20 Profitable Small Business Ideas With No Investment

20 Profitable Small Business Ideas With No Investment
Small Business Ideas

Are you looking for starting a business without any investment? Then this article is for you. Because in this article I will list down the top business idea you can start with no money, so without wasting much time let quickly go straight to the main content.

1. Pick an educational topic and start blogging on it. You can easily start blogging in food, fashion, travel, pet care, technology and in that area where you have good knowledge

2. Create a video tutorial and sell it. You can sell your courses on course merchant, udemy, skillshare, open-sesame, and your own website

3. Start shooting good amount of photographs and sell it on photo selling website. You can make millions if your photo goes viral

4 Start your freelance writing business as a content creator. You must need skills for writing an article in the English language

5. Create a membership website and get paid per membership. You can make $1000 to $2000 per month income; if you work on your website properly

6. Ebook writing business on any specific topics. Here, you have to write books for other content creator or book publishers. Many digital marketers will provide you with work for writing books with resale rights

7. Start a virtual assistant business. Much like a regular assistant, virtual assistants can also handle all scheduling tasks. .... Outside of works, virtual assistants can still be on the clock. They can maintain daily tasks of your personal life like scheduling appointments with your doctor, sending gifts on your behalf, and answering phone calls.

Read: How to Start a Small Business for Beginners

8. Buy and sell website or domain by ranking it in search results

9. Write and publish your own book

10 Provide any service on fiverr.com in which you're expert

11. Start an Amazon affiliate marketing

12. Keyword research and google ads consultant

13. Graphic designing business

14. Even management business

15. Freelance bookkeeping business

16. Video creator or video spokesperson

17. Voiceover service provider

18. Online teaching on any topic

19. Writing song and scripts for videos ads

20. Micro niche blogging


20 Profitable Business Ideas with High Profit

  1. Start a wholesale of seafood
  2. Start a men's branding jeans wholesale business
  3. Start photography equipment wholesale business
  4. Start a wholesale of children's education materials
  5. Start a wholesale business of chemical and paints
  6. Start a wholesale business of lightings and electrical fixings
  7. Start a wholesale of paper and stationery products
  8. Start a wholesale of plastic products
  9. Start a sport, fitness, gym product wholesale
  10. Start an engineering and industrial wholesale supplies
  11. Start a homemade craft, paper bags wholesale business
  12. Start herbal and ayurvedic products wholesale business
  13. Start a wholesale of soft drinks business
  14. Start a wholesale of sunshades and eyeglasses frames
  15. Start a towels, handkerchiefs, napkins, and table clothes wholesale business
  16. Start a wine wholesale business
  17. Start a wholesale business of shoes, sandal, slipper, and belts
  18. Start a wholesale of jewelry and fashion accessories
  19. Start a safety and security product wholesale business
  20. Start a wholesale of kitchen equipment and products

Hope you can find any business idea on this list
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How to Start a Small Business for Beginners

How to Start a Small Business for Beginners
Small Business idea

There are so many people in the world today who have a dream about starting their own businesses. Starting your own business can be difficult especially trying to figure out everything you need to do to get your business structure up and running

Like a worthy goal, being successful when you start your own business motivation, motivation is the main ingredient that is missing from those who fail when they start a business 

Read: 7 BEST Businesses To Start in 2019

Global access of internet has created an opportunity like never before, literally thousands of business opportunities are available by typing in a few short words in google, but we have created this article for understanding how to start a small business for beginners

Read: 20 Profitable Small Business Ideas With No Investment

Let me start with 10 habits that you must develop

To Become A Business Owner

  1. Exercise Regularly. Your Body Should be fit & healthy.
  2. Think about how you spend. It's about money & time.
  3. Write down goals & keep tracking it regularly.
  4. Don't be afraid of failure. Keep trying Until you Win.
  5. Develop a Consistent Sleep cycle.
  6. Always say yes to learn new things in your business.
  7. Set Goals & Schedule your daily time table.
  8. Organize your office desk, life, and daily work and personal time.
  9. Believe in positivity and say bye bye to Negativity & Negative people.
  10. Learn how to become a marketing person in your business field.

