10 Wise Ways to Pay Off Your Debt in a Month


Using credit cards has become a common part of our everyday lives. However, no one wants to live with a mountain of debt. Fortunately, you can conquer that mountain quickly if you really put your mind to it. Here are 10 wise ways to pay off your debt in a month:

1. Form a plan of attack

Before you begin paying off your debt, you need to have a plan in place. Make a list of everything you owe and figure out how much money you will need to get rid of it all. Once you have a specific amount in mind, you can set your budget accordingly. If math is not your strong suit, you can always get the help of a financial advisor for this step.

2. Forgo entertainment

Most of us are accustomed to taking weekly trips to the movie theater or shopping for the latest gadget. While you would like to keep doing those activities, you have to be willing to put them on hold. Chances are good that those pastimes are partially responsible for the debt you currently have. Let them go for a while and you will be on your way to letting go of your debt as well.

3. Cut your food costs

If there was ever a time to brown bag it, it is now. Instead of spending loads of money on costly restaurant meals, pack something cheap for lunch like a peanut butter sandwich and an apple. This can help you save money on gas as well since you will not be shuttling around town to get your food.

As for dinner, stick with meals centered around inexpensive foods like rice and pasta. You can get filled up for pennies per serving and you will have more money to devote to paying those credit card bills.

4. Pick up a part-time job

Whether it is a job on a temporary construction site or a seasonal gig as a gift wrapper, consider adding a part-time position to your regular form of employment. You could even collect a little extra cash by pet sitting or walking neighborhood dogs. You may find that a second source of income is the key to helping you pay off your debt.

5. Use some of your savings

While you should never use your emergency fund to pay off bills, you can always use any additional savings you might have stashed in the bank. Perhaps you have been saving for an exotic trip or a new car.

It may be beneficial to put those aspirations aside for a bit in favor of getting rid of your debt. You can always revisit those goals later. Right now your focus is paying everything off as quickly as possible.

6. Rent out a room

If you have an extra room or two you are not using, you might want to think about renting them out. You could easily take in several hundred dollars in one month. That is a sizable sum you can use toward paying off your credit card providers.

7. Have a yard sale

Many of us have junk that is cluttering up our houses and gathering dust. As the old saying goes, “One man’s trash is another man’s treasure.” Likewise, one man’s treasure is another man’s extra income.

From old electronics and outgrown clothes to forgotten books and unused exercise equipment, you probably have lots of stuff on hand to sell. You will be surprised by just how much you can earn in one weekend. Having a yard sale can help you get rid of your junk as well as your debt.

8. Sell your old gold

If you do not have enough items for a yard sale, you can always sell your old gold. You likely have a few gold rings, necklaces and bracelets sitting in a drawer in your home. Gather them up and take them to a trusted gold buyer.

Although the price of gold varies from year to year, you can always count on getting quite a bit for several pieces. Sell anything you’re not using to pick up some extra cash fast.

9. Get money for automotive parts and scrap metal

Maybe you have a broken truck sitting in the driveway. Perhaps you own an outdated van that has seen better days.  Free up space in your yard and cash in your wallet by selling extra automobiles for parts and scrap metal. You can easily make a few hundred dollars to help pay off your credit card bills. 

10. Participate in a medical study

You may not have thought about participating in a medical study before, but it can actually be a great way to earn some extra money. Many hospitals and universities are looking for people to try out new equipment and treatments. 

Some studies are as simple as having your sleeping patterns monitored. That means you could be making cash in your sleep. Volunteer for some type of medical research project and you could cover a big portion of your debt.

It has probably taken you quite a while to accumulate your debt. However, by earning extra money quickly and cutting out unnecessary expenses, it may be possible to pay everything off in as little as a month. Try all of these wise ways to pay off your debt fast.