10 Handy Ways to Get Out of Debt Faster and Save for Investment – MoneyVisual

And then, one day, you’re stuck in a parking lot, scratching your head and wondering how you’re going to get out of it. So, here’s what you need to do if you happen to close the trunk with your keys.

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The truth is the best way for getting out of debt fast is the one that works with your unique financial situation in mind. After all, there’s no point in you working on a debt reduction plan that worked for your neighbor. Your income and debt levels are completely different.

A practical way to save money and pay off debt faster is to target food expenses. I like to implement a "grocery strike" when our kitchen is beginning to thin out but the month isn’t over yet. It helps me get creative and dig through the items at the back of my pantry rather than make a trip to the grocery store.

Giving up your spare bedroom or the kids’ basement game room can be tough, but renting out a portion of your home can help bring in big bucks that you can apply to your debt. If you can rent a room by the month, check out Money Crashers’ six-step guide to get started.

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Get another job and boost your income; A faster method to getting out of debt is to increase your income by getting a second, third or fourth job. You can work overtime at your main job or do some side jobs (aka side hustles) related to your main profession because that is where you are most likely get the highest paid work.

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