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DIY Tips for Dealing with Overwhelming Debt on a Small Budget

If only you could simply wish debt away. Being in debt can be an extremely daunting experience, especially if you want to pay it down on a limited budget. When you donق€™t have any additional money, paying down your debt can seem impossible or even a waste. Itق€™s easy to become frustrated when you have a substantial amount of debt and much of your payments are simply going towards paying interest. That being said, there are plenty of creative, DIY methods of slowly, but steadily paying off your debt and finally becoming debt free. If youق€™re in debt, donق€™t become discouraged. Instead, check out these five DIY methods of getting yourself out of debt.

Buy a Used Instead of New Car

Did you know that if you purchase a $28,000 car it will lose close to $17,000 in its first four years of use alone? For the same result you could simply throw out $100 bills each week. Instead, save yourself thousands of dollars by purchasing a used car that is still in good condition. The money that you save will help you get out of debt or not get into as much debt. If you canق€™t help but purchase a new car, then at least choose one that has a good fuel economy so that your money isnق€™t being poured into paying for gas. Additionally, make sure that you keep your car for at least 15 years in order to stretch your dollar the furthest.

Sell Your Unused Gift Cards

Do you have a couple of gift cards to restaurants or stores you donق€™t visit? Although it was a nice gesture on their part, they may just be gathering dust in your wallet. Instead, why donق€™t you turn your unused gift cards into cash that you can put towards paying down your debt? You can do so by selling them on such sites as GiftCards.com, which will give you up to 92 percent of its value. Although this may not amount to much, every penny that you put towards your debt helps. Moreover, you’ll be making good use of a gift that otherwise would have been wasted.

Convert Your Yard into a Parking Lot

If you are centrally located to an area that hosts events, such as close to a university football stadium or concert hall, you can make some quick cash by allowing people to park their vehicles in your parking space or yard. This is quite a common practice for those who live close to a university, and so if you do you should count your lucky stars, as youق€™ll be able to charge at least $20 for letting someone park their car on your property. However, make sure that it is legal to do so in your city.

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Find and Sell Scrap Metal

Collect and sell scrap metal to make quick and easy cash to pay down your debt. Various types of metals can be worth anywhere from 10 cents to $3 per pound. If you know anyone that has a bunch of junk metal scattered around such as a washing machine that doesnق€™t work or an old swing set, you could offer to help them sell it and split the profit.

Sell Your Hair

If you have long hair, then you could consider selling it online on such sites as hairsellon.com, and charge a couple of hundred dollars for it. The longer and thicker your hair is, the more you can charge for it. Additionally, if you havenق€™t processed or dyed it in anyway then you can sell it for a premium.