Pay more than the minimum payment
By doing this, you’ll not only save on interest throughout the life of your loan but you’ll also speed up the payoff process. Be sure to check that your loan doesn’t charge any prepayment penalties before though.
Make extra money on the side
Maximise on the potential of your skills and make extra money on the side. You can moonlight and charge for your services. You can then use the extra money to pay your loans off.
Create a budget
Many people think budgeting is a complicated process, but this doesn’t have to be the case. All you need to do is cut your expenses as much as you can while keeping track of how much money you’re bringing in. You’ll notice a big difference if you cut any unnecessary spending and live on as little as possible for as long as you can.
Sell everything you don’t need
To pay off debt fast you can take stock of your belongings and simply sell the stuff that you don’t need. Those expensive speakers you bought but only use twice a year? Or that blender you bought on your last diet, two years ago? If you’re not using it you can sell it and use the money you make to pay your debt off faster. You could have an old-school garage sale or you can just sell your items online.
Negotiate with your creditors
It may be worth your while to negotiate lower interest rates with your creditors. If you have a history of paying your bills on time, there’s a good chance that you may be able to get lower interest rates.
Get rid of expensive habits
If you want to pay off debt fast you can start by evaluating your spending habits. Look at the small ways you’re spending money daily and you may be able to find extra cash.
Downgrade
If you’re driving an expensive car, you might want to consider getting a cheaper model, which will save you money in the long run.
