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A Get Out of Debt Strategy That Works

A Get Out of Debt Strategy That Works

    You’ve decided this is the year you’re going to get out of debt once and for all. You’re committed, you’re determined, now the only thing you need is a plan. There are many plans for debt reduction, but they all generally include the same elements. Debt accumulates over time for a variety of reasons. So, it is expected that time will be required to reduce that debt as well.

    Be patient and take it one step at a time…you’ll see results.

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    Get a clear picture

    You have to understand the reality of your indebtedness. It’s impossible to make a plan to reduce debt if you don’t know the extent of it. Be honest. It does no good to deceive yourself about the amount of accrued debt.

    Stop digging the hole

    Don’t accumulate more debt. It’s a never-ending cycle with no way out. Spending habits must change for any plan to be successful. It’s crucial to live within your means, (below your means preferably,) in order to apply that money to debt repayment.

    Build an emergency fund

    Plan for emergencies first. A savings cushion is imperative for several reasons; it will allow some small modicum of security, you will be prepared for a crisis, and you will have liquid reserves for those instances when only cash will do.

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    Figure out where the money will come from

    Track your spending for a while if necessary. Create a budget or if you prefer, call it a spending plan. Make cuts where possible, but be sure to make it livable. A budget does no good if it’s not possible to stick to it.

    Increase your income if possible. Take on extra work where available, volunteer for overtime, or find a second job. Most people don’t want to hear that, but if you seriously want to eliminate debt, sacrifice is necessary. The extra effort will pay off, literally.

    Liquidate other assets

    Consider liquidating other assets. Experts don’t recommend taking money out of a retirement funds, because that will have serious repercussions in the long term. Taking out a second mortgage is the most common tactic, but be careful before you do that. Only resort to borrowing further against your home if you can firmly commit to stopping the cycle of overspending, otherwise you will just accumulate more debt. You are putting your home at risk, so make sure it’s worth it.

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    Do you have any investments or possessions you can sell? While you may be earning interest on your investments, if it’s less than the interest rate on your debt, they may be worth liquidating Consider selling unnecessary equipment, (boats, extra cars, etc.) or valuable jewelry if it doesn’t have extreme sentimental value.

    Decide on a debt reduction plan

    There are many methods to reduce debt. None is better or worse than the other. It’s a matter of choosing what’s the most comfortable for you. Money is a very emotional thing, and so debt reduction is partly mental. Find a plan that you can commit to.

    One option is to pay off the credit card or loan with the smallest balance. Be sure to make the minimum payments on other debts, but concentrate on paying off one debt at a time. Once the smallest debt is retired, move on to the next smallest. The advantage of this method is mostly mental. It allows you to gain momentum and the sense that you’re making progress.

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    Another option is to pay off the debt with the highest interest rate. This is generally the most financially advantageous. By eliminating the higher rate credit cards, you’ll reduce the amount of interest that is paid overall. Once again, move to the next debt item with the highest rate.

    A third option is to eliminate the oldest debt first. Old debts have been hanging around for a long time. These debts have most likely taken an emotional toll. If you finished college 15 years ago and you’re still paying off your student loans, go ahead and pay those first. You’ll feel a tremendous sense of relief.

    No matter the extent of your debt, it’s not hopeless. However, commitment and persistence are vital. Whatever method you choose, if you’re consistent, you will be successful.

    (Photo credit:Get Out of Debt Key via Shutterstock)

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    Royale Scuderi

    A creative strategist, consultant and writer who specializes in cultivating human potential for happiness, health and fulfillment.

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    Last Updated on February 11, 2021

    Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

    Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

    Imagine receiving a regular supply of free samples through your letterbox?

    These free samples by mail could include things such as cleaning products, cosmetics and packaged food.

    Free samples are a great way to try out some of the latest products. One week you may have a new toothpaste to try – the next week you may be snacking on a delicious chocolate cookie sample.

    As the saying goes, variety is the spice of life. And by requesting free samples by mail (I’ll show you how shortly), you’ll have not just variety – but fun too!

    Tell Me More About Getting Free Samples Sent to My Door!

