After awhile, debt becomes a burden that you become tired of bearing. When you finally get to that point, it seems as though nothing less than an all-out attack on your debt will do.
Of course, deciding to tackle your debt with that much vigor requires that you make some serious sacrifices to get out of debt as quickly as possible. For some families, this means giving up TV, cutting back on “fun” activities, and finding other ways to stay frugal in order to put as much money as possible toward debt reduction.
Decide What You’re Willing to Give Up
The first thing you need to determine is what you are willing to give up. There are stories of people who want to get out of debt so badly that they sell most of what they own, and live very frugally until they are out of debt. Extreme measures can be taken to tackle the debt quickly and effectively.
However, for some, such a complete change in circumstances is untenable. And, if you have children who can’t reasonably be expected to make all of the same sacrifices, or an unwilling life partner, it can be especially difficult to take such extreme action. Or, perhaps you don’t want to limit your comforts by as much.
In such cases, a slower route to debt reduction can be pursued. You won’t get out of debt as quickly, but you can still make strides toward financial freedom. Instead of giving up everything, you can consider giving up a few things. Cutting back in a few areas, and selling just a few items, can go a long way toward helping you reduce your debt.
No matter what, though, you need to figure out exactly what you are willing to give up in order to get out of debt. Look at your expenses, and determine what you can live without. Give up those things, and put the money you’ve been spending on them toward paying down your debt.
Increase Your Income
Another possibility is to increase your income. Perhaps instead of giving up some of your favorite things, you could increase your income so that you are still putting money toward debt reduction. In such cases, you are still giving something up, however. You will have to give up some of your time, though, in order to work more, or in order to start a side hustle to earn more money. Some people do both, cutting expenses and earning money in order to super-charge their debt pay down efforts.
No matter what you do, though, it is important to realize that you will likely need to give something up if you want to be able to pay down your debt in any reasonable amount of time. Whether you give up a lot or a little, or whether you give up comforts or time, is up to you. But if you are determined to get out of debt as quickly as possible, you might have to give up more.