A man in debt is so far a slave. ~ Ralph Waldo Emerson
Struggling with your debt is one of the most stressful time in a person’s life. As the above quote rightly “A man in debt is so far a slave”.
Proper planning can help you get rid of debt.
Here are a few things you can consider while planning to reduce your debt –
- Deffer spending on things you don’t need immediately. Spend only when absolutely necessary.
- When you get a bonus or make some extraordinary profit from your business try and repay more debt.
- If you think you are not making enough money in your current job try considering a new job which pays more.
- Consider second income. Start a blog, youtube channel, etc.
- Sell of things you don’t need and make some money to repay your debt off.
- Temporary block off your credit card if you don’t need it.
- Defer spending on travel if not necessary.
- Save money at all possible places.
Once you start saving make that your habit. Try and save more and more every month.
Once you have decent money saved in your balance use that money and repay off your debt.
It won’t be easy, to begin with, but it’s not impossible.
Share your experience and ideas in comments below.