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5 Small Business Tools You Can Get for Cheap

5 Small Business Tools You Can Get for Cheap

For small businesses all around the country, saving money is a huge deal. Monthly budgets often come down to just a few hundred dollars of leeway, which means one step in the right or wrong direction can mean the difference between staying afloat and crashing down. Thus, affordable tools can be a huge asset.

Here are some small business tools that you’ll want to try.

1. Website Builders

If you don’t have any experience or background in web development and design, then building a website from scratch can seem like an unrealistic proposition. Where do you even start?

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The good news is that there are lots of website builders available online. According to an expert review site, the three top website builders for small businesses are Weebly, Wix, and Webs. Each has their own pros and cons, but they’re all cost-effective and highly intuitive.

2. Social Media Automation

Social media is a critically important component of many small businesses, but it’s also highly time-consuming and frustrating. There simply aren’t enough resources to successfully manage all of the responsibilities that come with social media. This is where automation tools come into play.

With free social media automation tools, you can put some of your responsibilities on auto pilot while tending to the tasks that need your full attention. Some of the top time-saving tools include Socialoomph, Post Planner, and Buffer.

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These tools do things like help you schedule social media posts ahead of time, track keywords, automate following, identify social influencers, and more. When properly optimized, you can achieve the same results as manual social media management with much less time.

3. Business Planning

Trying to conduct business planning without a formal department dedicated to the tasks and responsibilities can seem impossible. However, if you have the right tools at your disposal, it can instantly become easier.

The first tool you need to know about is Bplans. With Bplans, you can download free business plan templates, pitch presentation templates, SWOT analysis forms, and other related guides on starting, funding, and scaling businesses. The second tool is Enloop, which allows you to write detailed business plans without much knowledge of the process. It also gives you a three-year financial forecasting report and free business plan grade.

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4. Graphic Design

Not a graphic designer? Don’t worry. There are a ton of free graphic design tools online, but there are two you really need to know about: Canva and Piktochart.

Canva is a free tool that lets you use preformatted templates to create a variety of marketing materials that look like they came straight from a professional designer. Whether it’s brochures, marketing flyers, social media banners, or anything in between, Canva has you covered.

Piktochart lets you design immersive infographics with no knowledge of the design process. Simply use beautiful templates and drag and drop various elements to create a shareable piece of artwork that draws people back to your business.

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5. File Storage

What do you do with all those pesky files? Well, there’s no longer any reason to e-mail files to yourself or to use an inconvenient floppy disk or USB drive. All you need is the right cloud file storage solution. According to one review site, the best options include Dropbox, Google Drive, and Box. Each has its own storage limits and requirements, so find one that works for you.

Arm Yourself with the Right Tools

Don’t let anyone tell you that you need to spend thousands of dollars on small business tools in order to be competitive. All it takes is some patience and a willingness to search for the right solution. There are plenty of opportunities to find free tools, and you should use as many of them as possible. Once you find a handful that you really like, you may even be able to spend a few dollars per month to unlock premium features. Not only does it help you make better decisions in choosing business tools, it also allows you to control your expenses.

Featured photo credit: Pexels.com via static.pexels.com

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Anna Johansson

Anna specializes in entrepreneurship, technology, and social media trends.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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