2024 is here, and if you’re eyeing your personal debt with a mix of dread and determination, you’re not alone. The good news? There are some straightforward steps you can take this year to wrangle that debt monster and actually make some headway. The new year is like a fresh start, so why not make a plan to seize the opportunities it brings?
Cut out those unnecessary expenses (do you really need that third streaming service?) and, when you’ve got a bit more cash flowing, hit those high-interest debts first. Follow these five down-to-earth steps, and 2024 could be the year you finally conquer your debt.
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1. Make a Plan to Crush Your Debt
The first move in the debt-crushing game is crafting a plan that makes sense for you. Get cozy with your debts—list them out, along with their interest rates and minimum payments. See how much you can throw at your debt each month and prioritize paying off the high-interest ones. Go for more than the minimum payments.
Track your progress. Check statements each month, and when you hit milestones, give yourself a little pat on the back. It’s a commitment, but with a solid plan, you’re on the path to saying “sayonara” to your debts.
2. Boost Your Income Game
Sometimes, the simplest way to tackle debt is by fattening your wallet. Here’s a few ideas:
Ask for More Money
Been rocking it at your job? If you’ve been outshining expectations, it might be time to have a chat with your boss about a raise. Go in armed with examples of your awesomeness. The worst they can say is no, right? But who knows, they might be open to reevaluating in the future.
Side Hustle Hustle
Turn a hobby into a side gig. Drive for a rideshare, freelance, take online surveys, or sell your handmade crafts. Start small—maybe a few hours a week—and see where it takes you. Every bit helps.
3. Skill Upgrade
Invest in yourself by gaining new skills. Take a class or get certified in something that opens up higher-paying job options. A little extra education can turn into a whole lot of extra income.
With a few strategic moves, you can give your income a boost, building momentum and confidence as you work your way toward debt-free status. Stay focused, keep making those payments, no matter how small, and watch your debt shrink.
4. Slash Those Expenses
Lowering your expenses is like dieting for your wallet. Look for stuff you can trim or ditch.
Say Goodbye to Cable
Cable TV and streaming services can be pricey. Consider cutting the cord entirely and opting for free options like YouTube or an antenna for local channels. You could pocket an extra $50-$100 each month.
Cook, Don’t Eat Out
Eating out adds up. Cooking at home saves a ton. Plan your meals, grab groceries, and prep on Sundays. Homemade meals are not only cheaper but often healthier too.
Cut Dead Subscriptions
Got subscriptions collecting digital dust? Whether it’s streaming music, cloud storage, or that gym membership you never use, cancel them. No point paying for stuff you’re not using.
These simple lifestyle tweaks can free up cash in your budget, ready to tackle that debt. Stick to these new habits, and before you know it, you’ll be on the road to debt-free bliss.
5. Dabble in Side Hustles Like OnlyFans or Social Media
A side hustle—a part-time gig—can be a game-changer for paying off debt. Two trendy options these days are diving into OnlyFans or building a social media influencer gig.
OnlyFans Hustle
OnlyFans lets you earn by sharing photos, videos, and more with subscribers. It’s a bit edgy, with privacy and reputation risks, but if done right, some creators pull in big bucks. With a loyal following, you might be counting stacks.
Social Media Influence
As a social media influencer, you can cash in through sponsorships, affiliate links, and ad revenue. Build an audience with engaging content on platforms like YouTube, Instagram, or TikTok. Once you’ve got over 10,000 followers, you’re in the game. Brands will throw dollars your way for a single post.
While not everyone’s cup of tea, a side hustle like OnlyFans or becoming an influencer might be worth considering if you’ve got a skill or talent to leverage. Every extra buck from a side gig goes straight to your debt. Consistency and hard work could turn these side gigs into main gigs.
Create a Budget That Works for You
Create a Budget That Works for You
Budgeting—sounds boring, right? But it’s one of the most effective ways to wrangle your debt. Break down your income and expenses to see where your money’s really going. Look for expenses to cut, like dining out or hobbies. Every dollar saved is a dollar closer to debt freedom.
Attack those high-interest debts first, like credit cards.
Minimum payments on the rest, and any extra cash heads to the high-interest crew. Once one’s gone, roll that payment into the next. It’s like a debt snowball gathering momentum.
Track your spending for a few months to set a realistic budget. Start with essentials—rent, food, transport. Whatever’s left can tackle those debts. Automate bills to avoid late payments.
Review and revise your budget regularly. Adjust for income or expense changes. Even small changes in your lifestyle can translate into more money for debt payoffs. Stick to it, and soon you’ll be debt-free.
In Conclusion: Debt, You’re Going Down!
The new year is your chance to kick debt to the curb. Grab the reins, understand your debt, and pick a strategy that suits you. Put in those extra payments, cut those unnecessary costs, consolidate the high-interest monsters, or negotiate with creditors.
Every dollar toward your debt is a victory. Stay laser-focused and celebrate each milestone. You’ve got this! With determination and consistency, you can slay your debt and step into 2025 with the freedom of owing less. Future you is going to high-five the present you for the hard work and sacrifices paying off. Here’s to a debt-free year ahead! Cheers!
Header image: Photo by Karolina Grabowska on Pexels License: CC0 Public Domain
