Use your bank’s online tools to make four weekly payments instead of one monthly payment. It will be easier to track and adjust the smaller payments, and you’ll save a small amount in interest since interest will not accrue on the portion of the bill you pay each week.
Pay your credit cards weekly
A bonus at work, gifts, or money earned from working overtime should be used to pay off your cards. Use half of what you make to pay off debt, put a quarter in savings, and use the remaining quarter on something fun.
Use half of any “bonus” money to pay off your cards
Providing cleaning services, landscaping, or babysitting can be a good way to earn some extra money and get your debts paid off. If the business really takes off, you may even be able to quit your job.
Start a business
Ask for overtime or work as a consultant in your field. While you may not always be able to get more hours, the ones you do get can go directly towards paying off your debt.
Pick up more work
Old clothing can be sold to thrift stores or hold a yard sale and sell everything in your house that you haven’t used in over a year. Cutting down on so much stuff will give you more space in your home and earn some money.
Clean out your closets
Some banks will allow you to take a payroll deduction to pay off a credit card. If your bank doesn’t do this, redirect a portion of your check into a savings account that you use to pay off your credit cards.
Automatically reroute your paycheck
This is a good trick for people who think they can’t save anything. Instead of depositing your paycheck into a checking account, deposit the whole thing into a savings account. Then, transfer the money you need to pay your bills into checking along with a small amount to pay for “fun” things. The rest of your paycheck will stay in savings. Having to go through the extra step of transferring more money will make it harder for you to spend everything. At the end of each month, use 10% of whatever is in your savings account to pay down your credit card.
Save all your money
By focusing on eliminating your small credit card bills, it will be easier to stay motivated to pay off your entire debt. As you pay off each card, use the money that you were spending for that card to the next largest debt.
Pay off your small debts first
Every evening, empty your pockets of any loose change and save it all in a jar or other container. When it’s time to pay your credit card, deposit the money at your bank and use it to pay down your debt.
Save your change
There are plenty of sites that pay you money to perform internet searches and take surveys. Sign up for a few and “work” while you’re on break at work or watching TV at home.
Also think about reducing your cell phone plan and getting rid of any other monthly subscription services. You can survive for a few months by reading books from a local library. Use the money you save to pay off the credit cards.
Cut your cable
Your housing expenses are probably your biggest bill. Sharing them with another person can help to cut down on what you’re spending. Sharing utilities will help too.
Get a roommate
There are plenty of sites with lists of ideas to cut down on electricity. Become fanatical about turning off lights and only running the dryer at night.
Get crazy about saving electricity
If you live in a city, rely on public transportation and ride sharing apps. You’ll eliminate your car payment, parking fees, and insurance costs.
Get rid of your car
Going out can cost a fortune. Suggest cheaper activities such as staying in and renting movies. Odds are several of your friends will be grateful that they don’t have to spend a lot of money either.
Have friends over for dinner
Instead of buying things such as lawnmowers or kitchen gadgets, think about splitting the costs with a few friends and sharing the item. Use the money you save to pay off debt.
Learn to keep your food expenses under control and you’ll be able to save a few hundred dollars a month on food.