Take a holiday from spending
Paying off debt the fastest you can by pausing or changing the way you live
Written by the Debt Freedom team 3 min read
The speed at which you pay off debt matters.
The short sharp shock of doing nothing but paying off the debts you have, could be the solution that works for you. Try for 30 days! Extend if you can until the debt is gone.
What would an aggressive debt pay down look like:
Food and drink
- No cafes just make yourself a coffee - about ten times cheaper
- Cut out restaurants instead cook for yourself with quality fresh ingredients (no brands) - this will save you a lot.
- Food deliveries tend to be lower quality and you're paying for someone to make the meal and to deliver it. Just cook something yourself.
- Well known brands can cost a premium, read the ingredients and go for a similar shop brand - much cheaper and sometimes better.
Remember that this is a short term sacrifice which will help you to turn things around.
Cutting out the night out
Nights out can be very expensive, so pausing them whilst getting yourself out of debt would be a good call.
- Cinema - dig out some old DVDs, run a single streaming service, listen to the radio
- Live theatre or concerts are good but you could have some friends round for a games night instead
- The pub or club is good for meeting up with friends but if you're in debt, you can't afford it. Give it a break.
Healthy living
Living with debt is not healthy as it causes stress and anxiety, whilst reducing your ability to eat well
- As an alternative to an expensive gym membership, you could go for a walk or a run. Walking for 5-20 minutes after a meal can be good for you.
- Similar to the expenses of eating out the quality is often not there. Often knowing the ingredients you are eating and preparing it yourself, is the healthier option.
- Alcohol, vapes, cigarettes, etc are all habits that damage your health as well as your pocket. Abstinence may be the solution.
Hobbies and collecting
If you're a collector or a hobbyist, you will appreciate that the cost can be a lot. Pausing the spending for a while whilst you clear your debts is a good move. It does mean you have to stop just a pause.
You could focus on the collection you have. Sort it, clean or tidy it. Research it and learn more about the items you have. Just not buying more.
With a hobby like making, art and crafts, diy. Tools and materials are where the cost is. A temporary pause on purchases would help. Again you could focus on the materials you have or try to use found materials. Look after the tools you have.
Conclusions
We are sure that there are many more thing you could find to spend your money on. However, small or big the spend is, pausing that spending whilst paying off debt shortens the time it takes.
Temporary pain for long term gain.