Financial stress can be debilitating in daily life distraction people from their jobs, relationships, and even caring for themselves. There is no wonder that many divorces cite financial problems as one of the contributing factors to why the relationship did not work out. Letting debt fester is only going to let it grow so addressing it ASAP is imperative in order to reduce amount of money that will be spent on interest. Credit card debt needs to be knocked out first as this often times is the highest interest rate. After this, lowering the mortgage is of next importance if you are debt-free otherwise. $100 extra a month put towards the mortgage can take years off of the loan which is always considered positive. The following are other tips to get out of debt to reduce stress thus increasing your quality of life. \

Start A Side Gig

The era of the side gig is here whether you want to do this online or in a traditional way. Plenty of jobs are available online for people with skills from writing to basic organizational skills in Microsoft Excel. The more in-demand the job is the more it will earn as easier jobs tend to get saturated on freelancer platforms. Freelance writers are always in-demand but the need to hit tight deadlines is present. Companies want a quick turnaround time not a piece that takes months to write. Bartending or working weekends at another part-time job will offer a more consistent type of income but it is capped unlike that of freelancing. 

Reduce Fixed Expenses Where Possible

Reducing fixed expenses like a phone or insurance bill can easily be done simply by shopping around. Rent is something that can be reduced immensely be downsizing or moving to a more budget-friendly part of town. Getting a roommate can be the answer but a nightmare roommate could end up costing money in the end through damage to a home or apartment. Cable is something that can be eliminated with an internet signal as streaming services are improving month after month. Take time to list out all of your fixed expenses and look for cheaper options so the money saved can go towards debt. 

Sell Items You Don’t Need Anymore

Getting rid of items like an old car can be hard if it has sentimental value but if it is unused and just costs money for repair after repair it is time to sell it. Selling a car can be hard if you’ve had it for a while or inherited it from a family member. Not having the title can be an issue that requires a person get a bonded title as a bill of sale will not be enough to transfer the title. Other items like that of baseball cards can have immense value so see what in the house you can part with in order to climb out of debt. 

Reach Out To Financial Advisor If You Don’t Know Where To Start 

At times, it can seem overwhelming to educate yourself how you should be spending money with contrasting pieces of information and sources online. Meeting with a financial advisor can be a huge help as they can help set you up a budget that you can stick to. We often times reflect the spending habits of our parents which can be devastating if your parents frequently were in debt or spent money they did not have. Continually trying to do research on the best practices for your personal finance can allow you to be knowledgeable over time. Seeing the advisor now allows you to do that while being able to manage your money with the expertise of this financial expert. 

Be Realistic About How You Should Be Spending Your Money

The quality of life of some people in debt are living are simply beyond their financial means. In the age of social media, it seems like everyone is trying go on that expensive trip or go out to dinner frequently. Trying to keep up with this unrealistic look at the world can put a person in debt quite quickly. Take a look at your peers making the same amounts of money that are not in debt. Many people will find they were living beyond their means without even realizing it. You might have to make sacrifices in terms of apartment or going out so much until you are out of debt. 

Taking debt a step at a time is necessary and with the above tactics it will be possible. There are going to be sacrifices associated with this but these changes will be well-worth it. It is easy to stay out of debt so once you are there stick with wise spending habits to avoid ever being in debt again!