3 Creative Ways To Pay Off Debt - We Tell You How

Alivia Whitaker | August 1, 2018 @ 12:00 AM

Everybody knows getting out of debt is a good thing, but not everybody knows how to do it - we tell you 3 creative ways to pay off debt below:

Ways To Pay Off Debt: Surveys and Couponing 

One of the best ways to pay off debt is to start by saving money!  Don't be deterred by ideas of extreme couponing - it can be much more simple than that.  Using simple couponing practices can end up saving you lots of money in the end.  Most areas of the country have a discount or coupon mailer that comes in the mail.  Take a few minutes to leaf through that and cut out coupons you already plan on using at the grocery store, restaurants or other places.  Other places to get coupons include online, in the newspaper or on designated coupon apps.  Many grocery stores also have apps and loyalty programs that allow you to apply the coupon on your app before you even get to the grocery store.

Be sure not to fall into the trap of purchasing things you don't need just in order to use a coupon.  This will not save you money in the end.  For instance, many name brand products at the grocery store offer coupons while the store brand still ends up being cheaper even with the coupon applied to the brand name item.  Carefully weigh your options.

Pro Tip:  Designate a coin purse, section of your wallet or even just use a ziplock bag to keep all your coupons in.  Use something that is easy to take along with you wherever you go.  That way, when you need the coupon, it's ready and available!

Another great way to make money is to do it by taking surveys.  Companies and marketers out there all need data and one way they collect this data is by paying people to take surveys.  You can do this little by little and the small amounts of money can really add up!  Some legitimate survey sites and apps include:

Inbox Dollars, SurveyMini, iPoll and OnGo

Ways To Pay Off Debt: Selling Things

One of the more obvious ways to pay off debt is to make money by selling things.  This may sound blasé but it works.  You can sell things in many avenues nowadays.  Sites like Craigslist and others give you more outlets for selling your stuff.

Keylock Storage did an entire article about garage sale alternatives, in fact.  In it, they outline some of the top ways to sell besides a garage sale.  This includes flipping thrift store items and selling on places like Facebook Marketplace and Nextdoor.

CashFlow2Freedom, an authoritative site in the wealth and investment world created a wonderful article about ways to get out of debt.  They said,

"Selling stuff: Chances are you have things in an attic, basement or storage unit that you don’t even know are there.

  • Craigslist, eBay and Facebook marketplace are your friends. Post your items at a reasonable price and you will get plenty of hits. There’s nothing better than turning something you weren’t using into cash.
  • Garage Sale at your house is also an option. A well-publicized garage sale should get you plenty of foot traffic. And one of the great things is you can sell lots of little items for a dollar or two. (Something you probably aren’t willing to fool around with online.) And remember, every dollar counts."

Ways To Pay Off Debt: Side Hustle

Another one of the great ways to get out of debt is to simply create more income.  In today's world this is easier to do than ever.  The internet and remote work are more plentiful than they have ever been and chances are, you've got a skill that you can apply in some monetary way.

CashFlow2Freedom covered ways to get a side hustle and apply it.  In this article they outlined:

"Starting a side hustle is easier, and more profitable than ever. A side hustle can make you cashflow month to month without interfering with your main gig. Today, those side hustle’s are thinking like entrepreneurs. When you do this, you work on your own time at a pay rate you set. And you keep all of the money. (At least until Uncle Sam gets his portion.)

  • Freelancing:Are you a skilled writer or story teller? Do you know Quick Books or other accounting programs? Have you mastered Facebook advertising? The options can go on but today it is easy to offer your professional services in the world of freelancing.
    • Thanks to websites like Upwork & Fivver you can upload a profile and search for jobs that match your skills. It’s easy to get started. Just provide quality content and build your reputation. Once you get a few jobs under your belt, you will be able to make serious money in little time.
  • Selling a product you create: Etsy, Facebook, eBay and Amazon are great places to sell something you make. There is a large market for homemade products from soap to picture frames. Maybe you’re a skilled craftsman and can make a real wood table or bench. Maybe you can sew a blanket. Or design custom jewelry.
    • My wife started a vitamin company. She formulated a natural anxiety relief supplement. She sold it on a site she made and also on Amazon. Amazon shipped it and handled all of the customer support. With private labeled vitamins you don’t have to formulate your own supplements. In the end all you have to do it design your own label and bring it to market. With the drop-ship system, and a couple hours a day you can have a cash flowing side hustle.
    • My cousin also used Amazon to sell a product. She had a manufacturer out of China make letter boards, she created multiple different versions of this product. It started as a side hustle but now has become something so lucrative that her husband stopped selling mortgage loans and have created an amazing company. With the success of her first product she has dropped other products and continues to add to their shop.
  • Start a Blog:This revenue stream will probably be the slowest to develop, but for people who like writing it can be pretty rewarding. But the trick is you need to have something valuable in what you write. There is nothing wrong with a family blog, but unless you’re famous or there is something unique it’s probably not going to be something you can monetize. Your blog should answer questions that people search for in Google.
    • How can you monetize your blog? You need to start with a steady stream of readers and a healthy e-mail list. Ads are generally the first thing most beginners think of when it comes to making money, but you’re not going to see much revenue unless you have a massive audience.
    • Rather, you can use your blog to sell some product or a service. Maybe it’s a book, a course or consulting related to your blog. And you can make use of affiliate links where readers purchase a product on Amazon or another site directly from your website or a link on your site.
    • What is great about blogging is that many of these ideas constitute passive income, meaning it is money you can make without doing anything. Yes, there are more blogs than we need. But talent always rises. If you have something to share, consider starting a blog."

We hope this overview of 3 creative ways to pay off debt will help you get a kickstart in your debt free goals!

In addition, you can visit Keylock Storage Blog for more interesting articles about organization and lifestyle: keylockstorage.com/blogs