If in these months you have lost your mind thinking about everything you have to pay and you have not been able to rest well, do not be overwhelmed, breathe! that every problem has a solution. You can start by alleviating at least one, of all the debts you have.
This being the case, we present several tips that can help you get out of that financial commitment that is tightening your pocket.
#one. Establish a fund with purpose: Start saving even $ 5.00, then you can increase the amount, and save it in a savings account or in a safe place that is not easily accessible. Keep in mind that this money is only to pay to that debt, and to use it, recreate another fund so that it is ready to carry out the purpose with which you created it: to reduce that annoying debt. If you can not save much, you could do other extra jobs like taking care of children, walking dogs, working in the garden or cleaning houses. An extra $ 100.00 could be the difference and have enough to lower the monthly payment of that debt, or settle it once.
#two. Sell items you do not use: All those items that you no longer use, take advantage of them and sell them. With a garage sale you can easily get hundreds of dollars. In this way you can alleviate that bill that your salary commits you.
#3. Spend less: If you are one of those who usually spend more than you earn, stop! For example, if you like to go shopping, try to reduce your visits. If you could not stand it, you got there, and something you loved, leave the store and take a walk. Take time to analyze if you really need that accessory. That will give you room to avoid incurring what is called “impulse buying”. Another example, if you pay too much in your rent, you can consider moving to an apartment or a place where you pay less than what you pay now. You could also rent a part of your house to get extra money, even if it’s a two or three month rental. Remember that with a smaller house, your expenses for basic services will also decrease. That will leave you a surplus so you can reduce the debt you want to pay. On the other hand,
#4. Seek help: You can seek temporary help, either state or federal. There are programs that can help you with housing, and with food expenses such as the Supplemental Nutrition program to help Women, Infants and Children (WIC) and the Nutrition Assistance Program (PAN).
#5. Pay the principal balance: Try to pay at least $ 20 extra to the principal balance of that loan or account. This is not always possible or not always good for all loans, but ask the bank if it is possible or, what solution can you provide to expedite the promissory note? Remember that when you do, you must specify to the collector that the extra money you are giving is to pay the principal balance.