Even if debt is just part of normal life for most, it doesn’t mean it has to be for you. Many don’t realize that they’re actually closer to paying off their debt than they realize, and all it takes is some creativity to free you from it.
Use It or Lose It
Many of us get into debt from buying things, and it’s often dumb habits when it comes to personal finance that has us wind up with stuff we don’t really need or use later. Almost everyone has acquired several items that now collect dust and could be turned into cash. The elliptical machine that became a clothes hanger could be just the start. Rummage through your garage or basement to see what treasures you might part with.
How about that boat, bike, tools or old sports equipment lying around? If it’s seen better days and if it’s neglected for a while, might as well sell it. Not to worry if you don’t have large items of higher value like that, because if a bunch of small things can add up too. From old jewellery to clothing, you’re sure to have something to part with. Also look into better managing your expenses to further manage your funds.
Working part-time is one way to make extra money, or doing odd jobs like mowing lawns and other yard work, but there are other opportunities like tutoring or renting a room to selling handicrafts to help pay off old debt. It’s surprising how much you can earn when you put your mind to it.
If those don’t work for you, other options could include recycling scrap metal, doing deliveries, or even joining the military.
Parting With Assets
If you hold any items of value, it’s worth investigating whether selling them to pay down your debt makes more sense than hanging onto them. Things like stamp or coin collections can provide some surprising amounts when cashed in, investments like annuities, or a structured settlement buyout are other viable options to straighten out your finances.
Depending on the lengths you’re willing to go, there are still some options. These aren’t your everyday suggestions are they’re still possibilities. Consider selling breast milk or sperm, participating in clinical trials, selling blood or hair, and then there is being a surrogate mother.
When the sofa cushions don’t cover your debt, any one of these could be the answer to getting one step closer and taking care of your personal finances. If all else fails, try to cash in on getting cast on a reality show.