How to Get Out of Debt in Kenya: Being in debt is a stressful experience. The pressure may keep you up all night wondering how you will make ends meet without sliding into more debt. That said, here are 4 ways guaranteed to get you out of debt.
Make extra cash
If you work on a commission-based job, it means you will have to make more sales to cover the expenses you used to charge on credit. Taking another job in the evening or over the weekends will also generate the income required to bridge the borrowing gap. Selling off things you no longer use or need will help you get extra cash.
Build an emergency fund
An emergency fund will ensure that you put a buffer between you and the debt. Any emergency that might come your way must not be paid off by taking a loan; these may include but are not limited to, A Sudden job loss, an accident or an illness affecting you or a family member. All these must go into the emergency kitty.
Make a list.
Make a list of all your debts starting with the least to the largest, alternatively, your list can read from the least interest charged to the highest. Embark on paying off the highest charged loan so that over time you save money. Additionally, any extra cash must be thrown into the debt to clear it even faster. This will give you a sense of achievement as you progress.
Spend time with like-minded people.
Sharing your goals and trials with people who are on a similar journey to rid themselves of debt will keep the momentum on course without getting you discouraged. Comparing notes with people traveling the same journey of becoming debt free is a sure way of remaining on course.
All things considered, getting out of debt is no mean feat, and it will require a strong mindset to come out on top, but it can be done. At times you may not achieve the set goals, but staying positive will help in assessing and setting new goals with current realities in mind.
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Thanks for this, really motivating.