If you find yourself struggling with how to pay off debt, you will love these unique was we have to share. There are many traditional methods of paying down debt, but many people don’t think outside the box enough to realize there are tons of tools available in front of them to help rid themselves of debt.
Work through these different methods to see which will work best for your budget to help you get rid of that debt that has become such a financial burden.
5 Unique Ways To Pay Off Debt
Move back home with your parents.
You may be screaming no at this suggestion, but for many people this is one great way to pay off debt. If your parents, siblings or even friends have a space in their homes you can rent for a lower rate than your current rental or mortgage, it may be time to consider moving back home for a time until you are able to pay off debt.
Temporarily moving in with your parents may not work for everyone but is a method of working toward being able to pay off debt that can be mutually beneficial to you as well as your family.
This works best for close knit families that have large homes, or for those who are single or have no children and can easily move back into their family home without uprooting their entire family. While this may not work for everyone, it is a method of working toward being able to pay off debt that can be mutually beneficial to you as well as your family.
If you pay your parents or family rent, pitch in with chores and even help with home repairs in the process you are helping relieve their stress and yours at the same time. This can also be a great time for younger children to spend with grandparents who may be willing to step in and help with childcare expenses while both parents work outside the home.
This is not a suggestion to go home and let your parents pay your way. It is a suggestion to go home to a place where rent may be more reasonable and there could be shared expenses that lower your monthly expense budget allowing you more money to invest in debt payments.
This is something that will most decidedly only work in specific situations, but is well worth the time to consider before dismissing as impossible.
Rent out rooms in your home.
Another amazing way to pay off debt is to earn extra income by renting rooms in your home. This typically works best for those who have a garage or basement that has been converted into living space. Especially if that space is also accessible by a secondary door that is separate from the regular living space.
Consider renting to college students in your community, from your church, or even to your extended family members who may need a bit of help at the moment. There are many considerations when exposing your family and home to a renter, so sit down to create fast rules and guidelines. Always make sure to do proper background checks and make sure all deposits are paid up front.
Become self-sufficient or live “off the grid”.
While it is definitely difficult for most families to truly live completely off the grid, you can easily begin becoming more self-sufficient. This works best for those families that already have one parent at home full time. There are many ways to become self-sufficient that eliminate regular expenses and open you up to the ability to provide for your family while using you traditional income to pay off debt.
Growing a garden is one amazing way to become more self-sufficient. Utilizing your space to grow a number of vegetables will help not only feed you during the growing season, but also year round when you learn to can or freeze those foods for future use.
Raising chickens is another very popular method of becoming more self-sufficient. You can easily feed your family the eggs and eventually the chickens themselves, as well as brood baby chicks for future laying hens.
Another great source of meat for your family is hunting for deer, elk, and wild turkeys when in season. Follow your state game and fish guidelines and hunt in designated safe areas then process and store for future use. A great fisherman can also provide a lot of quality local fish to feed their family. There are many types of fish that are great for family dinners that can be caught in streams, rivers, ponds, and lakes.
Take out a loan.
This may sound like it makes no sense at all, but the truth is it can often be one of the best ways for you to pay off debt easily. Many times you may have a great credit score, but simply have some outstanding debt that is tough to pay of easily. If you are also accumulating a lot of interest charges along the way, it can take a lot longer to pay off you debt in the long run. By taking out a bank loan to pay off a debt, you are guaranteed a lower interest rate that won’t fluctuate, and shorter payoff terms. This means you will pay back less money overall, and you’ll be able to pay off debt much earlier.
Market your skills.
Do you have a hobby or skilled trade that you aren’t using for income right now? Don’t hesitate to help pay off debt by marketing your skills. Yes, a second job is an obvious way to pay off debt, but most people forget about those little things they enjoy doing as being a means of income.
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Perhaps you have been an amateur quilter, or maybe you have sewn all of your own gloves and mittens for years. Both of these are great skills you can market to your local community as well as the online community to make tons of money to help pay off debt.
Think outside the box of traditional jobs and utilize things like your arts and crafts abilities, singing or musical abilities, technical knowledge, or even your love of children. There are a multitude of things you can use that are great skills you have that others would be willing to pay for.
This list of some unique ways to pay off debt gives you a new outlook on how to lower your debt and become financially free. Use the tips above that work for you and your situation, and file the others away to use in the future as you are able.
More ways to pay off debt
- Browse this list of things to sell from home.
- Increase your income in the Spring (and Summer) with extra ways to make money.
- Take surveys online to earn gift cards and points that you can convert to cash.
- Learn to make money blogging.
- And check my Side Hustle board on Pinterest.
A very inspiring article. Thank you