If you’re in debt, you’re not alone.  A few generations ago, most Americans did not carry debt, and if they did, they only had mortgage debt.  Carrying debt was looked down up and considered shameful.  But how things have changed now.  Many 18-year olds immediately go into student loan debt for college, and then for credit card and automobile loan debt and to top it all off, mortgage loan debt.

Once you’re in debt, you can feel like you’re in so deep, there’s no way out.  But don’t give up!  There are many more reasons to beat that debt than to not.

More Reasons to Beat That Debt

When you’re deep in debt, you may feel there’s no point in going on a strict budget and putting extra money on your debt.  After all, you work hard to scrimp and put extra money on the debt, but you barely see a difference in the balances.  Sure, progress is slow in the beginning, but there are so many benefits of working hard to pay off your debt.

Today’s Money Is Yours for Today

One of the most frustrating things about being in debt is that you pay for yesterday with today’s money. Let’s say you earn $3,000 a month, and $1,000 of that money must go to payments for your debt.  That is 1/3 of your income that must go for past expenses that you went into debt for.  Imagine if all the debt was paid off and you had that $1,000 to use today.  What would you do with an extra $1,000 every month?

Money to Save for Long Term Goals

Maybe part of that $1,000 can be saved for long-term goals like a fabulous vacation you can pay cash for, or to grow your retirement nest egg, or to save in your children’s college fun.  When you don’t have to pay debt payments, you have more money to save for, and advance, your future.

Security

Probably the best reward for working hard to pay down debt is that you have financial security.  If your car is paid off, you don’t need to worry that it will be repossessed if you lose your job.  That car is yours no matter what.

Money for Charitable Goals

If giving to charity is important to you, you can give more freely when your money isn’t tied up in expensive debt repayment.  You can give to your church, or an organization that you support, or a family in need.  You have the means and the ability to give generously when there is no debt burdening you.

Financial Freedom

When you are in debt, you feel burdened, even if you don’t realize that you feel that way.  There is something about being out of debt, not being beholden to anyone, that makes you feel free and empowered.  You don’t realize how much having debt was subconsciously weighing you down until the debt is gone.  I’ve experienced this myself and also heard many people share that this is what they felt, too.

Final Thoughts

If you’re in debt, remember, getting out of debt, especially significant debt, is a marathon, not a sprint.  However, you should get out of debt as fast as you are able to benefit from these many more reasons to beat that debt.  You’ll be glad you break the chains when you get out of debt.

If you’re in debt, the common advice to get out of debt as quickly as possible is to get a second job and/or sell stuff.  But for some people, getting a second job isn’t an option, and there’s only so much stuff around the house you can sell.  However, there are 4 small ways to find extra money to put on debt that aren’t labor intensive but can make an impact on your debt reduction.

4 Ways to Find Extra Money to Put on Debt

You may have more money than you realize that can be mobilized to pay down your debt:

Practice Doing Without a Bit of Money Each Week

For instance, the first four weeks that you do this, just take $1 out of your budget a week to go toward debt repayment.  That is only $4 for the first 4 weeks, which almost anyone can do.  The next four weeks, make it $2 a week, so now you have $8 for the next four weeks going on debt.  By the last four-week cycle of the year, you’re at $13 a week, or $52 extra to go on debt for those four weeks.  At the end of a full year, you will have put an additional $364 on your debt.

Save All of Your Change

If you make a habit of paying in cash, try to save the change that you receive rather than spending it.  I used to do this quite regularly, and we would have anywhere from $250 to $300 in change at the end of the year, all of which can be put on debt.

Have a No Spend Month

At least once a year, try to have a no spend month.  You can decide if you want the no spend month to be only for groceries, or also for entertainment.  Now, this doesn’t mean that you don’t spend at all but that you try to avoid any extraneous purchases.  You might “need” to spend $300 on groceries for the month so you stay stocked in produce, milk, bread, etc., but if you usually spend $600 a month on groceries, your no spend grocery month will have netted you $300 in extra money.  Some people also say no to eating out or other entertainment during the no spend month to increase their savings.

Roll Extra From Any Budget Category Onto Debt

Let’s say you budget for $700 a month for groceries, but one month, there were great deals at the grocery store, and you only spent $643.  You can take that extra $57 and roll it onto debt.  Likewise, if your internet bill is $75 a month, but you call up your provider and negotiate a deal and now only have to pay $56 a month for the next 12 months, roll the savings of $19 each month onto your debt.

If, at the end of the month, you sweep all of the extra from any budget category onto your debt, you’ll likely have anywhere from a few dollars to a few hundred dollars to put on your debt.

Windfall Money

Any time you have unexpected money come your way, put it toward your debt.  You just got $1,600 back on your tax return?  Put it on your debt.  You got back a surprise $48 from your former employer?  Put it on your debt.  You use Rakuten regularly and just got a Big Fat Check for $7.47?  Put it on your debt.  No amount is too small.

Final Thoughts

While the common advice to pay down debt faster is to get a side gig, if you can’t do that, know that there are many other ways, even on a tight budget, that you can accelerate your debt repayment process.

What other ways have you found to pay down debt more quickly without getting a second job?