How much easier would your life be without financial anxiety? Decreasing your debt can be life-changing. Here are a few tips to help you get started.
Stop Creating New Debt
This one might sound obvious but is often the primary reason you can’t get out of debt. So, no new credit cards (unless you are reserving them for emergencies only), no more holiday shopping on credit and no vacations, or general monthly spending.
Have A Plan
Paying the minimum monthly payment is not a plan to get out of debt. For best results, invest a few hundred dollars and sit down with a financial planner to create a monthly budget and debt elimination plan. Yes, this is a new expense—but one that will save you money and pay your debt off faster.
Find Innovative Ways To Save
Most of us can save at least a couple hundred dollars a month with a few small tweaks to our regular routine. However, we shy away from learning how to save because we fear our new budget will hinder our quality of life, but with less financial stress your quality of life will improve!
Here’s to slashing your debt and creating a solid financial foundation.