Wondering how you can free yourself from the financial strain of debt? Debt repayment requires some sacrifices, depending on your comfort levels and how determined you are to become debt-free. Some individuals resort to extreme strategies to offset their debts, though it’s not always required. During my personal journey to pay off my debts, I contemplated drastic measures such as moving back in with my family or selling my car to expedite the process.
It’s fascinating hearing stories about how others navigated their way out of debt – not all of which were strategies I could see using myself. For motivation or sheer entertainment, here’s a list of seven unusual tactics to clear debts. Maybe you can envision yourself trying some, or maybe not.
1. RESIDING IN YOUR CAR
Some people choose to use their car as their home to save money rather than selling it for quick cash. This could save you a significant amount, considering that housing is a substantial expense for most households in the US. You could save over $1,000 a month, particularly if you live in a city with a high cost of living. To make this work, people managed with gym showers and free resources like libraries for lounging and WiFi.
However, this strategy may not be practical if you have children, or nowhere to safely park your car, not to mention the dilemma of where to store your belongings.
2. RENTING YOUR HOME WHILE LIVING WITH FRIENDS
If car living isn’t for you, perhaps moving in with friends or family and renting your home could work. In fact, a friend of mine in New York did just this, made extra money by subletting her apartment, and couch-surfed between friends.
3. DITCHING YOUR CAR FOR A BIKE OR WALKING
Ever thought about how much you spend annually on your car? Gas, tolls, maintenance, insurance; it all adds up. Could we make more savings by downgrading to a single vehicle? Walking or biking to work is another method some have adopted to hasten their debt elimination. It can be challenging, particularly with long distances and adverse weather, but commitment goes a long way.
4. FINDING FOOD OR SUPPLIES IN DUMPSTERS
As odd as it may sound, dumpster diving is not uncommon. You can find food still in good condition thrown away by businesses or families. Need to pay off your debt fast? Skip the gross part and you might discover some hidden treasures.
5. SAVING ON FOOD
Curtailing your food spending could free up more money to settle debts quickly. Some extreme tactics include borrowing condiments from restaurants and going vegetarian. Diet alterations should align with health objectives and guarantee sufficient nutrition.
6. EGG DONATION
Women can earn thousands by donating their eggs. A friend of mine pursued this option and earned over $7,000, which she used to eliminate her credit card debt.
7. AVOIDING HOLIDAYS AND SOCIAL NORMS
Holidays can be costly. Some people have expedited their debt repayment by steering clear of regular holidays and societal norms. However, this could be seen as impolite by those oblivious to your intentions. However, striking a balance could prevent this from straining your social life.
In summary, if any of these unusual tactics caught your attention as plausible strategies for you, that’s excellent. However, remember, eliminating debt doesn’t always require extreme measures. Set clear goals and recognize your comfort horizon. The more ambitious you are, the more you might have to step outside your comfort zone. Instead of extreme measures, why not explore your degree of thriftiness? Strategies like adopting a cheaper phone plan, preparing more home-cooked meals, opting for less expensive housing, or even having a friend cut your hair could work. Any extra money saved, when channeled towards debts, can yield significant progress. (source: smartasset.com)
