5 simple ways to get out of debt
Post on 15-Jul-2015
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5 Simple Ways to Get Out of Debt
5 Simple Ways to Get Out of DebtSick of being weighed down by debt?These five simple tips will help you eliminate your debt and ease your headache!
1. Monitor your financesTrack income/expenditure (use this free budget planner spreadsheet)Plan your payments schedule for 1st of month to make management easierBe conscious of spending do you need that new [insert expensive item here!]?Leave bank cards at home if you cant control yourself 2. Slash household billsFocus on big savings eg:Gas/electric (could save you 100-200/year)Remortgage (more complicated but 1% reduction in rate could save up to 1000/yr)Use savings to pay off debt (saves interest)Got a gym membership? Cancel and workout from home for free!Consolidate? Check this debt consolidation calculator to see if you could save.3. Credit card kung fuMaking minimum payment on 3k credit card (14% interest) takes over 30 years to repay!Transfer balance to 0% interest cardFor multiple cards, pay min on 0%/low interest cards and overpay on highest interest ratesOnce high interest cards are clear, increase payments on 0% cards to blast debt4. Claim some cashCheck your tax code millions of people pay too muchSold PPI? (Payment Protection Insurance) You can claim back 000s in + interest of 8%Wear a uniform? You can claim back cleaning/general maintenance costs for up to 6 years in arrearsCheck council tax band almost 400k are wrong5. Make more money!Get a second job (handyman etc advertise locally)Freelance use sites like elance.com to find jobs you can do from home i.e. writing/design etcEbay still works can also sell old CDs on musicmagpie.co.ukMarket research/mystery shopper companies pay 30-50 a dayEnd Result