Finding Money to Pay Off Debt Faster
I'm In Debt
- Posted:
8/25/2008
Most of us live with a "need it yesterday" mentality, and it's not really our fault. Everything around us is constantly telling us that faster is better - from internet speeds to drive thru windows. I get impatient trying to pay off debt that has grown too big for my britches, as my grandma liked to say. The following are some tips for finding money that you can apply as micro-payments on your debt, and help pay it off faster.
Telephones, Internet, Television For some reason, these bills are known for hiding "hidden" or "unexplained" fees. Take a minute to give each a good look every month, and make sure there is nothing you don't understand or recognize on the bills. If there are fees you don't see the previous months and aren't sure what they are, call the company and ask - chances are they'll be removing that fee.
Declutter Unless you're a "power seller" on Ebay, it can be frustrating to take the time to list items for sale and not get any bids on them. This happens to me most of the time for some reason, but lately the items I post are getting a few bids. The extra cash goes immediately to one of my bills as a micro-payment (additional, small payment from "found money") and it's worth the few minutes I take to list it on Ebay and the few cents in listing fees I pay per item. If you go through one room of your house each week, chances are you'll find a bunch of stuff that can be sold. Do you really need to keep every book you read? CD's you listened to in junior high? Clothes that haven't fit since the 90's? Declutter and organize your home and make a few dollars by listing your items from sale on ebay orr other auction sites (or hosting a real yard sale). Remember, someone's junk is someone else's treasure!
Transfer If you have a savings account linked with your checking account, you should consider transfering small amounts from the checking account into your savings account throughout the month. You are unlikely to miss the $1.50 here or $2,80 there, but over time these little deposits do add up - particularly if you are using an account like ING Direct, with higher than normal interest rates. At the end of each month, you could consider adding the total sum of your mini-deposit transfers to one of your bill payments to pay it off faster than scheduled.
Comments