7 Things To Understand If You Want to Start a Business With No Money

  1. Start branding yourself on youtube/facebook, sell others produces and then, sell your first small product.
  2. Find other Manufacturers and sell those products with your Marketing skills.
  3. Solve a problem with an idea, using your passion or skill set.
  4. Think creative and talk with those people who are ready to invest in your business idea. 
  5. Take your idea public. Ask for funding.
  6. Follow your passion, do work in which area where you love to do everything.
  7. Create information or Visual product for Audience.


  1. Refine your idea.
  2. Build a business plan.
  3. Assess your finances.
  4. Determine your legal business structure.
  5. Register Administration Department
  6. Purchase an insurance policy
  7. Build your team
  8. Choose your vendors
  9. Brand yourself and advertise
  10. Grow your business

10 Marketing Tips For Small Business Owners

  1. Write informative content and start content marketing for free.
  2. Research targeted keywords and start an online advertising
  3. Define your competition and think creative before marketing
  4. Published a book or manual where you have a list of your company details, products
  5. Use the power of video marketing on youtube
  6. Give stuff away and get some visitors into clients
  7. Launch a website and start writing a business blog
  8. Learn about how to provide the best customer services
  9. Build newsletter and start email marketing and educate your subscribers
  10. Create eye-catching business cards

10 Tips To Brand Your New Business

  1. Develop a website
  2. Create a standout logo
  3. Leverage video marketing
  4. Establish consistency in posting content on social networks
  5. Utilize online brand management tools
  6. Add credibility with customer testimonials
  7. Make sure your customers know the face behind the product
  8. Keep your online information current
  9. Take advantage of word-of-mouth marketing
  10. Fully integrate social media into your site

9 Legal Tips For Small Business

  1. Insist on Written contracts
  2. Require employment and independent contractor agreements
  3. Review non-complete agreements
  4. Determine the proper entity structure for your business
  5. Protect your company's intellectual property
  6. Investors and securities laws
  7. Your business is required to create and maintain proper records
  8. Do not share your business's confidential information
  9. Adopt a buy-sell agreement

7 Youtube Marketing Tips For Your Products

  1. Create an education video about your products
  2. Create a demo customer review videos at the beginning level
  3. Create videos on high researched keywords on youtube
  4. Be relevant to your product niche and channel topic
  5. Start youtube advertising with AdWords video ads network
  6. Provide free service to your subscribers and get real review videos
  7. Create a playlist of videos where you have to add lots of relevant videos on one topic

10 Productivity Tips for Small Business Beginners

  1. Delegate and start your day with the most important things
  2. Give your team real-time access to data and resource they need
  3. Automate what you can
  4. Hire others and outsource
  5. Invest in the right tools and technology
  6. Eliminate useless distractions at work
  7. Write everything down
  8. Identify your peak productivity hours
  9. Give yourself a compliment
  10. Put down your phone, walk away from the computer, and shut off your table

10 Tips To Be A Successful Entrepreneur

  1. If you want to be a successful entrepreneur, you have to challenge yourself
  2. Be passionate. If you don't love what you do, don't do it. I truly believe it's as simple as that
  3. Take risks
  4. Trust yourself. If you don't believe in yourself, who will?
  5. Reduce fear. Fear stops action. An entrepreneur has to be able to pivot and quickly take action when they see an opportunity or recognize a mistake.
  6. Spend time. Do you think that there's such thing as an overnight success? I recommend that you take a closer look
  7. Plan your finance. Startups and entrepreneurial business need money. It's just a part of the lifestyle
  8. Who's your customer? One of the most common reasons that entrepreneur businesses fail is that there isn't a customer
  9. Learn and create. The successful entrepreneur mindset is that of learning and creation
  10. Deliver value, don't sell. Honestly, no one likes to be sold to

7 Tips to Stay Consistent in Your Business

  1. Create specific and realistic goals. It's hard to be consistent if you don't have a strong idea of what you need to do
  2. Place reminders around your home, workspace, and belongings
  3. Make promises only if you can keep them
  4. Reward yourself when you get something done
  5. Break down your goals into smaller pieces
  6. Get organized and be systematic in your business tasks
  7. Remind yourself why you started

20 Things To Research Before Starting a Business

  1. When to start?
  2. Size up the competition
  3. Define your target audience
  4. Paying yourself
  5. Your business name
  6. How you'll get your name out there
  7. Your web presence
  8. Your unique sales proposition
  9. Business funding
  10. Find an accountant
  11. Write a business plan
  12. Route to market
  13. Potential partners
  14. Licensing and legal issues
  15. Find business bank account
  16. Staffing requirements
  17. Insurance
  18. Skills, experience, and training
  19. Technology
  20. Mentors

