Your reasons for being in debt are as unique as you are.
There are well-known debt payoff strategies out there like thesnowballandavalanchemethods.
And companies likeNational Debt Reliefhelp by negotiating with your creditors to resolve your debt.
We also rounded up some of our favorite strategies that Penny Hoarders themselves use.
Fortunately for us, Penny Hoarders are generous about sharing their ideas.
Here are five innovative debt payoff strategies to inspire you.
Use Some of Our Favorite Ways to Make Quick Money to Payoff Debt
1.
They continue to encourage each others new, healthier spending habits.
Check out how anaccountability partner can help you pay down debt.
We Dare You to Take Control of Your Debt
Up for a debt challenge?
In 10 days,these 10 practical stepscould help you get back on the right financial track.
Get a Side Hustle
Eventually, you run out of ways to cut costs.
you’re able to either resign yourself to a life stuck in debt or find more money.
Finda side hustle that works for youto help pay down debt.
A combination of rounding up payments, making double monthly payments when possible and using the 00.00 concept.
Little things like that make a huge difference, Montalvo wrote.
The same goes for financial goals.
If youre new to this kind of thing, the appCleocan help.
It helps you track your spending, set budgeting goals and ultimately save money in an engaging way.
Cleo connects to your bank accounts and provides real-time insights into your financial habits.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
(Sorry, couldnt help myself.)
Apps likeChipperandChangedround up the change from everyday transactions and apply it toward your debts.
Another one of our favorite finance apps isMonarch.
Having trouble monitoring your spending?
WithMonarch, you might track it by merchant or by category.
That way, you always know where you money is and where its going.
It doesnt get much more organized than that.
Tiffany Wendeln Connors is a former staff writer at The Penny Hoarder.
Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.
