For many people, getting out of debt can be quite difficult. But there are plenty of tips and tricks to help you get out of debt fast. At Telco Credit Union, we strive to help you make financial decisions that will benefit you longterm. Here are a few tips to get out of debt faster!
First, make a budget and stick to it. It’s a good idea to evaluate your budget every now and then; try cutting out small expenses that may not seem like they add up. Trust us – they do add up. For example, skip eating out as often as you can; this will save you a lot of money. There are many online resources about budgeting, including some helpful budgeting templates you might find useful.
Next, keep only one credit card in your wallet for true emergencies. If you can, pay for everything else in cash. It’s easy to hand over a credit card to swipe; it’s more difficult to hand over cash. When you switch to paying for everything you can with cash, you’ll notice that you will spend less money on impulse purchases. Whenever you go shopping, always go with a list. For example, make a list for groceries you need, and be strict with yourself about buying only what you need. Paying for groceries in cash may help with sticking to your list as well.
If possible, get a roommate… or multiple roommates. Your housing and utility costs will decrease significantly. It’s possible you would also spend less money on food and transportation depending on your situation as well. On this note, think critically about what you’re paying for in your home that you might not need. For example, do you watch enough cable to justify spending $100 or more a month on cable? Can you downgrade your cable package, or switch to only paying for streaming services? Do you go to the gym enough to justify the membership fees? Once you’ve paid off your credit card debt, then you can consider upgrading packages or repurchasing memberships.
If these tips don’t help, or aren’t helping fast enough, it’s always wise to find a financial counselor. Search for a nonprofit credit counseling agency online; many offer free credit counseling sessions that may be helpful. Working with a professional may make it easier to make a budget for yourself and stick with it. There are also many free online resources that you should take advantage of when it comes to getting out of credit card debt.
At Telco Credit Union, we want you to feel like your money is safe and that you’re making investments to help you in the future. Telco is a full service not-for-profit financial institution serving over 10,000 members. Serving the Eastern North Carolina area, including Greenville, Tarboro, and Rocky Mount, you can trust Telco with all your financial needs. Contact us today!