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Do you want to know how to pay off debt quickly, so you can reach your debt free goal sooner? In this post, I’m sharing my best ideas to help you pay off debt quick! Use these tips to pay off debt faster!
Once you start paying off debt, you may be anxious to pay it off faster. You are ready to become debt free and live freely!
There are several ways to pay off debt quickly, so you can reach your big debt free goal sooner.
Use these easy ways to pay off debt faster to help you become debt free.
How to Pay Off Debt Quickly
We paid off our house in August of 2018, in just under 5 years, and I am so proud of our accomplishment. It’s amazing to be debt free, and to completely change your financial situation.
I want that for you, too! You can read more about our story here, but I want this to be about you! These tips can help you pay off your debt faster and easier, even on a small income.
Related Post: Becoming Debt Free: How We Paid Our House Off in 5 Years
Look through these ideas, and jot down the ideas that you can do to pay off your debt quicker.
1. Declutter your home and sell what you can.
Go through your home and find things you no longer want or need and sell them! Post them on Craigslist or Facebook Marketplace.
Put all the money made towards paying off your debt.
Related Post: 77 Things to Sell to Make Money
2. Make extra money.
Making extra money is what helped us pay off our mortgage so quickly. Just make sure the extra money you make goes toward paying off your debt.
There are so many ways to make money on the side. Check out this list to find an ideas that might work for you!
*I’m bolding the ideas that we have done to pay off debt quickly!
Side Money Ideas:
- Make and sell crafts on Etsy.
- Make and sell crafts at local craft fairs.
- Re purpose furniture and sell at local markets, in Facebook groups, or on Craigslist.
- Babysit for friends and family.
- Start an in home daycare.
- Dog Sit
- House sit for friends and family when they go out of town.
- Clean houses for busy moms or elderly friends/family.
- Walk dogs for busy fur-baby parents in the neighborhood.
- Run errands for elderly or busy neighbors.
- Cook freezer meals for busy families.
- Build things out of free pallet wood and sell at local fairs or online groups.
- Start a blog.
- Do home renovation projects or repairs for less-than-handy friends.
- Plant flowers and put out mulch for people in your community that don’t have the time or patience.
- Mow yards.
- Deliver newspapers for your local carrier.
- Sell items on Ebay or Amazon.
- Buy homes and rent them out.
- Flip houses for profit.
- Write an ebook.
- Tutor school students.
- Give musical lessons.
- Sign up to drive with Uber or Lyft.
- Join a direct sale company.
- Start a photography business.
- Offer calligraphy services.
- Sell commissioned art work or paint nursery walls for expecting parents.
- Become a fitness instructor at a local gym.
- Sell produce from your garden at a local farmer’s market.
- Flipping and Fixing Cars
- Tractor Work
- Hauling Junk
- Become a bookkeeper.
- Get hired as a virtual assistant.
- Sell services on Fiverr.
- Teach kids English through VIP Kids
- Become a proofreader.
- Sell items on Ebay.
- Rent your home on Airbnb.
- Stay home and rent your car out on Turo.
- Swagbucks
- Sell stuff on Craigslist, Facebook Marketplace, or the OfferUp app.
Related Post: 17 Tips for Living With a Spender When You’re a Saver
3. Cut your spending.
Save money in other places, and put that money towards your debt.
You can cancel cable and put the money you would have spent on cable towards your debt.
Here’s some other ideas:
- Cancel the newspaper.
- Get a cheaper cell phone service.
- Cancel monthly subscriptions.
- Get a cheaper car.
- Find a better insurance rate.
- Stop eating out.
- Save money on groceries.
- Don’t buy any new clothes.
Just make sure to put the money saved on these things towards your debt.
Related Post: The Multiple Bank Accounts You Need to Budget Better
4. Use cash back apps.
Cash back apps won’t make you a lot of money, but it is still pretty much free money that you can apply to pay off debt quickly.
Shop through Ibotta and Rakuten (previously Ebates) to get cash back when you shop online and for groceries.
When you cash out, put the money towards your debt.
Sign up for Ibotta here and get $5 when you upload your first receipt!
Sign up for Rakuten (Ebates) here and get a $10 welcome bonus.
5. Use a savings app.
Use Digit or Acorns to help you save money easily. Apply this money towards your debt.
6. Use bonuses and raises.
Anytime you get a bonus or raise at work, apply it towards your debt. Just pretend you didn’t get a raise, and have the money automatically transferred to pay off your debt on pay day.
This is something we did that really helped us pay off debt quickly!
Related Post: 20 Tips to Pay Off Your Mortgage Early
Use these tips to help you pay off debt quickly and reach your debt free goal sooner!
When you want to become debt free, you have to think outside the box and try new things you might not normally do. But, keep that debt free goal in mind and use it as motivation to work hard, so you can pay off debt quickly and become debt free!!
What will you do when you become debt free? I quit my job and starting working for myself!
Related Post: How to Celebrate Becoming Debt Free
The Ultimate Debt Free Roadmap Workbook:
I’ve created a workbook that will help you work through creating your own debt free plan, so you can build your debt payoff plan faster and easier!
The Ultimate Debt Free Roadmap workbook will help you easily create your custom debt payoff plan. The pages area all ready to be filled out, and the workbook takes you step by step through the process to create your personalized plan to pay off your debt.
Get The Ultimate Debt Free Roadmap workbook here!
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