I hope you now have an idea on what to look for when starting a business in 2019
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How to Choose Forex Broker

How to Choose Forex Broker
Forex Broker For Beginner

There are many brokers out there how the heck do you choose one, I'm going to give you the three question that you need to ask yourself. I'm very sure you know what broker means

We got different broker for every sector of the market, whoever as a forex trader there are only certain types of brokers you should be looking for, you need to look for a broker that is more like a business partner, a broker that does not want to intercept with your own money

Online Brokers

The first thing is that it as to be an online broker and that is the fact unless you just watching your money blow away in the wind

You need to use an online broker and it needs to be a retail broker, what do I mean by that, don't go into your local bank, those small little regional banks you have on the corner main street downtown

Don't use them, they were not set up, they may have an online platform but their fees are going to be crazy and if you're unsure which one to use just look at the fees, ask the people hey what do you charge, if tell you what they charge that's a sign that it's either not an online one or it's just a small regional bank

1. Involved

What are you going to get involved in, are you looking to trade stocks, do want to trade option, or currencies aka forex, trade futures, because that is going to determine what sort of broker you should be looking at

Some brokers are better than others, some brokers only do certain things, many times a forex broker is only going to allow you to trade currencies, it's not going to allow you to trade options or bonds and other stuff, it's just going to be currency, so that is my first question what do you want to get involved with

Read: Forex For Beginners - How To Trade & Make Profit

If you have no idea what you want to get involved with then guess what, you're not even ready for a broker yet because you have to know that, in order to figure out what broker you are going to use.

2. Active

How active are you going to be? Are you going to be just trading like three times a week, three times a day, three times a month, that is going to determine what sort of broker you should be looking for. I mean if you're going to be just trading let's just say three times a week or three times a month then you can go with any of the big-name brokers out there

Sure those commission's are a little bit higher but you're not trading that much anyway so who really cares, you're by no means a day trader or some sort of super active trader

If you're not going to be very active then go choose whoever you want because those fees are not going to add up against you, however if thinking about doing 5-6-7 trades a day then you are telling me you want to be a day trader, with that you're going to want to look into what is called

A Direct Access Broker

Direct access brokers are ones that are geared towards very actives traders. They're going to have much more friendly pricing structure that is usually per share, sometimes per trade, but you need direct access if you're going to be very active because if you want to be a day trader you can use E-trader or Ascot trade

Those fees are very high and you're going to have a big old mountain of fees that really start to add up in a very quick amount of time

3. How Much Money?

This is going to dictate what brokers you're able to use, if you're just showing up to the party with a hundred bucks some broker is going to say no we have minimums here, this article is going to be sitting here for the next multiple years and broker change, but just understand that you have to figure out do people have minimums, what exactly is going on with each and every broker because some brokers you can open it up with no account minimum at all 

Other brokers are going to require certain amounts of money in order to even use them, a lot of the direct access brokers fit under that, do not go find a Brit direct access broker and think that $500 is going to be enough for you to open up an account. 

Because $500 isn't even enough to necessarily day trade with, although that can be kind of argued as far as a broker is concerned, direct access only having $500 usually you're going to need more than that

But you know what, if you don't have enough money that's okay, there's such thing as part-time jobs, such things as cutting expenses out of your budget to create more money for yourself, to get you up to maybe those minimums that you may need

Just becuase a broker may not accept you right now, use that as motivation to get up to whatever those number are so that you can actually use them as a broker, but I want to stress this, not having enough to get the broker that you need is not an excuse to just go burn money by paying higher commission

Well, I only have $500 and I can't use that direct access broker so I'm going to use some broker that an investor or a swing trader should use, and guess what, you're stuck paying those high commissions. That is the attitude of poor people

That is the attitude of going backward, show some patience, show some fortitude, go pick up a job do what you need to do to get your account back up there

If you don't have enough that's not an excuse to take a small account and then go pay high commissions with it. 


