These are my 10 top steps to pay off debt
STOP USING CREDIT
If you keep accruing debt it will be incredibly difficult to pay it off! Go cold turkey and stop using credit.
If you have credit card debt aim to pay more than the minimum repayment. Minimum repayments are designed to keep you in debt for longer. Pay something over the minimum repayment - even if it is only £5, anything is better than nothing and eventually those little sums will add up.
0% BALANCE TRANSFER
Also if you have credit card debt consider whether a 0% balance transfer is a possibility and whether it is worthwhile. 0% interest is awesome and it is certainly helping expedite my debt repayments but remember there may be a fee and that the 0% period will end eventually.
Get organised! Make lunch the night before and stop buying lunch on a daily basis.
THE LATTE FACTOR
Buy a thermos, coffee grinder and some beans. It is much cheaper than paying £2.75 a day for a coffee.
Buy a whole chicken next time you do your food shopping. A whole chicken is circa £5. My partner and I usually get 2 dinners and 2 lunches out of a whole chicken - sometimes a fifth meal and you can boil up the carcass to make chicken stock/soup.
SELL YOUR STUFF
Ebay, carboot, vintage fair, facebook - choose your poison. Time consuming, yes, but if your debt is from frivolous spending you should make some money back from the crap you bought on credit which can be thrown at your debt.
Boring, but budgeting prevents debt and pays it off.
GET A SECOND JOB
Or as Americans like to say 'side hustle'
We all slip up but get back on the debt free wagon!
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