There is one main key you need to pay off your debts: Margin.
Margin is extra income or cash flow above your basic needs requirements.
Here is how to get margin:
1. Live on a Bare Bone Budget
This is a budget that takes your spending down to the minimum required to survive and fulfil your financial obligations.
I call this the “rice and beans” strategy.
If it’s not a need, cut it off.
This will help you save some cash to start paying off your debt.
2. Find a Side Hustle That Will Give You More Income
Don’t settle with just one job or one income source.
Get out of your comfort zone and find a way to make extra income.
3. Sell Some of Your Items or Assets
This is a quick fix.
It is a sure way of getting immediate cash to settle your debt.
If you can survive without that car, sell it.
You don’t need a 55-inch TV set; sell it.
That land that’s not making you any money, sell it.
4. Ask Someone to Help You Pay Your Debts
This is a hope strategy — a hope that someone somewhere can pay off your mess and give you a new life.
It’s unlikely, but also possible.
See what strategy you will implement to start slaying that debt dragon.
You will make it. Just do it.
Alex Mwangi | WhatsApp Me 0703472299
