If you’ve found yourself in debt, you certainly aren’t alone. Nearly one in five Americans from ages 18 to 24 feel they are in debt hardship. Dealing with financial challenges can be particularly stressful and overwhelming, but there are simple things you can do to help reduce debt. Here are three ideas to get you started:
- Cut back on expenses and shop smartly
The little changes you make can really add up. You could downgrade or eliminate your cable package in exchange for a popular (and less expensive) streaming service. Use cash-back services and coupons when doing your shopping. Skip the extras when out at a restaurant, and be sure you know the difference between a necessity and a desire. Even programming your thermostat and unplugging appliances can help with your energy bills every month. All of these saving strategies mean that you’ll be able to make more progress in paying off your debt every month.
- Save loose change
You probably don’t give a second thought to the coins in your pocket or wallet, but you’d be surprised how much you could actually have in your piggy bank! Saving your spare change in a jar seems like an antiquated idea, but it’s a great way to save without feeling too many of the effects in your daily life. At the end of the year, you can take that change to the bank and put it towards your debt; it may not seem like much, overall, but that’s money that you probably didn’t even realize you were saving!
- Sell your annuity
If you’re the recipient of an annuity, you may think your only option is to wait for your yearly check. However, you can sell your annuity and receive a cash payout. In the United States, around 35% of the population said they had trouble paying their bills or were stuck paying off medical debts in 2014, and outstanding student loan debt increased from $1.21 trillion to $1.3 trillion in one year, from 2014-2015. If you are struggling to pay medical bills, student loan debts, or credit card payments, selling your annuity is a great option to help relieve your financial burden.
By making minor adjustments and selling your annuity, you can easily reduce debt in your life. Contact us today to find out how you can quickly get cash for an annuity.