Many people use some form of credit to try and get out of debt. This in effect, only compounds the issue as you are actually adding more debt to what debt you already owe. Getting out of debt with no money seems hard. But is it? Read on.
Consolidate all your debts? Yes, but you still need ways to pay off the debts.
Borrow from family and friends? Yes, but you will still need to pay them back. So what can you do, without getting further into debt?
Sooner or later, you can’t borrow more, and the creditors are asking for money back which you’ve no ability to repay. So you may be asking what can I do?
Immediate actions to reduce debts
- Eat at home and bring your own lunch to work
- If you smoke or drink, cut back on these
- Stop buying new clothes. If you must buy something new, check out a charity shop. You’d be surprised at what you’ll find
- Leave your credit card at home
- Don’t get sucked into sales
- Go shopping with a goal in mind – don’t buy on impulse
- Save your spare change in a jar
- Start a garden and can/freeze your produce
- Avoid unnecessary mobile phone charges by connecting to a free WI-FI network when available
- Budget your spending. Check out this budget planner
Work out your priorities
If you find that after taking action you still haven’t got enough money to pay for everything you want to, then you’ve got to work out what’s most important to you.
First should come all necessary bills, which should include paying off your credit and keeping on top of your rent and mortgage payments. Anything left you can use for making your own spending decisions – but bear in mind that you want to be debt free – so continue to watch what you are spending on and how you are spending.
Long-term plan to reduce debt
OK so you may have taken some action and your debts are being slowly reduced but not at a rate you would like.
Did you know that you can create an online business for £0 start up costs? With the income you receive from this, you can supplement your current income and start to pay off your debt sooner rather than later.
Not only that, once you have become successful, and paid off your debt, you won’t have to worry about being in debt again, you can leave the 9-5 job and earn a living by doing something that you love doing.
Get-rich-quick schemes do not work. Most times with these schemes, you have to invest large sums of money upfront or once you are in the scheme, you find that you have to invest more -whether it’s your time or money – to move to the next level.
There are many ways to make money online legitimately without having to pay a huge fee up-front.
Getting out of debt with no money
Affiliate Marketing is BIG business on the Internet. More than 3 billion people use the internet. If you look at it from a marketing perspective, this is over 3 billion potential customers. Customers that you can tap into with an online business.
By blogging and sharing interesting content regularly, you can develop a loyal subscriber base from these users. Say for example your interest lies in the horticultural niche – you are interested in gardening, it is your passion – you are the next Monty Don.
You can write regular content about different aspects of gardening such as ‘When to plant kale’, ‘Why doesn’t my aloe plant grow inside during the Winter months’ etc People are always asking questions via the Google search tool. If you can come up with solutions through your content, you will have potential buying visitors coming to your site.
Now, how does your website make money… well you can affiliate with a merchant that promotes horticultural related products. There are hundreds of affiliate programs that you can join and they are free to join.
To find them, go to google search and type the name of your niche plus the word affiliate as below. From the search results, you can see that there are thousands of horticultural merchants who you can sign up with and promote their products.
As an affiliate, you are recommending products – so create great product reviews to earn yourself some commission. The great thing about affiliate marketing is that you can make money fairly quickly as there’s no need to become an expert or struggle with product development. You also don’t need to hold the inventory.
Simply have your affiliate link on your site, when someone clicks on the link and make a purchase, you get some commission.
Commission varies from merchant to merchant so shop around before you decide which merchant to join. You can join more than one and promote different products from each one.
These are just a few merchants that you can become an affiliate with.
So what are you waiting for? It’s time to say goodbye to that debt and start earning money by having a successful online business.
Need your hands holding to get started? Check out Wealthy Affiliate which is the platform I used to create this website and have a successful online business.
If you have any comments, about getting out debt, please feel free to leave them below and I will get back to you. I am not a debt counsellor, however, I can advise you on ways to build an online business which is a step in the right direction on getting out of debt with no money.