In the last installment of How To Payoff Your Debt Faster, we talked about understanding our personal finances and spending habits. That is the first part of getting your money right - just part of the ground work for creating a plan we can actually act on.
Always do your research. There are several different methods to tackling debt. It’s important to note that when it comes to tackling debt there is no one best way. No one has the “right” answer. If anyone is telling you how to tackle debt (like me) its because they have found a method that worked best for them, their lifestyle, and best supported their financial goals.
The best and only way to tackle your debt is they way that is most comfortable and sustainable for you. The method you choose has to reflect your financial goals and allow you to live the lifestyle you can realistically upkeep.
Google “debt-free payment methods” and lists of methods on methods will pop up. Do your research. Weigh out the pros and cons. To get you started:
Here are two of the most common payment methods
This is where step one in paying off your debt faster comes in handy. By understanding your financial goals and what financial freedom means to you, you can make the best choices that will support those goals.
Step 5: Create a Debt-Free Budget Plan >>>
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To follow my journey to debt-freedom, live and step-by-step, follow my Instagram, here.
For a consolidated list of the steps I took to pay off over $22K debt in 7 months, check out my blog post - How I Paid Off Over Over $22K in 7 Months While Living Paycheck to Paycheck!