How to pay off your LOAN !

   

How can we finish debts with these 10 Golden rules in life?

Usually we all have sometime tight situations in life with money matters at some point. Then we try to think about all different ways where we can get money to clear our loans, debts etc.

When we got some loan stress on mind we can’t do anything with proper attention. So for that if we need stress free life we have to sort these out. 

I published some other blogs where you can learn how to manage and get some cash back on your basic needs and utilities in your daily routine. Needs to be eradicate this loan problem, as we did not think before how much we paying without notice it.

 If you take $100 loan, then we have to pay some interest on it. meantime when its returning time, you can estimate the total cost is more than you took loan. 

So it’s better if you are on your way to save some money and stress free life then try my 10 golden rules to finish the loan you have.

1.    From your salary or pay weekly, monthly whenever you got, make sure you save 10 % of your income. This rule is known as PAY YOURSELF FIRST.

With this rule, you have to save every 10% on your pay day every time. It’s just like a safety net for you to save some money. 

Procedure:

Open an account in your already setup account named PAY MYSELF. Then every month or week when you got pay put automatic deduction for 10% to that account. So in this way you can see your money to be saved.

2.    So once you saved that money you can use it to pay off your loans or you can invest it into different kinds of Investments. As if you search there are a plenty of options available for investments where you can get some passive income by investing your saved money. So don’t just put in a bank and keep it watching. It not a wise idea to save in a bank. Just make your money to grow more income for you.

3.    Try to sell some stuff that you don’t need or not using it from long time. It’s just a junk for you but if you sell it you will find a new space in your house and you can earn some money. So you can use your money to pay for your debts. As you can notice there is a lot of things we are not using from a while. You can still earn some bucks. That you can use it for clear your payments.  

4.    Save on Bills: - Try to save on your utilities such as electricity, water and internet or other bills.  If daily, you purchase coffee for your breakfast or buy lunch for you then make this habit once or twice a week. In Rest days you can prepare your own food. You can save a lot more than expected. Power off all plugs when no need. Use waste water for plants, use waste food for your garden to grow plants and make your garden looks cool.

So you can save a lot more with these ways. If still looking for how you can save more then read my blog on it that I already published.  

5.    Passive Income: - Try to generate some passive Income, this is not easy as start. But once you start it will give you peace of mind that you can earn while you sleeping even. For that you can do: Blogging, Painting, website development, graphic design if you are not good with computer or technology then you can try some side business such as a shop, takeaway, laundry business etc. numerous options available here.

You can check according to your areas and interest. Buy a business then hire people who can run that for you. So this business doesn’t want your physical approval. Explore some cheap options as well.

So with the side income you can pay off your bills or loan.

6.    Piggy: - I know this seems bit funny. Like a child, you have to buy a piggy bank for you. In this you have to promise with you going to be put $5 coins or note in everyday. 
                      

    Little things make big difference. You can’t imagine when you see this piggy is getting full and paying for your loans. When you do these things you can teach your kids to do that as well. Another thing is they can learn while they vouch you to putting money into it.

7.    Accommodation: - If you are staying in a big house paying too much rent, then you can do one thing which is also helpful to pay your debts. First of all, try to fill all the rooms you have if you got if you got any spare room put it on Rent so you can grab some cash for your basic needs or pay off your debts.

Another option for families, if you are small family and living separate from your parents then you should start to live with them if they got enough space for you. In this way you can save a lot more and pay off your loans. Also, grab love and affection from older. They also take care for your kids if you have so you can save money to take care at home than in day care.

    8.    You can start uber taxi driving for some spare hours to get some extra income for your loan. If you can’t drive, then still there is a plenty options for home based business you can run from Home without big investment. For more home based options check my blog I have mentioned in detail. Can start Tiffin service in evening or selling good is always a good option.

        9. For Couples, if you are both working full time, then you can make a budget where you can pay one salary directly to the loan instalments and other salary for household bills and other expanses. In that you can still save some money with one salary you have to make your budget like that in which you can save at least minimum of your income.

1         10.           Saving is more important than earning. If you earn a lot and spending a lot, then there is no point if you are not saving it. Other hand, if you earn less and save some then its good sign you can progress more in life than others.

All in all, establish new ways to earn some money excluding your active income.