It’s easy to get into debt but not as easy to get out of it. You can get into tens and thousands of debt within minutes but sometimes it might take you decades to pay it off. Nobody wants to live their whole life knee-deep in debt. Don’t let debt control the way you live, take control by managing your finances and start living life debt-free.

Here are ways you can get rid of your debt faster.

Pay More Than The Minimum Payment

If it’s possible, increase your monthly payment for your loans. By doing so, you’re not only speeding up your payment process, but you’re also saving yourself from a lot of interest. If you’re going to keep paying the minimum, by the time you finish your payment plan, you’ll probably have paid double or triple than what you actually owed. This is best to do for your loans that have constantly increasing interest rates. 

Do The Snowball Method

Unlike other methods that advice you to pay off your biggest loans first, the snowball method goes the other way around. The snowball method is a debt-repaying method that requires you to pay off your loans from the smallest to the largest amount. This technique has more to do with the positive psychological effects rather than math. Because as you are able to pay smaller loans, you can see that you have progress and that leads to satisfaction and motivation. After finishing all your smaller loans, then you can move on to focusing on paying the larger ones left.

Haggle With Your Creditors

If you have a good credit history or a good payer, then it’s possible for you to haggle with your creditors. Negotiate the interest rates and payment plans with your credit card providers. Don’t worry, this method is actually pretty common especially for people who have good credit records and loyalty to their creditors. You can also negotiate your bills and subscriptions, talk to your agents and ask if they can customize their services according to your needs and ability to pay. 

Pick Up A Sideline

Having extra money is ALWAYS a good thing. If you feel like your day job isn’t enough to pay your bills, your debt, and your everyday expenses, then don’t be afraid to pick up a side job. Instead of wasting your downtime binge-watching movies or TV series and increasing your bills, why not spend it productively? Think of your skills you can monetize, it could be writing, designing, teaching, or marketing, there’s lots of opportunities on the internet. Having a sideline is the best and easiest way to earn more money, plus, depending on your skills and industry,  casual side jobs may turn into full-time freelancing jobs. 

Stick To A Budget

I know you’ve probably read this advice a thousand times before, but you know why? Because it’s actually true and helpful. Sticking to a budget helps you prioritize your needs and responsibilities over your wants and impulses. Having a set budget for the month or the year also helps you see an overview of your current financial situation. Budgets also push you to become more disciplined and organized when it comes to handling your money.

Drop Your Expensive Habits

Evaluate your habits. Get rid of of hobbies that have you spending too much, like drinking, smoking, partying, or buying expensive coffee. You don’t need to stop them altogether, but cutting it down a bit or finding alternative ways to do it without spending too much is a good idea. Like for example, why spend $5 on a cup of coffee when you can brew your own at home? Or instead of spending too much on your clothes, why not declutter and hold a garage sale of your pre-loved items? Think of ways to earn more money to put in your debts.

Stop Creating More Debt

While this doesn’t make your existing debts go away, this will surely help you manage your money better. What’s the point of paying off your current debts if you keep getting yourself into new ones?