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How to manage paying off your debt

Debt can be one of the most stressful issues in a person’s life. Which is why we want to help you manage paying off your debt. Here are 5 tips on how you can do this so you can have a less stressful time and finally get rid of those nasty monthly bills.


1) Consolidate your loans

You can read more about this in our other blog; but if you have a lot of monthly outgoings and feel like you’re not getting anywhere with paying them off, then consolidating your monthly payments could be the answer. It will lower your monthly payments, as well as give you a lower interest rate, hopefully enabling you to start saving more money.


2) Budget

Monitor how much you earn and how much you spend each month. Create a spreadsheet so you can keep a closer eye on your spending and see where you can cut back on somethings. Do you need a Starbucks every day? Meal prep every week instead of making something different every day - groceries can become very expensive. Walk instead of drive if it isn’t too far - petrol prices will soon eat into your bank account. Also, check that you’re not paying for subscriptions you’re not using, you’ll be surprised how £10 here and there can go missing without you noticing.


3) Start a side hustle

Is there a hobby that you love doing and could make money from? You might like crafting, writing or even singing. Find something you enjoy and see if there’s a way you can make money from it. If you’re creative, make something and try selling it on eBay, or if you love to bake, set up a stall on a farmers’ market in your local village and save the money you make from it and pay off your debt with it. You never know, it could turn into a fully-fledged business in the future.


4) Cash back reward programmes

Sign up to reward programmes online or market research websites where you can spend time answering questionnaires about products and services and earn money from them. Cash back reward programmes can give you discounts as well as money when you pay for things through their referral websites. A popular one to use is TopCashback. Doing this will save you time and money so you have more free cash to pay off your loans.


5) Payment methods

Once you have budgeted what you can afford to pay off monthly, list your debts from smallest to largest. You want to be able to reduce your loans as quickly as possible. So, pay the smallest debt off as fast as possible, make sure you pay the minimum off all your other loans, then if you have money left over, pay the extra off the next largest debt. This way you will hopefully get through them quicker and only end up with the biggest lump sum of debt.


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