Being in debt is hard. It can make you have sleepless nights, be constantly worried, ruin your friendships and potentially prevent you from even dreaming bigger.
Since getting out of debt is an uphill battle and doesn't happen overnight for most people, here are three techniques to help you get out of debt
1. Come up with a bare-bones budget
This basically means living on a strict budget.
A bare-bones budget is the type of budget that will cut down on your spending, leaving you with what you'll need for survival. In short, using this strategy won't leave you with lots of extra cash.
You will then channel this extra cash into clearing your debt.
Since this method doesn't allow extra spending, you'll be required to have loads of commitment and sacrifice. However, you'll clear your debt faster, so it's worth the sacrifice.
2. Try using the debt snowball method
This is a strategy that makes you clear your debt starting from the smallest to the largest debt.
Throw all your excess cash at the smallest debt, while at the same time making small payments on your large loans.
Once the small debt is cleared, put the extra money onto the next small debt until you clear it. Repeat the same cycle till each debt is fully paid.
With time, all the small debts will be cleared, freeing up money for the larger debts.
3. Look for a side-hustle
Just the way we use side-hustles as an opportunity to earn extra cash on the side, the same hustles can be used to clear our debts.
Be it online writing, selling second-hand clothes or doing the weekend promotion jobs, you can channel the cash you make from such gigs into your debt. Before you know it, you'll be debt-free.