How to Go on a Spending Fast and Get Out of Debt Quickly
Posted by : Premraj | Posted on : Tuesday, January 17, 2017
If you are in debt, no matter how much, doing a spending fast could prove to be a great way to lower your debts quickly, or get rid of them once and for all. A spending fast isn’t a common way to get rid of debt, but many people have taken advantage of its methods to great success. A spending fast takes a lot of commitment, because you will have to miss out on a lot of things you usually treat yourself to, but if you can get through the process, there is no reason why you can’t be debt-free a lot quicker than you first imagined. Have a look at how you can go on a spending fast and get out of debt quickly below.
Decide How Long a Spending Fast Needs to Last
This will depend on how much debt you have with on-going interest rates, how much your priority expenses set you back, and of course how much income you receive. Even if you don’t plan on getting rid of your debt completely by doing a spending fast, you should still set a timeframe just so you can see a light at the end of the tunnel.
Limit Your Unneeded Spending
The main reason why implementing spending fast methods into your lifestyle will quickly get rid of debt, is simply because it will involve cutting out unneeded spending completely. How serious you are about cutting loose your debt, will ultimately determine how far you are willing to go to ensure it happens, but anything such as buying clothes, going to the cinema, and even getting your haircut, will all be taken away with a spending fast. You may even limit yourself to how much or what food you can buy during the process, so it’s definitely a process that isn’t for the fainthearted. When it comes to food shopping, always look at ways in which you can cut back on certain groceries, and even look to take advantage of 7 Coupons that will provide you with much needed discounts.
Decide What’s Needed and What Is Not
The whole reason for doing a spending fast to get out of debt is to make sure you cut out any “luxuries” and only pay for what you really need. Write a list of everything you currently spend money on, and then circle anything that is not needed. Even if you have a car that you only use for work purposes, could you actually just cycle instead? This will save you hundreds on a monthly basis and get you out of debt a lot quicker.
A spending fast isn’t pretty, but it’s well-worth doing if you have the commitment to see it out, as it will get you out of debt in half the time. Instead of paying your debts back over five years, you could potentially do a spending fast for one year and then you will be able to live the rest of your life without worrying about money again.