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Things You Can Do While You Pay off Debt

Postby skysnap » 17 Aug 2018, 11:18

Many of us take debt for the school, college and the house. And it takes years to pay it back. You can see that in the due process you have to make lot of changes and then build things on the top of the payment schedule. You may notice that in the due process lot of things in your life are left behind. Here are some of the options that you can learn about debt payment. Do let me know if you have any of your own action plans.

Find the Estimate Amount

You have to find out your salary and the loan payment structure. So you have to find out how much amount will be there if you pay off quickly as opposed to paying it over a time. Like say larger time period. You can find out about the estimate and then decide what you can do the most on that note. I can tell you that estimate amount on that can be a good approach in many ways. It'd be definitely useful on that counts.

Reduce Interest Rate


Your loans often have specific interest rate with bank. You can switch the banks. And you can save a lot of money. You can see that reduced interest rate can often get you much quicker loan payment schedule. So make sure to find out about the banks that can allow such feature and then go after the banks like this. And make sure to get your loans switched to those type of the places. I am sure that should solve the issues.

Reduce Expenses by Digitization

You don't have to travel to specific places. You don't have to take 1000 print outs. You can save a lot of money by going digitial. You don't have waste fuel by going to bank and doing things. I'd say that you can setup a process per month and then save on lot of expenses. You just have to make sure to digitze your process. And then only spend when the process has been triggered. That way you can pay bills, visit places and also save a lot of money.

Save with Cashback

You can get off the debt more quickly if you learn how to shop with cashback sites. Those sites are out there that can save you money. You are more likely to save on lot of things out there. And it can be a good idea if you are running short of cash. So make sure to save money in earlier phase if you can. That should give you an idea on how to get the most out of the cashback in savings account that you have around.

That being said, you should keep exploring for more options and learn from others financial choices and actions. I can tell you that there are always things that you can learn from the due process. So keep reading and searching new ways to reduce the debt on your life.
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Re: Things You Can Do While You Pay off Debt

Postby Lushh » 16 Nov 2018, 20:44

The only other action plan I would implement is to avoid incurring more debts. Unless extremely necessary, stay away from what you can't afford. I never tried the cashback thing though. I don't know why even though there is much talk about it. I'll check it out more! :thumbup:
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Re: Things You Can Do While You Pay off Debt

Postby ceci » 17 Nov 2018, 10:37

Reduce expense,increase income, pay off debt faster, avoid incurring new debts, but not all will happen in once. It need efforts.
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Re: Things You Can Do While You Pay off Debt

Postby nakitakona » 17 Nov 2018, 12:33

There are lots of things to do in order that you can pay off your debt. Whatever it is, it takes discipline and determination to do that. But for me, savings is all that it takes. Whatever or how difficult it is, you must save aside from cutting cost or avoiding those trivial expenses for wants.
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Re: Things You Can Do While You Pay off Debt

Postby katkat » 17 Nov 2018, 13:53

For me, I do this don't buy what you don't need attitude. This is also like savings. While paying for the debt is important, it is also important that we don't do more credit unless of course it is between life and death. So to be able to improve the situation i am trying not have another loan from anyone. It does help to my budgeting.
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Re: Things You Can Do While You Pay off Debt

Postby fergus1234 » 28 Nov 2018, 08:25

Other thing, Be more simple with food, while you are broke. Sweet potatoes are cheaper than potatoes. Don't buy any new cool gadgets for the sake of it.
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Re: Things You Can Do While You Pay off Debt

Postby ceci » 30 Nov 2018, 11:14

I want to buy so many things lately , maybe due to festive season. I need to chase away this feeling, if not, I might over spend...God bless me.
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Re: Things You Can Do While You Pay off Debt

Postby skysnap » 24 Feb 2019, 17:43

katkat wrote:For me, I do this don't buy what you don't need attitude. This is also like savings. While paying for the debt is important, it is also important that we don't do more credit unless of course it is between life and death. So to be able to improve the situation i am trying not have another loan from anyone. It does help to my budgeting.


I think some of us can be in situation where even buying things we need can break our budget. So it's all about finding new income sources.
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Re: Things You Can Do While You Pay off Debt

Postby ceci » 25 Feb 2019, 00:58

I don't mind to have loan since it's zero interest, but I got to make sure I have enough income stream for pay it off.
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Re: Things You Can Do While You Pay off Debt

Postby skysnap » 26 Feb 2019, 04:47

ceci wrote:I don't mind to have loan since it's zero interest, but I got to make sure I have enough income stream for pay it off.


There are loans with zero interest? I am not aware of those interest. I can tell you that such zero interest schemes can be as risky as those with high.
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