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Tips for paying off debt



As same as anyone else, I'm in debt too. Based on my experience with terrible times with debt, here I share how I managed to escape from my debt and am paying off all the debt by myself. Once you have a debt payoff plan, follow these tips to stay on track.



Stick to a budget. You'll need a budget whatever strategy you choose for paying off debt. Otherwise, it's too easy to get off track. With a budget, it's easy to see where each dollar is going, which will help you identify areas where you could cut costs and save money.

Whether you use an app or a spreadsheet to create a budget, you can start planning how to pay off debt once you see all your income and expenses laid out. Subtract your fixed expenses from your income – your free cash flow. That money is what you have available to cover variable costs and pay down debt.


Start an emergency savings account

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There's nothing like an unexpected car repair coming to ruin all your plans to get out of debt. Life will continue to happen while you're focused on how to pay off your debt, which is why you need an emergency savings account.

As much as you want to put every penny toward your credit card balance, you'd have to charge it again if you've

paid off half your balance but can't pay for an emergency. Most experts advise having three to six months' worth of living expenses in savings, so when you're putting your budget together, it should include a line item for protection.


Reduce monthly bill



If you're wondering how to pay off debt and save, consider ways to reduce monthly bills. Lowering monthly expenses frees up money that can add a little bit, letting you pay down debt.

Are there any unnecessary expenses that can be temporary remove from the bill? Maybe drop Netflix or cable for a few months to save money and free up time for a side hustle. If the heating bills have been out of control, many utility companies offer free energy audits, which would identify changes you could make to curb utility costs.


Earn extra cash



Having a side hustle has almost become an American institution, right up there with apple pie. Many people now maximize free time by making jewelry to sell on Etsy, driving for a ride-sharing service, or dog-sitting. The answer to "how do I pay off my debt?" could be brainstorming ways to earn extra cash.

What are your hobbies? Do you have any special skills you could monetize? Which side gigs would work with your daily schedule? Find a way to secure extra cash flow and apply those earnings to paying off debts.


Explore debt relief options



Debt relief companies make grand promises to help solve problems like how to pay off debt, but do they deliver? Yes and no. When you sign up to work with a debt relief company, it negotiates with your creditors to settle or attempt to change the terms of your debt. But there is a catch.

Debt relief companies charge fees for services. To increase a creditor's willingness to negotiate, the company may urge clients to stop making payments on their bills. But this will lead to late fees, interest charges, and other penalties that increase debt and hurt credit scores.

The companies can also help settle or manage some bills, but they could do more harm than good. Explore all other options before deciding to work with one.


The bottom line


There's no secret to paying off debt and saving money. It just requires discipline and a plan. You may have to investigate several avenues for getting out of debt, depending on how much and who you owe. But taking the time to sit down and make a plan will pay off in the long run.




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