Get debt free faster with these quick tips.
Once all the cake is gone and the confetti has blown away, many newlywed couples are left with something much less appealing: debt. If you’ve had the wedding day of your dreams but it cost much more than anticipated then it’s time to start thinking about how to get yourself debt free. If you want to do it quickly then there are some simple ways that you can make a difference to how much you owe.
Start budgeting. If you don’t do a weekly or monthly budget then you’re not going to be in control of your spending and you could find you need to borrow money again in a few months’ time. And, let’s face it, starting off married life with a bad credit loan or some other expensive loan is far from ideal. Setting savings goals like paying off debt requires focused budgeting so this is going to be an essential step in reducing your wedding debt more quickly.
Make some sacrifices. Getting out of debt quickly means finding cash from somewhere else to clear it – and that often requires some sacrifices. These don’t have to be big, as they all add up. You might cut back on travel or spending money on dining out for a couple of months and put that money towards repaying wedding debt. You might leave the car in the garage and cycle so that you don’t have to pay for petrol – or give up drinking for a few months. Small savings now will help you to get debt free much faster.
Work as a team. Even if the debt for the wedding is in the name of just one partner it’s important that you both work as a team when it comes to paying off wedding debts. You’ll be able to make much more progress if you’re both focused on clearing those debts with every area of your lifestyle. Plus, you’ll avoid arguments about finances if you’re both working together to get your married life off to a debt-free start.
Use an app. There are a range of personal finance apps available now that are designed to help make it easier to save and budget and pay off debts. Find one that works for your lifestyle, whether that’s simply setting savings goals or using AI to find savings from your daily spend that could be put towards paying down that wedding debt.
Move your debt. The interest that you pay on the debt that you have can make a big difference to how quickly it’s repaid. The equation is simple – the more interest you’re paying, the more time it’s likely to take to clear the debt. So, if you’re currently stuck with high interest personal loans or credit cards, shop around to see if you can find a better deal. Move balances on credit cards to another card with 0% on balance transfers or find a new personal loan that costs less.
Consider selling what you don’t need. If your wedding debt is substantial and you don’t want to spend years paying it off then more drastic action may be required. Selling larger items is a fast way to generate more cash when it comes to clearing debt, from bicycles, to cars and furniture. Work out whether you can live without it – and whether selling it to clear debt is a smart move.