protein
  • Make a grocery shopping list and stick to it
  • Don't shop whilst hungry, you will overbuy
  • Use coupons for things you actually need to buy
  • Buy store brands
  • Drink water rather than soft drinks
  • Avoid impulse buys at the register
  • Avoid starbucks, make your own coffee
  • Buy your own reusable grocery bag ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
  • Reduce clothing costs ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
  • Forget designer clothes
  • Buy trend proof clothes 👕👖
  • Buy seasonal clothes at the end of the season
  • Look for sales or clearouts

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Entertainment and housing costs

  • Share netflix subscriptions📺
  • Don't buy songs, stream
  • Ask for a promotional rate on your TV subscription
  • Bundle your phone with your cable and internet
  • Plug into utility switching services
  • Take a staycation rather than a vacation
  • Wash your car yourself
  • Ditch the gym, do home workouts or volunteer for some hard labour💪

Banking and finance

  • Don't pay late fees on your credit card or other credit facilities.
  • Pay your credit card every month
  • Avoid expensive overdrafts/plug into overdraft services such as Huuti
  • If your bank charges a monthly fee, switch.
  • Cancel pointless subscriptions with Huuti
  • Keep a budget with Huuti ⠀⠀

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Increase your income

Work overtime
Get a second job
Sell your arts and crafts on etsy
Sell old stuff on ebay
Pawn your electronics
Look for valueable items in your house such as old CD's or coins

If you have found 10 things here which you can comfortably do then that could be an extra £600 in your pocket annually.

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10 things you can do to get extra money to pay off your debt💪🏻
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