You are reading Week 46 of 52 Weeks to Eliminate Debt & Curb Spending. Please read the overview here to learn more about the series & get your FREE financial planner. If you just joined us, please start with week 1.
When you are looking to find new and different ways to get rid of your existing debt, you may find that bartering to pay off debt can work wonderfully for you. No, you can’t typically barter with your creditors, but you can barter in other areas of your life that will give you income to go toward your goal of getting rid of debt.
This week we are going to give you some simple ideas for bartering items that can help increase your income or budget toward debt repayment.
Bartering is an exchange of goods or services for other goods or services without using money.
BARTERING TO PAY OFF DEBT
There are multiple things you can offer as a barter for services. The list below is a great start on items you can barter with or for. All of these things offer you or the other party a savings on a needed thing in your life without costing a lot of extra monetary expense, if any.
- Fresh garden produce. This can be fresh during summer months, or can be a canned or frozen product in winter months.
- Babysitting services
- Pet sitting or pet walking services
- Lessons for guitar, piano, dance, voice or other arts
- Housekeeping services
- Personal chef services
- Nutritional counseling
- Physical Training or Fitness training
- Household repairs and maintenance
- Vehicle repairs and maintenance
To put these ideas into an example, your car needs the oil changed. You have absolutely no idea how to do this or the tools to complete the task. Instead of taking your car to a mechanic and paying a shop to change the oil, you ask your neighbor to do it for you. In exchange for this service, you offer two hours of babysitting.
You save money by not having to go to a mechanic and your neighbor saves money by enjoying an evening out without having to hire a sitter.
Almost any service you would typically be paying out of pocket can be bartered for in your community. Bartering to pay off debt is a classic method from centuries ago. Even in the last century it was known that many people who couldn’t afford a doctor would pay by trading with food or services. The same method applies here but in different circumstances.
Using your skill set to create extra funds in your budget is not just an easy choice, but a smart choice you should use for years to come. Whether you have debt or not, bartering is a great method to pay for things you need without hurting your budget.
Week 46 Challenge:
Write down a list of products or services you could barter. Then look around your community to find someone that you can exchange these goods or services with.
- Craigslist has a section for bartering. Search to see what is available in your area.
- Modern Day Bartering by Forbes.
- Purchase or borrow a copy of No Cash? No Problem! for more ideas. The book has excellent ratings.
Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. All situations are different, so please consult a professional to determine your individual needs.