Have you ever thought of saving and getting out of continuous and rising debts but you keep procrastinating; using excuses like “I will start saving next year” or “I have way too many bills to pay”? Well, truth be told, I’ve been there! Saving money can prove to be a tricky hassle as well as a confusing issue and this is why I’ve compiled these three summarized but detailed tips on how you can save money and get out of debt fast.

Have you ever thought of saving and getting out of continuous and rising debts but you keep procrastinating; using excuses like “I will start saving next year” or “I have way too many bills to pay”? Well, I’ve been there! Saving money can prove to be a tricky hassle as well as a confusing issue and this is why I’ve compiled these three summarized but detailed tips on how you can save money and get out of debt fast.

1. Start a Side Gig or Part-time Job

This is one of if not the best ways to earn extra cash and ultimately have some savings. A side rarely requires capital to start as it mostly arises from your hobby, something you enjoy doing. However insignificant you think your hobby is, you might be sitting on a goldmine that can even surpass your main job in the long run!

Now, what’s that hobby you have? Do you love pets like dogs and cats? Taking photos? Well, there is where your side hustle lies, don’t do things like this for free. So, go ahead and start a pet walking or sitting business or start a photography business and you’ll actually be making money doing what you like. This will help you to save that extra cash and pay off your debts fast.

2. Budget

Budgeting is very important. Poor budgeting makes people get into debt rapidly since it causes impulse buying. When you’re going grocery shopping make sure you carry a list of all the essential things you need. You can compare product prices online to get an estimate of how much an item goes for before going to the shop physically.

If you find budgeting to be hard make use of budgeting apps that are vastly available to help you keep track of how to spend your money hence helping you to save money to get out of debt fast.

3. Cut on Unnecessary Costs

Unless you’re at the top of Maslow’s hierarchy of needs, that is self-actualization, which you’re probably not if you are reading this article, then let go of all those avoidable costs. These costs will make you get into more debt rapidly.

Buying generic products instead of going for a brand-new product helps, a clear illustration of this is Dave Ramsey’s (a popular radio host of personal finance) quote, “A new $28,000 car will lose about $17,000 of value in the first four years you own it. To get the same result, you could toss a $100 bill out the car window once a week.”

This shows that you can save a lot of money if you purchase a quality generic car instead of a new one.  You will get out of debt so much faster with the saved-up money.

As much as there is no way of doing something “best way” that will work for everyone, the above savings tips will surely get you out of debt fast. As they say, “A debt-free life is a stress-free life”.

Join My Mailing List

Subscribe to my newsletter to get FREE article writing tips and more.

Subscribe