Debt is not created to be fun. We don’t ask for debt, nor do we want it. As with anything negative, it’s always best to try and make it positive. That’s why it’s good to find creative ways to reduce debt and save money. 

For many people it’s the same cycle, you find a job and use your income to pay off your debt. Yes, this is the best approach to reducing your debt, BUT there are other ways to help you get things moving quicker. While the old fashioned responses still hold up even to this day, we decided to make things more interesting for you whenever you choose to reduce your debt.

Here are a some creative tips that will teach you how to get out of debt:

Bonuses

Let’s face it; everybody loves a bonus. Salary plus bonus equals a good day to be alive. But most of us use that bonus to buy a new car, go on a holiday or just spend it all. Now, we’re not here to ruin your pleasurable activities, but what if you used that bonus to put towards your debt. Cancel that night out, stay in and watch Netflix and invest in a stress-free future.

Start selling on Gumtree and Facebook Marketplace

The chances are that you may have some junk lying around in your house. You don’t use it and chances are that you won’t use it. Why not free up some space and earn some extra cash. Online marketplaces make it super easy to sell anything. Whether it’s an old phone, birdcage, car part or video game – there’s virtually someone out there willing to trade in their hard-earned cash for your valuables. Put the cash towards reducing your debt.

young lady taking a photo of a jacket with her smartphone

Stop hiring people and start getting it done yourself

Do you want to know other methods to save money to reduce your debt? Try not to hire anyone to mow your lawn or clean your house. There are many activities that you can do by yourself and save some money at the same time. Just don’t try to repair your toilet or fix any electrical appliance if you have no idea what you are doing. You may end up paying more for the hospital bill or repair services than for any other debt.

Save Your Change

For those who still pay with cash, you will know that it is annoying to keep on you. Rattling pockets, dirty coins and loose change is a nightmare. These financial “bullets” can be a pain to us sometimes. Luckily, you can grab a jar and put all your change in there. After a couple of months, you can use that change to buy some food or other low priced products and save the cash to pay your debts.

If you’re one of those people that say “Sorry, I don’t keep cash on me”, you’re not avoiding this creative way to reduce debt. That’s right, there are mobile apps that help you save extra cash. As a matter of fact, apps such as Acorn actually round up any credit card purchases and use them to invest in the stock exchange. Whilst you don’t need to use it as an investment app, you can utilise it as a virtual savings account that can be put towards reducing your debt.

graffiti artist spray painting on the wall to reduce debt

Use Your Talent

Are you a fantastic writer? Do you create exciting music? Can you quickly build a bed? Make a list of the skills that you possess, and figure out how you can earn additional income from them. If you are good at it, then you can even turn it into a career. Fortunately, there are also apps such as Air Tasker, Etsy, and Up-work that are created to allow people to offer their services to anyone and everyone. With the extra cash, you can look forward to reducing your debt.

Get reviewing and tasting.

Do you enjoy critiquing chocolate milk? Do you feel like you could be a great taste tester? If so, consider applying for market research companies. They literally pay you for your thoughts and opinions on practically anything. You can put the money towards an early debt pay off.

Freedom is only a few creative tips away. Whilst a standard wage is perfect for consistently paying off your debt, it is helpful to have creative ways to quickly pay off your debt. This will help you get back to stress less life.

cycling to work to reduce debt

Say goodbye to your car and start cycling

Depending on your work situation, you may consider cycling. This will save you thousands of dollars on your car expenses. Think about no registration, third party insurance, no petrol, and unexpected repairs. Put that cash towards quickly paying off your debt. When it is paid off, then consider an affordable car.

For more tips on dealing with debt, check out the Bad Credit Loans blog page. We offer a range of helpful tips and insights into budgeting, dealing with debt and accessing convenient loan types. 

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