9 Ways to Pay Off Debt Without Spending Your Paycheck
Ways to Pay Off Debt Without Spending Your Paycheck
With so much uncertainty looming with the economy, along with the high debt and low savings of the average household, it’s more important than ever to work on paying off debt. here are 9 ways to pay off debt without spending your paycheck.
1. Tax Returns
Nearly 96 million people (73.2%) of Americans received a tax refund last year, averaging $2,725. No matter the amount, your tax refund is the perfect opportunity to pay off debt without spending your paycheck. Unfortunately, most American’s use their tax refund as an opportunity to go shopping or to take a nice vacation.
2. Reimbursements
A reimbursement typically happens when you pay for something upfront and are given the funds for the purchase later, such as with an employer or family member. You might also receive a reimbursement if you overpaid for something (like your escrow account for your mortgage) or if you purchased something and later decide to return it.
3. Cash Back
There are many options for earning cashback out there, from credit cards to online shopping platforms. These credit cards and online platforms will allow you to earn a percentage of your purchases back in cash, which does add up over time. The percentage of cashback you earn will depend on the card, category of purchase, or the company you’re purchasing from.
4. Birthday/Holiday Money
Money received as a gift for your birthday/holidays is another great way to pay off debt without spending your paycheck. The danger is using these gifts to buy more things or to treat yourself in some way.
5. Overtime/Extra Pay
Yet another way to work toward paying off debt without spending your regular paycheck is to use any extra money earned through overtime or extra projects.This one may not apply to you if you’re ineligible for extra pay or have a variable income. Still, it could be a good way for those with a consistent income to put extra money toward debt.
6. Selling Things
Decluttering has been all the rage over the last few years with KonMarie, but it’s also a great way to get extra money to put toward debt. Not only do you get rid of unneeded items and clear up space, but you can make a little extra money as well.The benefit will be threefold if you then turn around and use that extra cash to help pay off debt.
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