FACE YOUR DEBT HEAD-ON
The first step is awareness. List all your debts, including balances, interest rates, and minimum payments. Understanding what you owe is essential to creating a plan that works.
BUILD A REALISTIC DEBT REPAYMENT PLAN
Choose a repayment strategy that fits your lifestyle:
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Debt snowball: Pay off the smallest debts first to gain momentum.
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Debt avalanche: Focus on high-interest debts first to save more money.
Stay consistent and track your progress monthly.
CUT EXPENSES AND BOOST INCOME
Look for unnecessary expenses you can reduce or eliminate. Even small cuts—like subscriptions or dining out—can free up money to put toward debt. Consider side gigs, freelance work, or selling unused items to boost your income.
STOP USING CREDIT CARDS
While paying off debt, avoid adding new debt. Freeze or hide your cards if necessary. Build your purchases around cash or debit to stay within your means.
CREATE AN EMERGENCY FUND
Without a safety net, you’re more likely to fall back into debt. Start with a small goal (e.g., $500–$1,000) to cover unexpected expenses while continuing to pay off what you owe.
CELEBRATE SMALL WINS AND STAY MOTIVATED
Every time you pay off a debt, no matter how small, celebrate the progress. Reward yourself in simple, budget-friendly ways and keep your long-term goal in sight: financial peace and freedom.