We all know what time of year it is, and it rolls around every single year, sometimes bringing its unpleasant reality of truth, responsibility and so on. Holiday debt is a serious issue and more people than you can imagine are trying to free themselves from it. It’s an easy situation to get caught up in and some of the most intelligent people are trapped in it. A lot of times, money can get us confused for love and we use that, not realizing that in the long run, we are causing our life and the abilities to be a loving person to go down the drain. When the holiday debt hits us, we tend to turn into hateful, unloving, and very stressed out individuals. So now, the intriguing question is, how on Earth do people get rid of that awful holiday debt?
How to Beat Debt?
Below, we are going to discuss some great techniques on how to help you get rid of your debt. The first thing you need to do is make sure you focus on the absolute highest point of your interest debt, alright? Most people always pay on their minimum debt amount that needs to be paid, but if you have some debts which spread across multiple loans and even some credit cards, your main focal point should be on the debt which holds the maximum interest rate. The top debt should always be your focus; always.
Pay More than the Minimum
The next key element keep in mind is always to pay more than the minimum of your focus debt. That step right there will be key, and I mean a key, signature move on getting rid of your high interest debt. Think of it this way; just go above and beyond. You may ask, “I’m in debt, how can I go above and beyond?” Well, you were smart enough to purchase “above” your means, so there must be a way to get this paid off and the key to it all is a strategy, even if that means cutting back on your favorite foods or cosmetic items for a couple of months or so. Now, the next step may sound a bit funny to you, but if you “dig” hard enough, it could profit you.
Go through Your Closets
Go through the garage or any pile of unwanted, half way decent items that are no longer beneficial to you anymore. Yes, this may seem quite childish and what a teenager in dire need would do, but hey, if a garage sale can make you money to help pull yourself out of debt, why wouldn’t you attempt it? You’re in holiday debt and you must dip into your creative side, alright? Who wouldn’t love to have more room in their home and really, it makes a person feel better as well when you can get rid of all that unwanted clutter! What about going through that heap of clothes pushed in the back of your closets and those old, vintage prom gowns you thought would be valuable to you twenty years later?
If you advertise your personal merchandise appropriately, you could seriously retain some real money. Fun fact; most money is at the tip of everyone’s hand, we just need to figure out how to play the right hand to be effective!
Consolidate Debt on a Zero Interest Card
Now, another very exciting technique which many people don’t realize they can do because let’s be honest, when panic mode happens, life gets real; understand that! What you can do is do a transfer of your balance and consolidate. Now, what this means is that you can contact a new credit card company and speak to them about offering balance transfers; such as, if you sign up for their credit card. A lot of credit card companies will allow you to transfer your balance of one, and sometimes, even more, allow you to transfer the balance of your other credit cards to a new credit card. Now, usually that will come with a zero percent interest rate on your transferred balance, which will usually last for quite the long time; even as much as eighteen months!
Sounds pretty neat, doesn’t it? See, there are ways! Not to fear, there are so many different variations to how you can set a balance transfer up. Some of these programs defer the interest for only eighteen months on literally, any portion of the transfer that you didn’t pay, while some offers don’t even count the interest at all! Yes, it can get better the more you dig and research! That’s why it’s so vital to execute the proper research before you get involved with a balance transfer.
Where to Start?
You probably want to know how in the world you can find such a method. Well, the easiest place to begin your search would be to visit a website of some major credit cards. Such sites include Chase, Citi, or Bank of America. Most of us have heard of these places, so it shouldn't be difficult at all to call and do some research before a balance transfer, alright? There is a small trick to keep in mind as well. Please remember not to forget about the money you have already transferred, simply because you are not paying interest on it right now. It’s still there and in due time, will need to be addressed, but here is the signature element of this.
Remember always to keep your high interest at bay and always use the breathing room to crush out some of your debts. It’s going to be tough to succeed financially if you always have to deal with high-interest rates. It’s like throwing your money right out the door; literally. Now, on a much lighter note; I know your head is probably spinning, but you need to think about cutting back on the unnecessary items you buy monthly. You probably believe that you need each and every little item that you buy, but in reality, you don’t; none of us do!
Here are some neat examples on how to cut back a little, which actually could save you a lot in the long run. First of all, here is what I would recommend, okay? At the beginning of each month, write down all and I mean all and every expense you have for that month, really focus on every single thing you buy; even how much gas money you spend going to and from work. Now, when that list is complete, you will need to cross out all the expenses and items that you truly could live without. Oh, it’s just a dollar here and a dollar there; but really, it’s hurting you in the long run because you could use that wasted money to help pay off that holiday debt! Do you need to put yourself on a spending diet, alright?
You can do it; I promise you and your family will not die! It will help you to become smarter and more frugal on living; truly living! Here are some tremendous tips! When you go shopping for your essentials, only buy off brands and believe me, they still deliver the same results. Neutrogena versus the Equate brand, believe me; when you purchase Neutrogena, you are only buying the model in the commercial and the name on the front cover. Take the time to read the ingredients used on the back of a Neutrogena product versus the Equate brand. You will be so flabbergasted that the main ingredients are the same! Now, if you work outside your and if possible, ride a bicycle or walk even to your job, this will save on gas money! All of this is changing the way you live, think and function to save money and yes, it is possible!
