by Chelsea Springli 
Want to accelerate your climb to a debt-free life? I do! Being dedicated to paying off debt often requires commitment and sacrifice. Check out these five useful tips on how to get out of debt quick.
Tip #1: Cut Expenses
Most people assume they don’t have unnecessary expenses. And it’s possible you don’t. Still, this step is really all about taking an honest look at where you put your money. In fact, this step alone should alter the way you shop and spend. For example, you might find that you’re spending a lot of money eating out and still spending hundreds at the grocery store. Or maybe you’re spending too much on monthly streaming services, but no one in your house is using them. According to Just Cancel, the average person has 8-12 monthly subscriptions! A great way to see where all your money is going is by tracking it with digital banking and reviewing your statements to follow that dollar. When I wanted to cut my expenses, I tearfully cancelled my Amazon Prime membership. As a result, I started spending less money on things I really didn’t need to buy either.
Tip #2: Create a Budget
Any money-saving advice is going to tell you to start a budget. Just remember that budget-living doesn’t have to mean pasta for dinner every night. You can cater your budget to what you’re comfortable with. It all starts with taking the first step and setting sustainable monthly limits on things like groceries, toiletries, clothing, and going out. Learn how to create a budget. As you cut out expenses when you budget, you may find that you have some extra money that you don’t need to safely cover essential expenses. This money should be applied to your debt payments so you can reduce your balance faster.
Tip #3: Get Creative
Hobbies and pastimes are fine to have, but while you’re paying off debt, consider getting some cheaper ones. Love going to the casino? Start a card night with friends and play for quarters. Enjoy going to the movies? Rent a movie instead, dim the lights, and make popcorn at home. Try picking new things that could contribute to helping reach your goals even further like digital coupon-cutting or teaching your kids how to cook at home.
If you have the time, picking up a part-time job can give you extra money to throw entirely at your loan payments. Freelance jobs are popular too. Many people come up with ways to sell their skills or services. Gigs like DoorDash can be quick methods to boost your income. Just be mindful of the increased wear and tear on your car and gas prices.
Tip #4: Transfer Balances
Balance transfers take debt from a high interest credit card and transfer it to a lower interest rate card. The credit union has a credit card to fit every situation and right now you will receive an introductory rate of 4.99% APR* on all balance transfers. Alltru Visa Credit Cards have no annual fees, 24/7-member service, zero liability fraud protection, and no over-the-limit fees. It’s a win-win! With a lower interest rate, you can pay more toward your loan balance and less toward interest payments. Once you pay off your credit card, it’s best to pay your balance in full each month. Otherwise, you’re going the opposite direction of paying off debt!
Tip #5: Start Selling
If you’re not using something like a large appliance, workout equipment, clothes, or a piece of technology, try selling it. Online sites like Craigslist, Facebook Marketplace, and Poshmark can help you sell things in your local area or even across the country for little to no extra cost. Just because you don’t use it anymore doesn’t mean someone else can’t. While this may not make a huge dent in paying off your loan balances, you will have a tidier home!
Start Getting Out of Debt
Paying off debt may require you to make a few lifestyle changes, but it doesn’t have to be depressing. If you have a difficult time adjusting to new circumstances, implement gradual changes so the process won’t become too overwhelming. This is a work-at-your-own-pace process, but as long as you are contributing to your overall debt, you are paying it down and becoming more financially stable.
Remember that some of these tips aren’t meant to be permanent solutions. These are meant to kick-start your debt payoff journey. Cutting unnecessary expenses and following a budget should be followed no matter what your financial situation looks like. Eventually, you won’t be able to work a second job, transfer your balance to a lower card, or sell any more items around your house. Those options are to get you on the right path so you can quickly get back to your everyday life but with less debt. You got this!