What Broker Must Have:

1. Fully Regulated

You want to see that regulation properly and so you know that there is someone looking over that broker making sure that nothing's being manipulated

2. Straight Through Processing

There are two different types of straight-through processing. There's one type which is actually literally straight through to the market like interbank, that's a good one

There's another type of cheeky form of straight-through processing which is just straight to the dealing desk it's almost like not really straight through processing and you're going to be cautious of that

You might be wondering what exactly straight through processing means, what this means is when you execute a trade they will give you the best liquidity provider, most good brokers offer a number of different liquidity product provider which give a sort of spread that moves up and down in your mt4 or whatever platform you are using

It's moving up and down for the reason that it's trying to give you the best price possible and when you click that, the application tries to match the perfect price instantly and it's just the computer program that takes the price from the liquidity provider that gives the best price straight directly to the market

That's the type of broker you want, in that circumstance the broker only makes money from your spread so they have no incentive to trade against you. 

That is how you choose a broker, if you don't know what to trade then you're not even ready for this part of the journey, so do your homework right do it in this order and you're going to save yourself a lot of headaches and put yourself with a broker that you should be with.
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How To Start Forex Trading

How To Start Forex Trading

How To Start Forex Trading

This is one of the most requested articles I've to write because everyone asked me how do you get started in forex? Because so many people from all kind of backgrounds can do this, so the first thing you need to know is we live in a digital age which means this is something you can do using the internet, your phone or your laptop and anywhere in the world

Let's go with a mobile phone for example first thing you need to do is download a piece of software called Metatrader4 from the App Store when you open the app it will look eventually like this below
How To Start Forex Trading

What that means you've got a list of currencies, they're pairs and there are buy and sell prices that are fluctuating with the time right now because it's a current market date

Usually, if you download the app on your phone it's not linked to a broker

What Is A Broker?

Broker in a very quick summary is the middleman connecting you to the bank. Because normally you cannot pick up the phone to a bank and say I'd like to trade some euro against the dollar

They're not interested in speaking to anyone unless you've got millions in the bank and that's it about the broker.

This is why Forex is such an amazing thing for anyone from any background because you can start from as little as $50 as long as you've got the right broker you're working with

Read: Forex For Beginners - How To Trade & Make Profit

Demo and Live Trading

There are two types of trading platforms "Demo and Live Trading"

Live trading is what I prefer because it's real money a real psychology everything else

Demo a lot of people try and play with to start because they're not sure what the market is doing and to be fair this is fairly ok if you've never had any education in financial trading and you just want to get a feel for it

Demo trading is fake money but realizes it's fake profit and it's also fake psychology because you can get trapped in thinking you're right, so I don't really like the demo so if you can try and avoid using the demo for longer than one month because it will get you into bad habits

Live Trading

Live Trading is something you want to do with real money as little as $50, try and get educated in the financial markets and go straight on to live as quickly as possible because live trading and live money make a real profit, and real losses really teach you a lot more than the demo account

Trading Education

Education is very important you can do that from ideally getting a good mentor and that is the best way to be good at trading financial markets, I would stay away from things like baby pips forex factory, anything that is teaching online forums, home trader etc

One thing about private traders they will talk about how good they are and unfortunately this market is full of fake accounts and they show fake results a bit more demo stuff

It's not so much about how good they are, a good educator will create better students

The most important things in your education that you must get is 

Risk Management

Risk management means how much are you willing to risk on your trade per day, per month, how long you look at it in a year or six months profile so you need to understand that whoever you learn your education from making sure they teach risk management very strongly

Constantly educate yourself take trading like a university degree or a lifetime challenge it's way stronger than a three year course it's a lifetime so really do trade and educate yourself throughout your years and not just for like a week or a month or even three months and think that you have know everything because the biggest journey in trading is learning your psychology of trading because when you start losing that's when people go crazy

They don't know what they're doing with themselves and that's when things go out the window
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Forex For Beginners - How To Trade & Make Profit

Forex For Beginners - How To Trade & Make Profit
Forex For Beginners

Foreign exchange market is the biggest market in the world, trillions of dollars trade a day around the clock so it appeals to both traders who are trading small size and larger size because it's relatively easy to get your fill and the cost of doing business is much lower when compared to other markets

What we are going to learn in this article is forex trading. I started thinking about those people who are new to forex trading and want to learn more about it, I'm going to teach you what I learn for the past 3 years and I would make it very simple and easy to learn. I would make this article in three-part

