Figuring out how to pay back your loan debt while at the same time being able to provide for your family is a constant need most people have. But how do you do it? How do you give your spouse, children and yourself the monthly luxuries that are important while also making sure you take care of your most important bill to those insistent debt collectors that depend on your payments?By giving back to your debts before anything else, thinking out-of-the-box and using your resourceful ability to stop acquiring more credit in the process! Think in terms of the future, along with these other ideas we’ve modeled for you and you’ll be debt free before you know it.
Build Up an Emergency Fund
Those people who don’t have an emergency fund tend to rack up more debt that those who do. If you don’t have any sort of savings account, how do you expect to pay for new tires or replace that refrigerator that broke without a warranty if not from a credit card? Save a comfortable and safe amount from your paycheck each month and you can eliminate having to use credit altogether for life’s unforeseen expenses.
Don’t Build Up Any More Debt
One of the best ways to cut loan debt is to stop acquiring more of it! Don’t be tempted to buy into a payday loan, credit card with a high APR or withdraw money from your current credit cards (those choices all have high financial consequences). Instead, begin to slowly but consistently pay off your current debt and ignore enticing credit offers that come in the mail. Additionally, make sure that you have established a solid payment plan/schedule to guide you in paying off debt. Look for places to cut back in your life. The kids don’t need many of the things they think they do! In fact, you may find your life enriched by having one less TV (or no TV), and making more homecooked meals!
Cancel Any Automatic Debit Payments That You Don’t Use
How many times have you cringed at your bank statement, realizing that another month’s payment of your gym membership (that you don’t use) or that pricy magazine subscription was just deducted from your checking account? Cancel any automatic debit payments that don’t fit into your lifestyle anymore and save yourself hundreds of dollars each month.
Get Creative! Use Your Talents!
Creativity pays off – especially when it comes to your personal debts. If you’re on a tight budget, consider thinking outside-the-box. Some part time jobs include: acting as a personal taxi cab to those who have drank too much and are too drunk to drive home; entertaining kid’s birthday parties as a magician or clown (both jobs pay an average of $50 an hour); sell bodily fluids/body parts (sure, selling parts of your body isn’t the most appealing, or reproducible, of these creative options, but at least it will shock you into seeing how many choices you have to begin paying back your debts!). If standing around in floppy shoes or blowing up balloons is more appetizing, then know that you can still make some good money during your off time from work!No matter what modifications you make in your life in order to pay back your loans, you have choices and opportunity. By no means will you remain in debt forever, but it will take some creativity, ability to come out of your comfort zone and work hard now in order to reward yourself with a debt-free future.
Author Bio: Heather J. writes on behalf of TotallyMoney . If load debt is a serious issue for you and your family, look into all your options.