Pack Your Lunch for Work
Now this fact will leave you floored. Get this! If you start preparing and taking your lunch to take to work, you’ll save roughly one hundred dollars a month Within a year you'll have saved one thousand dollars. You’re probably speculating how to do this accurately. Well, you will need to cook in bulk.On a Sunday or whenever the beginning of your workweek falls, cook in bulk, and make a heap load of various dishes to last you throughout the week. How would this help? Well, when you cook in bulk and pop the rest of the meals inside the freezer to save, you will not be tempted to add packaged meals to your lunch throughout your week. And we all know how much-packaged meals cost, right?
Simplify Your Beauty Routine
You can also simplify your beauty routine. I mean really, do you have to have three different Chanel foundations and five different eyeshadow palettes? No, you do not! Always remember to turn off the lights as you exit each room in your home; as this technique will save on the electricity bill. It’s the little things that we can alter and in the long run, will save us big bucks! Now, this next method may sound a bit coldhearted, but if it works, why not execute it? All those silly, dust collector gifts that you really can’t stand and so on, why not take them back to the store, telling the cashier that your item was a gift, you don’t have the receipt, and if possible, you would just like cash back on the return? You wouldn’t think that you could get business taken care of without a receipt, but if you voice that your item was a gift, over half the time you will be able to get cash back or at least a store credit back on that item.
Every Little Bit Helps
You can also turn your gift cards that you received or even have stored away in your pocketbook from the past, you can turn them in and receive cash for them! You can do this at such places like Carpool or Raise. These two companies will give you roughly, around ninety-two percent cashback on what your gift card is worth! Pretty amazing, right?
Pay with Cash
Another procedure that you could implement is cutting back on using your credit card so much, which sounds ironic I know. When people are so comfortable with always using their credit cards, they tend to rely on the usage of a credit card continuously. How about using cash or a debit card more often and then you will not be so comfortable with the fact of buy now and pay later. You either have the money or not on the pay with cash or debit card trick.
Use Your Annual Bonus
Also, if you have received a nice chunk of an annual bonus, I know this will hurt if you are planning a pleasant vacation or planning to purchase a well-equipped camera, but why not save that work bonus you received at Christmastime to help pay off that holiday debt? Believe me, every little bit helps! Let me ask you this. How could you take off and enjoy a vacation when you know that you are trapped in holiday debt? It doesn’t make sense at all. You can even use your tax returns to help pay the holiday debt off. I know it sounds extreme because a lot of people get back thousands of dollars during tax time, but you could take half of your tax return money and use it to pay off the debt.You could either spend or save the other half if it bothers you to spend every cent of your tax return money to pay off holiday debt.
Make Money with Your Hobby
Then again, it all depends on how much you’re in debt and everyone’s personal situation is different. Another interesting way to get out of that horrid holiday debt is to focus on your talents, which may sound rather mindless, but nearly everyone has a passion and a talent; a hidden secret that they are good at. Why not take advantage literally, of your abilities! Let’s say for example you are a talented singer. Why don’t you go down to your local bar a couple of nights per week and sing some songs for twenty or thirty dollars a night? It may sound silly, but it opens up your mind, your heart and literally; your pocketbook because as I mentioned prior, every little bit helps! When you can find creative ways to bring in money, whether it is small or massive amounts, it changes a person, and it will help with creating more happiness. You have no idea how fruitful and flourishing you can be if you use the light you were born with to put a smile on other people and a few bucks in your pocket!
Alright, let’s use this example right here. Let’s say you live in downtown New York where the lights and creativity never stop. Alright, you could take a senseless act that you have out on the street and see if by passers will throw a couple of dollars in your hat or bucket. I know that sounds profoundly unintelligent and rather what a child would think up, but we are talking about New York; downtown New York where literally, anything goes. You would be surprised on how much people will pay for the taboo, the unusual and really, the untalented. You could even wear a mask and perform on the streets of New York if you didn’t want to show your face. Twenty-five or thirty dollars a day after work will add up, and as always, every little bit helps!
Quit Expensive Habits
One last technique we would like to transport to the light is to quit expensive habits. If you go to a high-class gym, drop the membership and exercise at home or take a run in the local park. Believe me; you can still keep your strength and weight down by following an at home workout routine. Businesses make you believe that you have to join and maintain attendance of a gym if you want to be fit. Once again, that business is selling a brand; themselves! You can perform resistance training techniques at home, even if you have to buy a resistance band or weights, you can alter your gym membership and still not go to slush. These are just a few creative techniques in which you can use to help get yourself out of holiday financial strain.
There are many ways to gain money and each person’s expedition and abilities are different. Please, don’t ever let your holiday spending be a burden upon your future life. The holidays are meant to be celebrated, but with reasonable means; always remember that. The bottom line is this. If you were coherent enough to buy all those items and take holiday trips, you are most definitely imaginative enough to locate ways to pay off that debt. Even if it takes quite the longtime, Rome wasn’t built in a day and paying off your holiday debt is up to you in how you alter your thinking and current living situations.