Part 1?
  1. What is Forex?
  2. Learn Basic Terms used by forex traders
  3. What we trade and how we trade it?
  4. The software's used to trade.
  5. Choosing broker, Registering and investing.
  6. Demo trading vs. Live trading
  7. Finally, we will place our first trade in the market
Part 2
  1. MT4 trading platform
  2. Chart reading techniques
  3. When shall we enter a trade
  4. When we should close it?
  5. How to withdraw funds
Part 3
  1. What is automated Trading?
  2. Expert advisors
  3. How to make Advisors
  4. Learning an MQ14 programming language
You can skip part 3, by the end of part 2 you will learn everything about forex and you are going to start trading after reading this article until the second part. But the third part is for those people who don't want to sit in front of computer 24 or even whatever the time you decide, and they want some software for themselves to trade automatically for them

In the third part, we'll learn how we should make software that would trade for us

By the end of this article about forex, you will start trading and start making some profit for yourself.

Read: How To Start Forex Trading

Over the course of the next few minutes, we're going to go through some of the basics of the foreign exchange market, how it works, how people trade it and what makes currency pairs move.

In this part I'm going to tell the basic of forex, the question is

What Is Forex?

Forex is basically exchanging two things in our case exchanging currencies. You can see the example below

Forex For Beginners

You can see the exchange rate of USD the united state dollars with the Euros. Here you can see the exchange rate of 1 USD equals 0.8868 EUR

With this exchange rate, your 
  • 1 Euro  = 1.34092 USD
Keep this exchange rate in mind. In the past, in the old age, people used to exchange things, they didn't have the currencies so they used to exchange things, for example, if someone wants shoes you have to sell your rice in order to get some shoes for yourself

I know it's a pretty bad example but you got some idea what I'm trying to say, you have to sell your rice to buy some shoes

The person who is selling his shoes he is actually selling is shoes to buy your rice so it's exchanging thing. That is what we do in forex, we actually exchange currencies

You have to consider this exchange rate which I have shown you

1 USD = 0.882524 if you have this exchange rate and you have
  • 100,000 USD >> 88,674.00 EURO
you want to purchase some euro from that with this exchange rate
  • 1 USD = 0.8868 EUR
You will get about
100,000 USD = 88,674.00 EURO. From a hundred thousand USD dollars
Let say you have $100,000 and you purchase some euros, you'll get 88,674.00 euros in your hands, at $1 = 0.8868 euro exchange rate. 

Then after two or three days, even this exchange market is very volatile it changes very rapidly so maybe after one-day exchange rate as change now, so you got

Forex For Beginners

With this exchange rate

Guess what, you went back to the exchange company and you said oh I have got euros but now I want my US dollars back and you gave back the exchange company the euros you have got yesterday, guess what happened
  • 88,674.00 EURO = 100,777 USD
$777 PROFIT -  by doing nothing
What if reversed happened? Obviously, you lose

You just purchase currency in one day and after the second day the exchange rate changed and you went back to the exchange company and you sold them your euros and now what you got is $777 Profit

This's awesome right, yeah it is.

Now the question is, what if worst happened? Obviously, you will lose
This forex market is all about exchanging currencies, you have to purchase one currency and you have to wait for some time until exchange rate goes in your favor and then you go back to the market and you sell back the currency and you exchange back to the currency which you were having previously
By exchanging money like that gives you some profit, but if you don't that much money maybe you only have 50 to 100 US dollars, I will give show you step by step on how to trade with $100 on my next article

You must have this example in your mind because the foreign exchange is all about this example which I have given you here when you have this example in your mind, you will understand each and everything about the exchange market.

We still have some article coming your way that shows you about the leverage and what are the basic terms people use. Do check back as we will be updating more content about forex trading for now until we cover all the question that people ask about forex

Hope you learn a lot of forexes, I know you do.
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How To Pay Off Debt on a Low Income

How To Pay Off Debt on a Low Income

I want to share something personal with you it's very practical as well, I want to talk about how to put together a budget to pay off your debt when you're in a very low income. These 8 tips are not relevant to everybody, so if you're reading this from anywhere in the rest of Europe or in the States, the 8 tips might not make that much sense to you.

Read: How to Get Rid of Credit Card Debt Fast

But i want to talk about how to categorize your spending so I hope this article will make sense and give you some ideas and encouragement on how to actually pay off your debt when you have a low income because it can feel like you have this big hole in front of you and you're trying to fill it with small little pennies

1. Housing

You're either paying rent or you're paying a mortgage. If you're paying your mortgage then you might consider if you're in a really tough situation and you have a lot of debt and you can see that your income will be pretty low for a long time, then you might consider selling that house and getting an apartment instead.

