Slay that Debt Dragon: 6 No Sweat Money Strategies for 2022


Inflation is the highest it’s been in 3 decades. More and more people are going into debt and are looking for a way out. Cutting costs, for most of us, is no longer just a means to save for a luxury vacation; it can be a matter of survival. The debt dragon is real and scary, but slaying it is possible if you are consistent with your efforts and take real control of your finances.

  • Take Control of Credit Card Debt

If you are badly in debt, do your best to avoid credit cards altogether, if at all possible. If it isn’t, pay as much as you can over the minimum amount due to cut down on the amount of interest you’ll be paying over time. Ask yourself, “Can I do without this item?” before putting it on your credit card. If it’s something you really want but don’t need, stash $5 away here and there to save up for it.

Call the credit card companies to discuss with them what you can truly afford. In some cases, they may eliminate some of the debt you owe in order to get the bulk of it eventually. They are willing to work with you if you show that you are interested in staying in their good standing.

  • Examine Every Incoming & Outgoing Dollar

Imagine how much you end up spending on the different subscription services. You need entertainment, but nowhere is it written that you have to end up spending a bomb for the same. There are so many credible and reputed websites like Pirate Bay that let you download the latest movies and tv shows completely free. This will help you cut down on a major portion of your expenses.

  • Find Affordable Car Insurance

Car insurance premiums can sneak up on you if you’re not watching closely enough. As life circumstances change, so do insurance premiums and coverage. If your license is restricted or suspended for reasons such as DWI’s, driving without a license or one of the many other serious offenses, getting SR-22 insurance for local compliance may be a requirement and doing so affordably will help you manage expenses.

  •  Examine Every Incoming & Outgoing Dollar

There are some expenses that we just can’t escape: rent or mortgage, phone bill, utilities, insurance, etc. However, what about the ones that you can more easily control? While your taste buds might sorely miss that $5 salted caramel mocha latte, every day, your bank account will thank you if you choose to skip it. Write down your expenditures for a month to determine your spending habits. What can you cut back on? Where can you make substitutions? Remember, stashing $5 away every time you’re tempted to spend it adds up quick, and soon you’ll be making an extra mortgage payment or finding that you can afford some little things you weren’t able to before.

Examine your current subscription services and be realistic. How often do you really watch Netflix? Are you more hopeful or committed to that gym membership? Cut what you aren’t using, even if it’s just a few dollars a month.

  • Take on a New Gig

Do you have a hidden talent? Maybe you enjoy a hobby that you can monetize. If you have experience in consulting, freelancing, mentoring, computer technology, or any number of other skills, there are a number of ways to bring in extra funds based on what you can offer. You can create your own website and market on your own or you can join one of the many networking sites like Fiverr or Upwork to help connect you to people who are interested in hiring people with the skills you offer.

Another good option is money-making apps, that don’t require any previous experience or initial investments. As the gig economy becomes more popular new apps appear each day. And one of the recent and promising launches is JumpTask. JumpTask is a DeFi platform, that’s is fueled by cryptocurrency JMPT, allowing users to step into the world of crypto. They recently announced a partnership with the very well-known passive income app Honeygain and are preparing to launch a new module in the upcoming months.

  • Give Yourself a Pay Cut

Don’t worry; it’s not as bad as it sounds. Commit to taking a percentage of your net pay and automatically dropping it into a special savings account. This might be 5 or 10% every pay period, whatever it is you can afford. Even if it is 1%, you’ll see that money breed like spring-time bunnies in no time at all. Don’t fall into the trap of getting an ATM card for this account, and do your best to ignore it as much as possible. The point is to grow a nest egg without the pain.

  • Closely Monitor Your Bank Accounts

Install a phone app that allows you to link your bank accounts and send you spending and low balance alerts. If you want to be alerted for every transaction, set the low balance alert for a number that’s much higher than your normal balance. This gives you a better feel for the monies available in your accounts, while also holding you more accountable to them.

When you choose to take control of your finances instead of letting them control you, you will find that money no longer ‘flies out the window’ or that you’re stuck up a creek with no proverbial paddle. You’ll be creating your own resources and streamlining your wants and needs to protect what you have and enable you more purchasing power in the future.