• The 6 Steps to Decrease your Debt: Steps 1, 2, 3

  • Sep 9 2022
  • Length: 33 mins
  • Podcast

The 6 Steps to Decrease your Debt: Steps 1, 2, 3

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  • Summary

  • Step 1: Make a budget 

    Building a budget is key to any financial plan, but especially so when you’re paying off debt. To repay your debt, start by tracking your income and expenses with a monthly budget. A budget is an easy way to get organized at the start of debt repayment.


    Step 2: Debit Payment Strategy

    The snowball method: Pay the smallest debt as fast as possible. Pay minimums on all other debt. Then pay that extra toward the next smallest debt. A quick payoff is a quick win and can be a confidence booster.

    Debt avalanche: Pay the largest or highest interest rate debt as fast as possible. Pay minimums on all other debt. Then pay that extra toward the next highest debt. Paying off a big debt can boost a feeling of control and gets rid of big interest, too.


    Step 3: Side hustle

    A Side Hustle is work you do on the side of your regular job to make additional income. · The benefits of a side hustle are increase income, pay of debt faster and increased savings.




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