It might seem extreme to give up your nice apartment and move to something smaller, but I guarantee you in first year or two, you will have saved a lot of money and to be able to pay that off, the debt, will really make a big impact

I'm not telling you to run out and sell your house, I'm just telling you to consider what are your options. This is not for everyone - but this is what some people choose to do to make it go faster. 

It might not be for you but you might have other options, just take a good look at what your options are and you're going to probably have to sacrifice something.

2. Food And Household Items

It's general groceries and everything you get in a grocery store, This is something I really struggle with over the years. I tend to spend more on food than I plan for, so this is one area where I've always had to restrain myself and be extremely disciplined.

A few things that you can do to help your money go further in this category is, of course, to make things yourself, cook at home, cook your meals yourself, even the lunch and the breakfast ones. One thing that's really important here is to not shop when you're hungry.
If you go to this grocery store when you're hungry you're always going to end up with extra things, so eat before you go to the grocery store
Obviously, you have to eat properly and get all your nutrition, but try to be creative in this area.

3. Transportation

Most of you might have a car, some people don't. I didn't have a car when I was paying off my debt. I have good transportation and it's really easy to save the bill, if I did have to go somewhere further away I have to take the trains and the ticket price are kind of expensive and renting a car can also be costly. But it was just a good way for me to stay flexible and keep my monthly bill down

Another option is to maybe sell your car if you really need a car then you might be able to take some of that money and buy an older car with cash, and use that difference that you get out selling your car to pay off your debt faster, it goes a long way whatever money you can rack up to put towards debt really makes a big difference.

4. Lifestyle

This includes your phone bill, your TV, Netflix, any kind of subscription, clothes, everything. And my monthly budget for this was $300, this might not sound like a very fun plan but you do have a lot of options to cut costs in this category. You can get rid of your cable, you can quite subscription to Netflix maybe HBO whatever other subscriptions you might have

It could be magazines and stuff. You can go to a friend's house and watch or you can watch some of the movies that you've already purchased during the years. There are many options for entertainment, even though you might be without your cable for a while. Keep in mind you can always start up your Netflix or HBO again later when you have a little bit more money every month.

Maybe just think of it as something you do without for a few months, six months, or a year maybe two years, and then you join them again.

I highly recommend that you use the pocket money method when you're doing this if you're a couple because this really gives you kind of a little bit freedom and wiggle room to decide for yourself

5. Miscellaneous

One thing that is completely sure is that something is going to come up, and you just don't know what it is. I budget $60 every month for this and I always like having it there. Putting even just a small number aside every month will give you a little bit of a cushion so it doesn't throw you off and you can regain your strength really faster and stay on your budget.

6. Have A Budget Account

I put $165 each month in a budget account and this the cover insurance, dentist, presents for birthdays, and Christmas. You know they're coming and they come around every year so plan for them so it doesn't become stressful

It's important this way that when you have to go out and buy the present, you stick to the budget that you've already decided at the beginning of the year because if you overspend on every single little present then your budget won't stick

Stick to the budget that you set, if your insurance goes up then you have to go back with the budget

7. Emergency Fund

Save some extra cash every month into an emergency account just to put a little bit wiggle room between you and whatever might happen, i didn't do this but I would really recommend that you do it even if you can save up $20 a month it really goes a long way for giving you peace of mind that if something happens then you'll have at least some money saved up to put towards that.

8. Pay Off Debt

The last part is to pay off your debt and try to increase your income if at all possible. I made a minimum payment on everything and that was $1,200 a month. Then I took whatever extra I made and put towards the smaller debt, this is a really good idea because when you pay off the smaller debt then you gain momentum faster

Every time you pay off a smaller debt then you get this victory and it gives you kind of a positive boost of energy to keep going and pushing through and you really want to get to the next one and it keeps you kind of competitive with yourself

That's it, folks, that's everything I wanted to share with you I hope this article isn't too long but there's a lot of say about budgeting and getting out of debt in general.
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How to Get Rid of Credit Card Debt Fast

