7 Quick Debt Busting Ideas
7 quick tips to help save you a few pennies
If your finding yourself up against a mountain of debt, there are numerous ways in which to change your spending habits and get back on the right path to financial security. Outlined below are 7 quick debt busting ideas that you can implement today to help tackle your debt:
1. Shop around online for good deals on any potential purchases you make - Although excessive spending is not great for reducing for your, there are some situations when large pruchases must be made. An hour or two crawling the net for the cheapest deals can save you tens or even hundreds of pounds. This is especially true for electronical and hardware purchases - so don’t buy in high street stores unless you cannot avoid it.
2. Consider going on a cash only allowance - Allow yourself a set budget of say £35 a week to spend and leave your credit cards at home. This prevents you going for the impulse purchase that you don’t neccesarily need. You will also be taught to think alot more carefully about where you spend your money.
3. Make your own lunches for work - Saving money by making your own lunches can add up to a great deal over the course of a year. If you imagine £3 per day that equates to:
£3 x 5 days = £15 a week
£15 x 52 weeks in a year = £780 a year!
If you make your own lunches, you could save upwards of around £390 a year - nothing to be sniffed at.
4. Ask your boss for more hours at work - If you work in a job that is paid hourly, why not add a few hours to your working week. An added 5 hours a week work could add over £1,000 an year to your income, which could help pay off some of your debt repayments.
5. Rent out a spare room - If you have a spare room or even a loft, which could be converted, you should consider renting it out to earn a little extra money on the side. In the UK, this is easier than ever, with the government’s ‘Rent a Room’ scheme, you can collect up to £4,250 tax free from becoming your own landlord.
6. Ask your credit card companies for a better interest rate - Often credit card companies are so eager to keep your business that, when pushed, will sometimes lower your APR. You can achieve this by ringing and saying that you are considering cancelling your credit card and would stay if you were offered a lesser rate.
7. Start earning cash back on your old items - Think about renting out some of your electrical equipment or machinery on Zilok, the peer to peer sharing site. Alternatively, why not list some of your items on Gumtree or eBay to earn a few extra pounds (Gumtree is still free to use for most categories).
It’s true that every little helps, which is why following a few of these ideas can be used to bust that debt!
Comments
One Comment on 7 Quick Debt Busting Ideas
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Thomas @Turnkey Consulting on
Wed, 10th Mar 2010 6:26 am
Great and nice post! The article is very informative. Thanks for sharing such nice and lovely ideas. If we can follow all the information that you had provided here, then we are sure that we can live a life without any debt and moreover we can make savings too. After all savings is vital to each and everybody and it’s the main options to live a better life in the future.
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