Determine your budget
Once you get an idea of your income and expenses each month, you can determine your budget and if you have extra cash to put toward paying off debts. Remember to include your emergency fund while building your debt payoff plan, just in case an unexpected expense comes up.
Freeze your credit cards
It’s time to cut ties with your favorite piece(s) of plastic. Keep your debt at bay by not piling on more charges. This also helps improve your credit; the lower percentage of credit used, the better it reflects on your credit score.
Reduce spending
Best practices for paying off debt include reducing your monthly spend. To achieve financial freedom, every dollar counts. Challenge yourself to eat at home for the next thirty days and keep track of how much money you’ve saved at the end.
Find a side hustle
Accelerate your debt payoff plan by bringing in extra income from a second or side job. Remember, every dollar counts on this journey.
Stick with it
Committing yourself to paying off debt is more than a financial commitment––it’s also psychological. Take some time to find a payoff method that works best for your lifestyle and income. Like most things in life, finding the perfect savings style is trial and error, too.