Annihilating the Snow Ball of Debt While Making Minimum Wage Is HARD
Debt in our society today acts as an anchor, tying you down to past mistakes that won’t let you move on into the future. Even though it may have began with something as small as a three-day vacation or a fun gadget from your local electronics shop, debt has a way of creeping up on you after its to late to deal with it.
Not only will it sneak up on you, but debt has a creepy, snow ball effect causing what was once a small, manageable problem, into a large seemingly impossible monstrosity to tackle.
Yes, credit card debt can be a deep hole but it is not one you are incapable of escaping. Although it may take a little bit of time depending on how long you’ve allowed your snowball to roll downhill, it is not out of your hands to be able to reverse the momentum.
No matter how fast its barreling out of control your credit card debt can be reduced with some small, easy steps to help you begin taking control of your life even if you happen to be working a minimum wage job.
Step 1: Create a budget and stick to it
Although it has been said by many and heeded by few, developing a clear, concise budget will truly help you be able to start making payments on your credit card debt. By creating a budget you will be able to see all the details of when, how, and why your spending your money.
This gives you the opportunity and insight to make educated decisions on where you can save money and also cut down on spending cost. Budgets help you see where those dollars are going that seem to be disappearing like socks in the dryer.
Step 2: Find a roommate, housemate, or temporary tenant
Generally, when evaluating your budget your going to find that a large chunk of your money goes to rent, mortgage, and/or property maintenance. To help save money and attack your credit card debt viciously, it may be time to go on the hunt for a reliable, trustworthy roommate.
If your situation doesn’t allow for anymore permanent roommates you can always look into renting out spaces of your house for temporary periods of time. Think about renting out your unused shed in the backyard to the local garage band for a few hours a week or listing a room or space for a weekend a few times a month on a travelers hosting site.
Get creative! Using the space you’re already paying for to gain extra money can assist in cutting huge cost and annihilating your debt quicker then you would have ever expected.
Step 3: Look into part time, flexible money making options you can do using your cell phone
In the modern world of technology we find there to be multiple new ways of earning a little extra money on the side. Understandably, most people don’t have the capability or time to juggle a part time job on the side of their regular full time job.
However, now there are multiple applications you can get on your phone that allow you to pick up part time work at your schedule’s capacity. Think in terms of offering transportation services with your car, delivering food from restaurants, or picking up handy-work and yard jobs for the elderly.
There are many simple, easy to use phone apps that can help you earn a little extra. You can then use this extra income to put towards your credit card payments. Even if its just a little, raising your regular payments will help improve your credit score in the long run and speed up the tedious process of paying it back.
Step 4: Evaluate what you have and decide on what you do not need
Many people have a stock-pile of random objects and things around their house that may be semi-valuable but hold no use to them anymore. It is not uncommon to find that a lot of these items themselves were bought on credit.
Of course, they continue eating away at your credit score while gathering dust in your basement or under your child’s bed. Spend a weekend going the minimalist route and begin rummaging through your things and deciding what all you really need and what of value could be sold for a bit of extra cash.
Furniture, electronics, kitchenware and all sorts of other goodies you may find around the house are perfect materials for yard sales and online sales. There are a multitude of online platforms, websites, and applications that allow you to sell just about any item you can find.
Don’t hesitate to get creative either, one man’s trash is another man’s treasure. There are plenty of things of no use to you that someone across the country may be searching for on the web as you read this!
FINALLY – Stay focused!
All-in-all climbing out of debt even with a minimum wage job all boils down to determination, diligence, and motivation. It will not be easy pay debt without changing yourself. You will get many financial bumps and bruises on the way.
However, the important thing is to stay strong and focus on your goal of conquering your debt and becoming free. It is not an over night process but if one stays diligent they can conqueror their credit card debt with their minimum wage job in no time.