Holidays bring memories that last forever in form of joy and additional expenses. In this blog post, we will suggest you the strategies on how to pay off the holiday debt without any remorse.
It’s the most expensive time of the year- Believe it or not, holidays are a nightmare for those who don’t know how to plan their expenses. Though holidays offer a pleasurable experience-but not so for your wallet. Here are some tricks on how to get through the debt hangover:
Tip 1-Start with snowball method:
It is one of the effective ways to repay the debt. According to this strategy you need to start with the smallest debt first. Once you pay the same, set your vision on the next smallest debt. Simply, repeat the process until you finish off paying the largest debt
Tip 2- Rip off your luxury living:
Though you may be addicted to the weekend shopping or eating in a luxurious restaurant, but it’s better to cut down your monthly luxurious spending to repay a debt. For some, it might include canceling of cable TV subscription and for others staying away from malls and abandoning the beauty parlors, is the solution. Whatever the case is! It is important to create a bare bone budget or stick down to the essentials to keep the expenses in track.
Tip 3-Sell things that you don’t need:
If you have extra items in your basket sell it and earn the revenue. But that doesn’t mean that you have to sell a lemonade stand, you can sell anything that you don’t require starting from used car to television. Search your home and identify items that are not in use. Post them on Craigslist or other retail websites that you use frequently. And once you sell, throw the money straight forward in repaying the holiday debt.
Tip 4-Go for a part time job:
It’s not always possible to sell the stuff, but you can still score some cash by venturing into a part time job. And thanks to the World Wide Web, there are several opportunities that you can dive into. For examples, the sites like Elance.com, upwork, freelancer help you to find a variety of freelancing jobs in diverse industries. And you can use that money to skim down the holiday bills.