Lady Boss Tips to Managing Debt

Once in a while we’re faced with debt and clearing off debt can become overwhelming. Debt is a big deal, and it’s the primary reason many of us are living from paycheck-to-paycheck. Of course, the seemingly rising costs of living don’t help, either – but there’s not much that the individual person can do.

One thing you CAN do is learn to manage your debt so you can pay it down faster. Otherwise, it will remain hanging over your head, as you pay the interest without making much of a dent in the principal.

Once this part is done, you’ll still need a roadmap to actually paying it down as quickly as possible, so you can have some capital for that business you’ve been meaning to start, or for that much-needed vacation to Italy you’ve been meaning to take. Here goes…


  1. Pay More Than You Have To

Pay double the minimum payment each month so that the interest doesn’t just about eat up what you put down. Whether you have multiple credit cards, a student loan or an auto loan, calculate the most you can afford to put down every month and pay that much.

  1. Get a Second Job or a side hustle

This second job can be anything, and run for just a few hours a day. The money you make from it should be reserved exclusively for paying down your debt; with this strategy, you’ll undoubtedly see huge gains – all it takes is discipline. The extra cash is not to be used for weekend parties or a new drum set though. Pick up a writing job online, or if you’re the more active type, take up a weekend job, you’ll see the benefits in no time.

  1. Auction Your Stuff

If you’re like most people, you probably have an old laptop in good condition lying around as a back-up. This should spur you to get together all the things in good condition that you haven’t used in a while and you know you may not ever get to use, and put them up for sale on thrift shops or in a yard sale. These are items you won’t miss (much), and this act tackles two issues: helps you clean up your place, and provides some cash to pay down that debt.

4.  Reconsider the Way You Celebrate

There’s little doubt that the period during which you’re paying down your debt will run into birthdays, holidays and outings with family and friends. These are the periods during which people tend to run up debt, and you’ll have to avoid them if you’re serious about debt management. You can allow yourself to relax a bit on a birthday or two, don’t collect that expensive aso-ebi when you barely have a dime, that really nice handbag is not an asset. Don’t eliminate pleasures from your life – just find less costly alternatives.


I hope this helps you tackle those debts head-on and avoid piling up more in the future.

Leave a comment and tell me how you manage debt.


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