Prioritise and pay off debt they say, then you can do all the things you have been dreaming of such as travelling the world.
Well as we all know it is much easier said than done to pay off debt. What if you don’t see yourself paying off debt for 20 years? Do you stay imprisoned to your debt and forego other pleasures? not necessarily…
Top Tips to Pay Off Debt to Free Up Funds for Travelling
1.Sit down and calculate all the debts you have. It is good to know what you are working with so you know just what your goal(numbers) really is.
2.Make a budget. If you are not sure where to start have a look here at what Dave Ramsey suggests.
3.Develop a razor focus on this and learn from others who have paid off debt, are planning to pay off debt and those doing so now. I love watching these videos on YouTube and if you search for ‘debt free’ videos there you will get loads of great information. Knowledge is power. You may have sufficient funds coming in but not know how to manage them effectively.
4.Get an additional part time job if you can. There may even be online opportunities, at least check and see. You could babysit, walk dogs, shovel snow, driver Uber/Lyft on the side and such. Just get serious about making money to pay off debt and look for opportunities to make more cash.
5.Cut down or cut off some things to pay off debt:
Do you need that expensive phone plan?
Have you price matched other companies?
Do you really need cable when you are always on YouTube?
Do you need to eat out every week?
What about packing lunches for work?
How about putting off shopping for clothes, shoes and unnecessary items for a few months or even a year?
Look for areas you can cut back so you can pay off debt quicker and free up your moolah to travel the world. ‘Caching ching’
I remember the days when student loan debts held me down. My budgeting ways gave me peace of mind so I could pay off debt and live a contented life.
If you are struggling to pay off debt and feeling discouraged, I hope these practical tips will help you out.
Check out this post for more about budgeting.
The next post will share how to enjoy travelling while paying off debt.
Leave a comment below so I know that I am not just babbling away to myself.