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These days, everyone is looking for new and creative ways to get out of debt and have financial freedom. With prices of everyday items on the rise, paychecks getting smaller, and gas getting more expensive, staying in a positive financial situation is becoming harder. Most people are in some sort of debt. This can be from credit cards to student loans. Debt is a huge burden that can follow one for many, many years. With the cost of living on the rise, paying off this debt is becoming more and more difficult. But – with a little bit of creative inspiration and determination, paying off that debt and getting closer to financial freedom is possible.
While the list doesn’t stop here, side hustles, couponing, selling unused belongings, limiting unnecessary spending, meal prepping, and using cashback rewards and apps may help you make strides toward being more financially independent. No one likes owing someone money. By taking these ideas and putting aside money that you save towards debt, you may gain the freedom you have always been wanting.
Side Hustles
You may have heard of the term side hustle, but what does this term mean? A side hustle is a small job that one may have that is separate from their main source of income. The money gained from a side hustle is like an extra bonus that one can spend where needed or apply to debt. There is no shortage of side hustle ideas out there. Babysitting, dog sitting, crafting, freelancing, and tutoring are some common side hustles. Side hustles are popular because it creates supplemental income and can also be done on your own time. You often get to pick your schedule and your rates to create the perfect side hustle opportunity that is unique to you. Depending on how invested you choose to be in your side hustle, you may make a couple hundred to a couple thousands of dollars a month on the side. By taking these earnings and applying them to your debt, you will get closer to your goal of financial freedom.
Couponing
If you have walked into a grocery store lately and have experienced sticker shock, then couponing may be right for you. By using coupons, you can cut a significant amount off of your grocery budget and use the savings towards your debt. You can choose how invested in couponing you would like to be. Some beginners save a few dollars on every grocery trip and some professional “couponers” seek to pay as little as possible on each trip to the grocery store. Start by going through ads in your mailbox and seeing what coupons may be helpful for you. You can also sign up to receive coupons through various stores, websites, and special couponing blogs. Need some help? Research some couponing blogs to learn the best money saving, couponing techniques.
Sell Unused Belongings
Everyone has unused items laying around their house. Instead of letting these items become clutter, selling them for extra cash may help you reach your financial goals sooner. Everything from electronics to clothes, from books to furniture can be sold for money. As soon as you sell an item, put that money towards debt to ensure that it will be spent to help you limit your obligation to lenders. Using websites and social media to post these items are helpful in getting them in the view of potential buyers. Facebook Marketplace, Offerup, Poshmark, and Threadup are popular sites for selling your everyday items or clothes. Take time to go through your home and declutter. It will not only help to clean your space, but it may help you earn some extra cash on the side.
Limit Subscriptions and Unnecessary Spending
Many people subscribe to various services and then forget all about them. This can rack up some serious money very quickly. Start by taking a look at your reoccurring spending and overall budget. Notice services, apps, or subscriptions that you no longer use and cancel them. Total your monthly savings and put that savings towards your debt each month.
See other opportunities to save money while going through your budget? Start to take out other unnecessary spending and put this additional savings towards your debt or financial goals. This may mean spending less on eating out or not purchasing as many before work coffees. Take an inventory of your spending habits and see where you can cut back to save more money.
Meal Prepping
Meal prepping is not only becoming a trend, but it can also help you save money. Meal prepping means budgeting and planning your meals beforehand. This helps to limit unnecessary spending for unneeded items at the grocery store and can be super convenient to someone with a busy lifestyle. Create a weekly meal plan, list out all the needed ingredients, and calculate those expenses. This can help you stick to a grocery budget each week instead of going over your limit. Use meal prepping along with couponing to save some serious money. Use the helpful habit of meal planning towards reaching your financial goals by putting the money you save towards your debt.
Cashback Rewards and Apps
Many credit cards already offer cash back for using your card. If you haven’t already, use this cashback towards limiting your debt. Every little bit helps and the few dollars you earn from spending may add up over time. Credit cards are not the only services to offer cash back. Many apps are specifically designed to offer cashback when you make approved purchases. Ibotta, Fetch Rewards, and Coupons.com are popular apps on the market today. GetUpside is also a popular app that offers cashback when purchasing gas at approved fuel stations. While the cashback offered on these apps will not make you rich, they can help you save money that can go towards your financial freedom. Make purchases through these apps to start building up some money to go towards paying off your debt.
Closing
There is no shortage of creative ways that one can begin to earn extra income to pay off debt. If you want financial freedom and your day job isn’t cutting it, start looking into fun side hustles to help you earn some extra cash. Some creative debt relivers are even beneficial to your everyday life such as eliminating clutter in your home and meal prepping. Some require more time such as couponing and evaluating your budget for unnecessary spending. You may even be able to earn a little extra cash by making everyday purchases through cashback apps. The list of ways to earn extra income can go on and on. Making a little extra side money to pay off debt can be easy with a little creative spirit and motivation towards reaching your goals of financial freedom.
