Budgeting

Innovative Ways to Fight Your Debt

Debt is a stressful and often hefty burden which many carry (often for far too long). People often struggle to find ways to pay debt off, especially with the many commitments which life demands. With this in mind, here are some simple yet innovative ways to help reduce your debt.

Invest in Global Markets

Spending money may seem counterproductive when trying to reduce debt, but investing money in markets is one method which allows you to generate potential returns on your investment in a fairly short period of time. Most investment is done through an online broker, and the markets available are incredibly varied.

Forex trading, for instance, allows you to buy and sell currency in a volatile market where values constantly fluctuate. You must, however, recognise the risks involved (profits are never guaranteed) and manage them accordingly in order to have a chance of profiting. Also decide how much you would like to invest and which market would be best suited to this.

Sell Junk

Many people underestimate the sheer value of the items lying around their house which they no longer use. With powerhouse ecommerce sites like eBay and Amazon, it has never been easier to sell items to other people, as it is all done online.

Many of your unused items will have value which cannot be released whilst stagnating in your attic or cupboards. They could well be worth more than you think, and it only takes a quick internet search to see the value of any particular item. This is not a traditional way to fight debt but it can certainly prove effective in providing immediate funds.

Get a Second Income

This is perhaps one of the most effective ways to fight off debt, as well as an option which gives you plenty of choice. Earning a second income gives you a guaranteed and reliable sum of money at regular intervals which you can factor in to debt repayment.

The best aspect of this is that there are so many freelance and self-employment opportunities. If you have any particular skill which can serve someone’s specific needs, you have the potential to make money from it. If you are particularly apt at graphic design, for instance, you could spend a couple of nights per week using this to serve clients.

Assess Finances/Budget

Getting an overall picture of your finances can give a clear indication of where you are losing too much money and where you can save. Saving by budgeting and cutting out unnecessary costs is one of the most effective debt busting methods, as it is totally free and requires very little effort, just discipline.

You could, for instance, look for a cheaper/more efficient energy provider to save on bills every month, or cancel a subscription which you feel you can live without. Even the smallest savings can add up to a significant amount, so be indiscriminate when assessing your finances.

Whether you want to invest money or save it, there are many innovative ways to bring you out of debt and into the clear, most of which simply require patience and the odd bit of creativity.