10 Ways to Pay Off Christmas Debt Fast! will show you how to increase your income and spend less so you can pay off that debt faster and save money on paying interest. Here are the steps you can take to find financial freedom and live the life you’ve been dreaming about.
Have you just opened your credit card statement and are surprised at the balance $3566.41 cents? Or maybe it’s even higher than that and you have no idea how you will pay if off before your summer vacation. Don’t you want to feel financially liberated in the new year?
10 Ways to Pay Off Christmas Debt Fast!
Here are some quick tips on how to pay off your Christmas debt to help you sleep at night.
Return Expensive Gifts
Take back anything that you regret buying. If your husband wanted a tool set and it set you back hundreds of dollars and he isn’t happy with it anyway, take it back and get him one tool he really wanted that cost one-quarter of the cost of the tool set. If your husband got you diamond earrings on a last-minute whim, take them back and get a pair of silver earrings. I know this is hard but, if you can’t afford them, take them back. You’ll feel better when your credit card statement is back at zero!
Eating and Drinking Out
Reduce, if not eliminate, eating and drinking out! Starbucks is included! If you are spending $4 on a cup of coffee three times per week, that is nearly $50 a month you can put toward paying off debt! Ordering take out adds up as well. You may be spending hundreds of dollars a month collectively in fast food, coffee, lunch, dinner, and snacks! Put the money you would have spent in an envelope labeled “Christmas debt” and send it to the credit card company.
Reduce Grocery Store Spending
Reduce the purchase of prepackaged food you buy in the grocery store. Cooking is cheaper than the frozen dinners in the frozen food aisle and much healthier! Meal planning will help you save money by not ordering out when you are too tired to cook.
Related article: 7 Ways to Save Money on Produce.
Sell Unwanted/unused Items
Sell items you no longer use on Facebook yard sale groups, Craig’s List, E-Bay or similar selling sites. If that treadmill is collecting dust or your kids have outgrown toys and baby gear, sell it. You never did use the bread maker Aunt Mary gave you. Is it still in the box? Sell it! Bikes, drum sets, trampolines, etc. can be sold so you can use the money to pay off Christmas debt.
Pet & House Sitting
Make extra money pet sitting or house sitting. These side hustles can pay well. Staying at a neighbor’s house for a couple of days while they are away visiting a sick relative or to look after their cat or dog will save them money from boarding and make you some extra cash. It’s a win-win.
Some dog owners need their dogs walked on a daily basis and pay well to keep their pooch happy. It is an easy way to make extra cash if you like dogs (and they like you too.)
Make extra money babysitting. This could be a short-term or long-term way to make extra money. You can look after your child’s friend after school while their parents are still at work for 2-3 hours daily. You could also start to barter for babysitting as a way to not have to pay for it.
Rent Out Storage Space
Rent your garage or basement space for storage. Again this can be short-term or long-term. Throw away or sell items you don’t use and turn that space into extra cash. Make sure you have rental or home owner’s insurance to protect the renter’s belongings if it is not covered under your policy.
Offer to clean a neighbor’s house for a couple of months or just for spring cleaning. This could even expand into organizing closets, basements, pantries, etc. Next time your friend pays you a compliment on your orderly pantry, offer to organize hers for some extra cash.
Home Care Assistant
Offer to help an elderly person with grocery shopping, car rides, running errands, etc. This can be long-term or short-term side hustle.
However, if you feel that you might spend the extra money before you use it for bills other than Christmas debt, put the cash in an envelope until you get a $100 and then purchase a money order and send that money order right to the credit card company. Start an envelope system if you feel that will help set limits to your spending.
Most importantly, after you’ve paid off your Christmas debt, learn how to spend money wisely so that you can save your money, pay off your house early and retire without financial difficulty. It takes discipline and in most cases a lifestyle change. Keeping your debt low, is one of the best steps to financial freedom. Don’t start off the new year on the wrong foot. Get control of your debt and spending now.
Read more about how to create a financially secure future with Dave Ramsey’s The Total Money Makeover
You can slowly change your life by paying off your Christmas debt asap! Get all of the information you need to live the life you’ve see only in your dreams!
Have a happy, healthy and prosperous new year!
Thanks. I plan to write a post about saving on groceries in upcoming weeks.
Her Digital says
These suggestions are great!
Yes, absolutely. It is like dieting when a lifestyle change is needed.
Super ideas!!!! They can be used all year long!!
Sarah Brady says
Thanks for the creative suggestions! Returning expensive gifts is a great one:)
Nice meeting you too Denise. Even if someone can takeaway one idea they can put to good use, it was worth reading.
It takes some time but it is better to sell than trash.
Great suggestions! I really need to sell my unwanted items–I have wayyyy too much stuff/clutter! x_x
Denise Pass says
Wonderful ideas! The aftermath of Christmas can be overwhelming financially. Nice to meet you!
Thanks Sheila! I know some of them wouldn’t apply to everyone (house sitting when you have a family to take care of at home) although I’d welcome that on some days. 🙂
Sheila Qualls says
Great suggestions! Those credit card statements can be depressing to even open. I think you have some great ideas for reducing debt fast.