How to Get Rid of Credit Card Debt Fast
Credit Card Debt

Credit card debt is bad and I don't care what you're telling yourself, most of us feel we're in debt deep down if you peel back the layers there are feelings of remorse, embarrassment, shame and it just drains you of your energy in your resources, so we need to make a plan to get you out of credit card debt ASAP and this is exactly what this article is going to be all about

I pretty much guarantee that most people who are in credit card debt can't even remember half of the things that they bought on their card and I'm going to guesstimate, 

Step 1: Cut The Card and Throw It Away

If you are in multiple credit card debt you have to cut all the cards up and throw them away. By doing that, you've trapped the debt, you can't use the card and you can't let the debt any bigger assuming that you maintain the interest repayment

By cutting those cards you've trapped it, it cannot get any worse and you can't use them anymore, don't forget it very important

Step 2: Pay For Everything In Cash From This Point Forward

This is going to be a little bit painful because you're going to have to say no or say that you can't afford to do a few things but that's okay, it's not the end of the world you're not going to die, you're actually doing something much more powerful and beneficial for yourself and you're not let your credit card debt get any bigger

Read: How To Pay Off Debt on a Low Income

It's actually going to start getting smaller soon, so pay everything in cash or if you need to use your ATM debit card, there's no credit at all that you're using. 

Step 3: Start A List

I want you to take a piece of paper and I want you to write down everyone that you owe money to, and exactly how much. Start with the person that you owe the least amount of money first, work your way down and the last person on the list should be the person you owe the most amount of money to

Take that piece of paper either put it on your bedside or your toothbrush or even in your wallet. Basically, somewhere you're going to see that piece of paper a couple of times a day

This is really important and I'm going to explain how this is going to help you keep focus and motivation

Step 4: Do A Budget

Most people hate doing budgets, they put them off as long as possible but I guarantee you once you sit down and write down all your living expenses, it's actually an incredible awakening experience because you have a lot of ideas, a lot more control over where your money goes and you can see where money's being wasted and where it's not

About doing a budget, you can see what you really value and you can then identify things that could potentially be cut out to help you to save more money or help you get out of a credit card debt faster

If you've never done a budget before, you don't even know where to start, you find the whole thing completely overwhelming, you can read our top post below

Budget Planner: How To Budget When You're Broke

Step 5: Cash Flow

Now you have an idea of exactly how much debt you're in and we also have an idea of your living expenses. We need to get you into a situation where you have control of your cash flow so that if the big months comes through, you got lots expenses you don't have to go back to the credit cards to rely on you

You have cash available to help you stay in control. 

This is how you run your accounts, I want you to have two accounts

One being your everyday bank account which is where your salary gets deposited and where you pay for your monthly or fortnightly expenses

Then I want you to have a second account and this is a saving account which I want you to build up with money like Christmastime where you buy a dozen Christmas present for family and friends

What you're going to do is stockpile that account so when those months come you will get enough cash set aside to pay for those things and you're not reaching for the credit again to get you through, you pay for that in cash

This will keep you out of debt for good, that is what I want you to do going forward even when your credit card debt is paid off

Step 6: Start Paying The Debt Down

This is the most important and powerful step you need to use, what I want you to do is grab your little piece of paper, go through your budget and I want you to work out each individual expense and question the value of that expenses and whether you really need it

The more expenses that you can cut out of your budget the faster you're going to get out of credit card debt. So go through the budget and look at what each one individually and sees which ones you can cull even if it's only temporarily 

Say for example you identify some savings and you can free up say $300 a month out of your budget. Take out $300 and start using that as lump sum repayments on your debt

Starting with the number one debt at the top of your piece of paper, go through the budget, analyze what you can call and try and free up some cash flow which you would then go to channel into reducing that credit card debt

A lot of you are probably wondering why I'm recommending this strategy of starting with a smaller step first and then you going through to the biggest debt last, especially when all the banks say no, consolidate the dead or start with the loan that's got the highest amount of interest

What I learn from experience in coaching people out of debt and working with building wealth is, credit card debt as I said it's very toxic and it's actually quite hard to manage when you've got numerous debt, like juggling a ball

Let say you've seven balls then you take one ball out of the air and you're only juggling six, is going to be a little bit easier, so I need to try and help you get those as many balls out of the air as quickly as possible

By starting with the smaller debt first focusing on that we're quickly reducing the number of debts and making it easier.

That's it, folks, that is how you get out credit card debt and hopefully, you learn something new
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