You must have heard of the unusual ways people try to repay their debts or make more money to become debt free. But, some people go to extremes to pay off their debts to bring back their finances into shape.
10 Extreme ways to pay off debt
1 Sell a valuable possession
In this context, I’d like to share a story of a man who sold his most prized possession to pay off his debts. He was submerged in a $20,000 debt and owned a guitar which he believed was expensive. Well, the guitar was indeed very expensive. He sold his guitar for $20,000 and paid off his debt in full.
You too can sell a valuable thing of yours to pay off your debts. It’s not easy to sell your dear thing, but sometimes you need to do that when you have no options left.
2 Only use coupons for shopping
Why? Because they use coupons for online shopping.
You can also use coupons to get a huge discount, even if you’re not able to shop without spending a dime. In turn, it’ll help you save big bucks.
3 Have a no-spend year
Can you live without buying new clothes, eating out, and entertainment for 12 months or more, or at least until you pay off your debts? Living without any recreation totally depends on your debt load and how extreme you would go to pay off your debts.
4 Reduce water usage
Do you want to save money on water bills? Yes? Check out these tips:
- Wash your hair in bathwater
- Go for navy shower
- Wash clothes once per 2 weeks
- Wash dishes by hand in a sink full of water
- Use gray water to flush toilets
- Water plants with leftover drinking water
5 Sell your car
If you have more than 1 vehicle and in need of a big chunk of money to repay your debts, sell the extra vehicle(s). Instead, use 1 car for all the family members.
Or, if you’re struggling to keep up with your car loan payments, bid adieu to it and pay off your debts.
6 Sell your house or rent a part of it
Maintaining your house is not that easy. You have to pay the mortgage and also have to look after other repair and improvement works. If you’re finding it difficult to pay off the mortgage, then sell your house and move to a smaller apartment or rent out a part of your house. It’d help you gather money for getting out of your debts.
7 Sell your smartphones
Smartphones have become a necessity for us. So, living without a smartphone can be difficult. But, if you have a high-end smartphone, sell it off and use that money to get out of your debts.
8 Use vinegar for cleaning
Instead of using expensive cleaning products, you can use vinegar for cleaning your house.
9 Use second-hand goods
I’m not telling you to live on second-hand goods for your lifetime. But, for the time being, you can use second-hand products until you pay off your debts. Suppose, you wish to buy a new dress for your birthday; but, you can’t spend a lot of bucks on it. You can purchase a dress from your friend which he or she will no longer wear. Believe me; it’d save you money.
10 Unplug everything while leaving the house
So, you must unplug household appliances when not in use. Though it would only save you few dollars, yet it’s a good option for extreme penny-pinchers. Unplugging everything, every time you leave the house will take some time. But, it’d help you save money in the long run.
How much extreme did you go to pay off your debts? Do share your experiences with us in the comment box below.