How to Pay Off Debt With No Money

Paying off debt is something we all want to do, but how do you do it when the money just isn’t there? Or when you’ve squeezed every cent out of your pocket until you reached the lint balls? It’s a tricky situation, but it's not impossiable to do it. Continue to read this e How for several ways to make those debts disappear.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Your Creidt Report
• Pen and Paper
• List of All of your Debts

1. Question the Cost of Everything
   
   If you’ve gotten rid of all of the extras—cable, long distance, etc.—and still can’t find the money that you need to pay off your debts, it’s time to start questioning the price of your essentials. Sure your Internet service has a fixed price, but does that mean it can’t be brought down lower? Until you call and ask, you won’t know.
   
   Here’s a list of other bill that might be negotiable (you can decide how essential each item is):
   
   Newspaper subscription rate
   Cell phone
   Home owner’s insurance
   Auto insurance
   Cable service
   Pest treatment
   Doctor’s bills (ask if they offer a discount for cash payments)
   Home repair costs
   Car repair costs
   Question All of Your Purchases
   
   If you’ve been paying off debt for long, you’ve probably already found that there are lots of things that you once thought you needed, but now no longer buy. Challenge yourself to make your list of “no longer needs” longer still, and you’ll free up more money for debt repayment.

2. Seek Out Substitutions
   
   Look around your house to see if you already own something that can stand in for what you need. Do you have shampoo samples that could be used in place of a new bottle of shampoo? Vinegar that could be used in place of a cleaner refill? Cloth napkins that could be used in place of paper napkins? Make a few substitutions, and stay out of the stores.

3. Erase It from Your List
   
   Still can’t find what you need? Then, stop and ask yourself just how essential that item really is. Could you do without a new printer cartridge for a little while? Cook something else for dinner instead of running to the store for an ingredient? Borrow a tool from your neighbor instead of buying one of your own? Do without, and put more money towards your debts.

4. Shop Smart
   
   Unfortunately, there are going to be times when you just can’t avoid a purchase, but that doesn’t mean you have to spend a lot to get what you need. Before you head to a retail store and pay full price for your purchase, consider any and all second-hand sources. Here’s a list of places to consider:
   
   Thrift stores
   Yard sales
   Flea Markets
   Pawn Shops
   Auctions
   Barter boards
   Internet auctions
   Classifieds
   Closeout stores
   Scratch and dent stores
   Resale shops

Tips & Warnings

• Can’t find what you need at one of these places? Then go ahead and shop retail—but take advantage of coupons, rebates, sales and clearances. It takes money to get out of debt, and the more you save the sooner you’ll be out of debt.

Resources

• Save Money on Gas by Working From Home!

[shellymae]

on 3/3/2009 This article is so inspiring! It really gives me perspective on the way I'm living. Thanks!

[lanijo]

on 12/6/2008 Excellent ideas, Other than a couple of those perks I can't live without, I am going to be more aware of some of the suggestions you've made...Thanks!

[amylaine]

on 6/12/2008 Excellent advice, I recently took a finer look at my spending and noticed how much of my spending I could do without. I was shocked.

[GunruOnHowTo]

on 3/11/2008 Hey, Thank you for Reading my Article. Please Let me Know what you think by submitting your rating, it will only take a second. Thank you and Have a Blessed Day!
Gunru On How To