When we have a debt that keeps us stressed and gives us a feeling of weight on our shoulders – what we really want (and should do) is getting rid of it as soon as possible.
The first tip to achieve that goal is to make the debt a priority in your budget, create an economy plan around it and respect it to the end.
Check every bill and debt and figure out what is being paid. Some people recommend to target the one you pay more interest to. Moving that balance to a bank or credit card where you pay less interest is a good option too. The point is: a plan is better than no plan.
Save money, as much as you can, even if is just a little but make it more than a habit, a part of your mandatory monthly expenses. It sounds obvious but you’d be surprised to find out that most people in America do not have an emergency fund and that tends to be a common reason for people going towards unmanageable debt.
Reduce unnecessary shopping and meals as small sacrifices will bring you to debt freedom sooner. Separate NEEDS from WANTS and you’ll see your shopping list go down!
Don’t just pay the minimum, if possible, make larger payments than the minimum, so you decrease the main debt faster. Paying towards interest is burning money. Focus on paying the principle debt as much as possible.
Gary V., a popular mentor and entrepreneur, recommends to make money from junk. Sell those things in the corner of an attic or garage: you can get some free space and money to reduce your debt. Win, win!