Perhaps some time ago you borrowed money from a bank or from a loved one, and the date of their return is approaching every day. While there is time, try not to borrow anymore, otherwise you will not notice how you will find yourself in a debt trap.
Instructions
Step 1
If you want to pay off your debts as soon as possible, start living within your means. Review your monthly and daily budget, leaving only the essentials in the What to Buy lists. Try to ignore the temptations to make a spontaneous purchase (this also applies to small things). Take comfort in the fact that the sooner you pay off your debts, the sooner you can indulge yourself with pleasant purchases again.
Step 2
To bring this happy moment closer, consider looking for another source of income. This is not about working for days, interrupting only for four hours of sleep. But even a small part-time job for 2-4 hours a day can significantly speed up payments on loans or debts. The main thing is to find something that would not be too tedious and would be to your liking. With the right approach, a part-time job can be organized even from a hobby.
Step 3
Which of the debts to pay first? Regardless of the size, first of all settle with the one, the dates of which will come sooner. If the amount is too high, try to make sure that you have the opportunity to return at least part of it. Be sure to contact the lenders or loved ones from whom you borrowed money, and report the situation. Perhaps one of them will meet you halfway and extend the payment period. On the contrary, if you have accumulated all the required amount, return the money as soon as possible, without waiting for the appointed date.
Step 4
How to prevent the need to borrow money? Learn the 10% rule. Its essence is that you always save 10% of each monthly income. It is best to open a bank account, the terms of which would not allow you to easily withdraw deferred money. By the way, when you pay off all your debts, it will be easier for you to maintain the habit of giving away some of your income. Only this time will you pay yourself for the future.
