Accelerate your debt removal
Today, I'd like to talk about how you can remove your debt faster.
There are two main ways to do this. First, do another audit of your expenses. Check your needs and wants (we've covered that in a previous post). Accelerating your debit removal might mean getting a bit more ruthless with some of those wants. You might have to cut them back for this period in time while you're working to reduce your debt.
Go through what you're spending and see if there's anything you can take out completely, or maybe postpone until your debt is paid off. You might find that after a while, you don't miss it at all. But if it's something that you want to bring back, you can see it as a reward for getting rid of your debt.
The second way is looking at different ways to earn more income. Maybe you can work more hours in your job, get some overtime, or do some extra shifts for a while until you've paid off your debt. Another option is a second job, starting your own side hustle, or your own business.
If you're struggling with debt, what short-term pain could you handle to ultimately reduce the long-term pain of having it hold you back from achieving your financial goals?
Let me know in the comments below: