Our debt reduction saga continues!
So far I have shared that you can reduce debt by:
Watching your spending but not depriving yourself.
Look at your income and expenses and follow the 50/20/30 rule.
Get rid of unnecessary subscriptions and ask utility and mobile/cable services if they have any promotions to reduce your monthly bill.
Take mini vacations instead of big trips and enjoy little treats instead of major shopping sprees or spa days.
Increase your rates or ask for a raise.
Eliminate employees or service providers if they are not 100% satisfactory and research less expensive solutions.
Know yourself and stay away from situations that will create unnecessary spending. Have an alternative activity ready if you use spending to avoid emotions.
Whew! Those are some good ones... I want to know which tips you are already using. Respond to this email and let me know!
Now onto the 3rd method my client used to reduce debt.
She sold things she didn’t need or want.
I know Marie Kondo is... well... sparking joy everywhere right now, but she is really onto something.
My client ended up selling a piece of jewelry she had wanted to sell for over two years. With knowing that debt reduction was part of the goal. This task became much easier.
Now you might be saying, “But Brittney, I have nothing to sell!”
Okay, this might be true at first glance, but be willing to be unattached for just a moment? Maybe there are some old handbags or jewelry or clothes or electronics that you can sell online. There are all kinds of consignment websites and apps out there.
Not to mention that a clear and clutter free environment tends to “spark” creativity and abundance.
So even if you have nothing to sell... clean out your space anyway. You might find things you didn’t know you had and then you won’t have to purchase them.
BONUS: My client didn’t implement this one method, but you might find it beneficial.
You can start a side hustle.
Many of my clients and colleagues have side hustles. Whether it’s tutoring, dog walking, freelance writing, or something you love to do, pick up a side hustle and have that money go towards your debt. It might just be 2 days a month but it could help dramatically over time.
Tell me what steps you are putting into action. Respond to this email, comment on the gram, let me know!
One more episode of the debt reduction saga coming at you next week.
P.S. If you are ready to take the next steps on your financial journey, schedule a free discovery call with Financially Wise by going here.