    So, it looks like I’ve caught your interest. That’s great news!

    Just before I introduce you to 10 places where you can get free samples by mail, let me clarify a couple of things.

    Firstly, all the places I’ll talk about are currently active in sending out free samples to consumers. (In other words, no links to out-of-date or dead pages!)

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    Secondly, location is key. If you live in North America, then you’ll have a wide selection of places to sign up to. In other locations (for example, Africa, Asia and Europe), you’ll have fewer choices – but free samples by mail are still a possibility.

    Lastly, to whet your appetite for the freebies, here’s a short list of product examples:

    • Pet food.
    • Beauty products.
    • T-shirts.
    • Greeting cards.
    • Wallets.
    • Snack bars.
    • Vitamins.

    Free Samples by Mail… Tell Me Where to Get Them!

    It’s now time to share my recommendations for the best sites to claim free samples from.

    Let’s start with…

    #1 SampleSource

      This company sends out boxes of 6-12 free samples about four times a year. Products include baby wipes, cereals and tissues. Register with SampleSource to be notified of the availability of their free samples. (Canada and U.S. only.)

      #2 Influenster

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        As their name suggests, Influenster wants to send free samples to you in exchange for you sharing about the products on your social media accounts. Once you’ve become a member (join for free!), they’ll send you a box of free goodies every few months. The more you share pictures and reviews of the products – the more free samples they’ll send you! (All major territories.)

        #3 PINCHme

          This organization will send you free samples in the hope that you’ll then go out and buy the equivalent full-size products. To receive regular boxes of free food, drink and cosmetic samples (and sometimes coupons), then sign up and create your profile. (U.S. only.)

          #4 House Party

            Thinking of throwing a house party? If yes, then be sure to sign up with this company. They’ll send you a box of ‘themed’ products and services that you can hand out at your party. Register with House Party. Wait for the fun freebies to be mailed to you. And then start sending out your party invites! (Worldwide.)

            #5 YoFreeSamples

              This site is a great resource for a whole host of free samples that can be mailed directly to your door (with no survey requirements!). You’ll find anything from books to perfume, with new offers listed daily. Head over to their site to see what’s currently available. (Mostly U.S., with occasional offers for other countries.)

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              #6 Magic Freebies

                The U.K.’s most popular freebie site. Register for their email newsletter, and they’ll send you a daily email with eight free sample offers. These include products such as disposable razors, dog bowls, and even fake tan! So, what are you waiting for? (U.K. only.)

                #7 SweetFreeStuff

                  Since 2002, this simple site has been linking to the best free sample offers currently available. To get started, sign up to their daily email newsletter, which contains links to the latest offers. As well as free samples, SweetFreeStuff also gives information on coupons and deals. (Worldwide.)

                  #8 Sample A Day

                    Would you like to receive a notification of a new free sample every day? Well, that’s the promise from this site. They claim to thoroughly research all offers, ensuring there are no catches or hidden surveys! From baby products to socks, this site is sure to have something for you. Registration is super-easy. Simply enter your email address. (Australia, Canada, U.K. and U.S. only.)

                    #9 Pretty Thrifty

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                      This site specializes in free beauty products, but also lets you claim free samples such as energy drinks, snack bars, and even magazine subscriptions. Pretty Thrifty has more than 85,000 followers on social media, so clearly knows how to attract free sample hunters. One thing that makes Pretty Thrifty stand out from most of their competitors, is that their email newsletter is available in daily, weekly and monthly formats. (Mostly U.S., with occasional offers for other countries.)

                      #10 CrazyFree

                        My final tip for getting the best free samples by mail, is Australian company CrazyFree. Their funky website offers big brand free sample offers, which currently include items such as Dolce & Gabbana perfume, Coke Zero, and Happy Dog pet food. To claim the offers, select the free samples you would like, and then complete their registration form. (Australia, U.K. and U.S. only.)

                        Receiving regular free samples by mail is a fabulous way of testing out the latest products on the market (and some that aren’t even on the market yet!)

                        You’ll impress your friends and family with all the free stuff you’ll be receiving. And take it from me… it’s a fun, free and rewarding hobby.

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