Are you a homeowner who wants to get out of debt? Struggling to climb out of debt while paying exorbitant interest on your loans can be overwhelming. Another hurdle for many is the fear of changing lifestyles and doing without shopping therapy and all of the little perks and comforts they’ve grown accustomed to in their daily lives.
While a few lucky individuals can succeed without a plan, most successful people set a path forward after seeking guidance from reliable sources to reach a new goal. So read on as we explore five ways that homeowners in Boston can get out of debt. COVID has changed the game! Now is the best time to plan for your future.
Our first suggestion for homeowners in Boston who want to get out of debt is to attack the mountain of paperwork, track their spending habits, determine their monthly cash outflow and income, and then set a realistic budget. To succeed at eliminating debt, you need to strictly follow your budget, working towards savings, adjusting as life or economic circumstances change. It is helpful to set both short and long-term goals and build in rewards for achieving milestones. Taking strides to control your future should be celebrated; as the old saying goes, people don’t plan to fail; they fail to plan. If you don’t take control of your life now, eventually, someone else will. I personally set goals annually and quarterly.
Another way for homeowners in Boston to get out of debt is eliminating the little extras, like magazine subscriptions, streaming services, and phone plans. For example, instead of going out for coffee in the morning, bring your coffee from home and lunch to work with you more often than not. And if you can’t stop eating out at restaurants altogether, pencil the expense into your budget and make it a rare occasion, like once a month. While it can feel as if you are punishing yourself, keep in mind how thankful your future self will be that you skipped the things that aren’t so very necessary after all. This task is not easy but it does get easier with time.
Use Shopping Lists
One more way for homeowners in Boston to get out of debt is to endure the discomfort of sticking to their shopping list and ignoring distractors that can derail your budget. Instead, make a monthly menu, it’s best, of course, to eat before your grocery run and keep a running list, so you aren’t making extra trips that offer temptations to stray. Please read that one more time. Don’t go to the super market on an empty stomach.
Freeze Your Credit Cards
If your goal is to get out of debt as a homeowner, you could put an official freeze on your credit cards and live on cash only. Unfortunately, debt is expensive, and it is all too easy to pull out a credit card for an instant solution. The lower your credit score, the more expensive it becomes, much like a snowball effect, between the monthly bills and the events of life that can throw expensive curveballs into the budget, like home repairs or unforeseen emergencies. If possible put some money away in a rainy day account and save what is left.
A Direct Sale to Velney Development
Our final suggestion for homeowners in Boston to get out of debt is to sell their house directly to Velney Development and get the money they need without the hefty commissions or closing costs, and hidden fees. You can sell your house directly to Velney Development without worrying about conventional loan approval for your buyers, passing inspections, and paying for costly repairs. Instead, Velney Development buys houses as-is for cash, so the closing is guaranteed and fast. Velney Development wants what is best for you, so our direct buyers will outline how much you could earn through a traditional sale, so you can compare it to our detailed offer, which you’ll agree is fair. Call Velney Development at (617) 401 9339 or send us a message to learn more.