Money Talks November 2020 | Tiffany Lauren

7 Steps to Prevent You From Being a Debt Payaso



Debt happens! And can have you feeling like a total payaso if it gets out of control! 🤡. But it’s not impossible to turn things around. Here are 7 steps to empower yourself, and your money, towards a debt-free future! 💪🏽💵

#1. Figure out your budget

Getting a handle on your income and expenses. A budget will help you figure out how much of your income can be spent on needs, and how much can be spent on paying off debts and into your savings. Don’t be a 🤡, create a budget!

 #2. Reduce your spending

Just say NO to the chucherias! Do you really need that monthly makeup subscription? Do you really need that 🌮 plate today, again? It can be tough, but it will be worth the sacrifice in the long run when you’re finally debt-free!

#3. Stop overspending

Ay. That vicious cycle of making a payment to your credit card, only to use it again the very next day. Don’t be a 🤡, put away the 💳 and live within your means. Not only will this help you pay off the balance, but it will also help you decrease your credit utilization. In other words, when you don’t overuse your credit, your credit score will increase. Pass it on. 😉

#4. Get a side hustle to increase your income

Extra income is always a good thing. 💰 A side hustle will help make it happen. The gig economy, from freelancing to dog walking, is where it’s at. Research ideas that will help you stay motivated. There’s no point in a side hustle if it’s going to burn you out! 🤓

#5. Find a payoff method you’ll stick with

Ponte las pilas. Debt can be overwhelming if you have a lot going on, but it’s not impossible to payoff. Try one of these two things: 1.) Pay off your debt with the highest interest rate first, then focus on paying off the others OR 2.) Pay off the smaller debts first and slowly build up to paying off those bigger debts over time.

 The choice is yours, and you should pick whichever method you think will help you stay motivad@. 🥊

 #6. Look into debt consolidation

This will combine all of your debts into one monthly payment that is hopefully also at a lower interest rate. 🏦 A debt consolidation loan or 0% interest balance transfer credit card are two examples of ways to maximize your payoff and minimize interest. 💸 

#7.Get some help. 

We know, a veces it can be harder than you think. But you’ll get there. Educate yourself 🧑🏽🧑🏽‍ and seek help on what best options are available to you. There are free resources como nonprofit credit agencies that are out there to assist. The more informed you are, the more empowered you will be to invest in YOU. 💪🏽

How will you payoff your debt? 👇🏽

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