No one likes having debt, but just as many people are confounded by how to pay bills off quickly. The thing is, it may not always be easy, but there is a way to pay off a majority of your bills without going further into debt.
Let’s look at the three steps to paying off bills.
Step 1: Cut Expenses You Don’t Need
The first step to paying your bills off quickly is to earn extra income by selling things that you no longer need. What you sell depends on how strapped for cash you might be.
You could start by selling a video game collection, some wall art that is just laying around, or even an older television or some memorabilia.
If you are more desperate for cash then you can adjust your lifestyle and make some bigger sacrifices. If you don’t want to pay the payment on that brand new car then trade it in and find a dependable used model for half of the cost.
Then there are expenses that you really do not need.
Instead of buying coffee, brew your own coffee at home.
Instead of going out for lunch every day, pack a lunch each day from food at the grocery store.
If you are someone who spends money on a gym membership then you can also save cash by cancelling and instead buying an affordable treadmill that will be more cost effective in the long run.
You can also cut down on your utility bills. That could mean turning up the air conditioning or turning down the heat a few degrees during the summer or winter. You can also lower your water bills by taking shorter showers and running the dishwasher less often each week.
Step 2: Set Up Automatic Bill Pay
The second step to paying your bill easier is to set up an automatic bill pay. Essentially this means setting up an agreement between your bank and the company you owe that says that when you get paid, part of your paycheck will go directly to that bill.
You won’t even see that money hit your checking account, it will just pay the bill. This serves two purposes. For one, you can ensure that your bills are paid without having to remember to do so. Secondly, since the money goes directly to the bill, you don’t have a chance to spend it elsewhere.
As an additional bonus, staying consistent with your bills will help to improve your credit score.
Step 3: Earn Extra Money
The third and final step to paying your bills as quickly as possible is to make more money. Getting a new job or a raise at work is often easier said than done, so supplemental income may be the key.
Even working an extra five to ten hours a week in your free time can give you some extra funds and even be enough to pay off one of your bills in full.
There are many part time opportunities that you can consider:
Working in retail
Online blog writing or editing
Teach a class
Drive for a ride share service
Personal assistant
Dog walker
Participate in research studies and surveys
Tutoring
Many of these jobs can be temporary or you can do several mini-jobs for shorter periods. Any of these positions will also teach you new skills that you could even turn into a full time job.
Try one or more and you could get some extra funds to pay those bills.
Wrap Up and Final Notes
It is important to remember that everyone’s financial situation is different. Everyone has different types of debt.
If you have many credit cards, then you should look to a credit card payoff solution. If student loans are your issue, think about whether you want to pay those off first or keep them on the back burner, paying the minimum while you take care of everything else.
Whatever situation you are in, don’t get too stressed. Make a plan, make payments when you can, and overtime, you will reach your goals.
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