Source: Dumb Little Man
Are you or someone in your household in debt? If so, you’re not alone.
In 2018, it was estimated that the average American household had wracked up over $137,000 in debt. When you consider that the average annual income for the same household is just over $60,000, you start to see the gravity of the problem.
However, we’ve put together several ways how to get out of debt quickly to help you get more financially stable and secure.
Start the 50/30/20 Budget
This budget is a straightforward technique that can help you pay down your debt. First, figure out your monthly income after taxes. When you do, take 50% of your total and earmark it for essentials like bills, groceries, insurance, childcare, transportation, and minimum monthly payments.
Next, take 30% of your remaining amount and earmark it for things you want like dining out, entertainment, and travel. The final 20% will go toward your savings and repaying your debt. Throw your extra 20% at your smallest debt first and work your way up as you pay it off.
See Also: How to Budget Using the 50/20/30 Rule
Reduce Recurring Subscriptions
Chances are, you most likely have a few reoccurring subscriptions each month. You may have even forgotten about some and have no idea how much you’re spending on them. Even with a $10-subscription, the total can add up quickly.
The Trim app can help negotiate lower monthly bills, let you see exactly where your money goes and search for any subscriptions. If you find ones you don’t use, it’ll cancel them for you.
You can then take this extra money and add it to your repay your debts.Take up a Freelance Job
The beauty of a freelance job is that you can do it on your own time. It works around your schedule and how much you make is entirely up to how much you want to work.
Content sites like Textbroker or Getacopywriter pay you for writing articles. Clickworker will pay you between $0.25 and $0.75 to perform short tasks and surveys. Amazon’s Mechanical Turk will pay you for jobs ranging from transcription to translations to product description.
However, these…
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