By Oliver Bochsanckel
If you have found yourself in debt, whether student loan debt or credit card debt, you may be looking for some ways to get out of it. If you want to secure your future, you need to make sure that you are always making your payments on time and keeping up with your bills.
We know that it can be difficult to maintain all of your expenses at the same time, but it is vital that you do. If you want to get out of debt quickly, you are not alone. In fact, some people take extreme measures to make sure they owe nothing and start out on the right foot.
Below, we will go over some creative ways that you can help pull yourself out of debt. We know that some of these options sound a bit off the wall, but they have helped many students and graduates move away from a life filled with debt.
- Use Your Reward Points
If you earn rewards points for your credit cards, for performing surveys, or even through your local electric company, think about cashing out these points and using them to pay off your debt. While it may seem like it takes forever to cash out these points, every little bit helps. When considering a new credit card, you should pay specific attention to the cash back rewards rates. Luckily for college students, student credit cards typically have high cash back rates which makes it easy to capitalize on rewards.
For example, some cash rewards programs offered by banks for taking surveys will allow you to cash out when you hit 20 points. Typically, every couple of points fetches you a dollar amount that can then be claimed as a cash reward or even on a gift card.
- Have a Yard Sale
If you are tired of seeing a bunch of items lying around your house, consider having a yard sale. You will be able to declutter your space while making extra money too.
One of the best ways to make your yard sale a success is to get rid of duplicate items and price within reason, so that others will purchase the items. For instance, if you have a microwave you no longer use, slap a $5 or $10 sticker on it and it will fly off the table like a hot cake. Another easy way to make your sale a success is to advertise on craigslist.
Remember, when people go to yard sales, they do not expect to pay retail, so if you have an item that you think is worth more than a couple bucks, save it and sell it later on.
Any money you collect from your yard sale can be applied to your debt. Every little bit makes a difference.
- Enter Contests and Giveaways
While it may be a long shot, if you have the chance to enter a contest or giveaway, do it. You never know when your luck might change and you may win that local $1,000 reward offered by your local grocery store. It is worth it in the end to at least try. Imagine if you did win, you could climb a couple of rungs to help get you out of debt.
- Start a GoFundMe Page
You never know who may donate to help you get out of debt. Start a GoFundMe page and share it with your friends and family. Each person can make a donation to help you climb your way out of debt.
- Open a Small Business
While you may have never thought to open your own business, it doesn’t hurt to do it temporarily to help pay down your debt. In fact, having a small business will allow you to set your own hours and allow you to work when you want to. This also means that you can have another job on the side without the two clashing together.
When you start to think about business ideas, think service related such as pet sitting, dog walking, lawn mowing, etc.
- Cash in Your Change
If you have change lying around your house, it does add up. Collect all of your change from your pockets, couch, and anywhere else you may store it and head to your local bank or to a local establishment that has a Coin Star or similar. Since you were not using this extra change for anything, simply apply it toward your debt. If you do this once a month, you may be able to send in an extra $25 or $50.
Food is a necessity, but it does not have to be expensive. Spend some time couponing on the weekends and you will quickly find that you can cut your grocery bill in half. You may even receive some free items!
If you are looking for ways to get out of debt, start with these seven creative ones and soon you will find yourself much closer to a debt-free life.