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If you want to pay off your credit card debt then you have two options:
- Struggle to cover all your outgoings and then scrimp together a few dollars which barely pay the interest on your credit card
- Get creative, pay off that debt and finally afford that gold plated swimming pool
Well, whilst a gold plated swimming pool may be out of reach for most people, there’s no reason you can’t work towards a backyard swimming pool. However, first things first, you need to work out how you’re going to cut your credit card debt down to absolute zero.
And one of the best ways to achieve this financial sanctity is by getting innovative with your debt and your budget. Inspired thinking is required, so no more scouring the streets for rogue pennies; you need to get creative to get your finances back into positive figures.
To help get you started we’re going to look at nine creative ways to slash your credit card debt.
- Determine How Much You Owe
It’s crucial that you understand exactly how much you owe before you start building strategies to pay off your debt. It’s the simplest approach, but also the most effective as it gives you a foundation to not only understand your debt, but also how you can reduce it.
One of the best ways to determine the basics of your debt is to get hold of one of the free credit report apps such as Credit Karma or Credit Sesame. Both capable of providing full credit reports, these apps can analyze your credit history and provide valuable insights into where your debts lie.
Better still, Credit Karma Vs. Credit Sesame, you can seek to actively improve your credit score and work towards being accepted for more beneficial lending terms. So, if you want to get off on the right foot, make sure you fully understand where your finances are and where you need to take them.
- Get Involved in Micro Investing
A whole industry has sprung up around the micro investing niche, so why not check out an app such as Stash which, for just $1 a month, allows you to invest sums as small as $5 into a wide range of industries. Even if you’re a novice, it’s easy to start racking up incremental returns as Stash provides plenty of tips and tricks. And all it takes is a few swipes of a screen.
- Make Money by Spending Money
This tip may sound completely counterproductive when it comes to debt, but if you go about it the right way it makes perfect sense. In order to achieve this you need to start deal stacking; it takes a little bit of research, but the results can be amazing.
For example, say you have a $5 dollar gift card to spend at a clothes store, it’s always good to save $5, right? Yes, but it’s possible to save so much more. How about you use your credit card which delivers 3% cash back every time it’s used? That’s even better, right? Sure, but what if you wait for a 10% sale in store? You see how the savings are adding up? And these savings can then be directly applied to your debt.
- Get Creative and Start Creating
If you’ve got a creative talent – aside from debt management – then there’s a good chance that you can put it to use and start chipping away at your credit card debt. If you’re pretty handy with words then consider heading to Upwork to catch writing gigs. If you’ve got a knack for crafting with your hands then maybe you can sell the results on Etsy. And if you can take a stunning photo then try earning royalties off them through iStock.
- Sell Your Unwanted Stuff
If you haven’t used something within the last six months then the chances are that you don’t need it. However, there’s a possibility that someone else may need it and that means you’ve got a lot of potential cash just lying around your home. So, carry out an audit of your possessions and then sell the unwanted stuff on Ebay or hold a good old fashioned garage sale or even better through Letgo.
- Consolidate Your Debts
Finances can soon turn into a tangled mess with debts mounting up from multiple angles and, often, multiple credit cards. This can cause a real headache each month as you try to deal with the terms of each individual provider. And, with your budget blurred by all the different payment dates, your finances can soon take a turn for the worse and increase your debt further.
However, by consolidating all your individual debts into one monthly payment, you can budget all your outgoing costs with much more clarity. Therefore, you gain more control of your budget and can avoid misspending. Consolidation, though, doesn’t come without risks, so make sure you thoroughly research your options through a firm such as Bankrate to get a deal which is right for you.
- Bulk Meals = Bulk Savings
Food is one of the basics that everyone needs, but sometimes we’re a little careless with the food we buy. Far too many meals become leftovers and make their way towards the trash.
However, by making meals in bulk –once a week – you can take advantage of discounted bulk buys on ingredients and then freeze perfect, meal sized portions. This gives you the advantage of convenience food, but at a discounted rate and with all the flavor of home cooking. Here are 70 amazing freezer meal ideas from Thriving Home Blog to get you started.
- Get Entertained for Free
A night out at the movies can be pretty expensive and going to see your favorite band now costs a small fortune, but, if you’re clever, you can be entertained for free. One of the most obvious places to head is a bar which hosts live music – sure, drinks might be expensive, but if you order tap water then it’s completely free. And, fancy watching your favorite TV show get filmed up close? Studio audience tickets are free and up for grabs at sites such as TV Tickets.
- Boost Your Online Income
By completing everyday tasks online – such as surveys, playing games and watching videos – you can soon find yourself generating a few extra dollars for just a few minutes work. Over a month, this soon adds up and can make a significant contribution towards your debt so head over to InboxDollars, Cash Crate and Survey Junkie to see just how ridiculously easy it can be to earn through paid survey sites.