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Financially Fit

Tackling your Debt with a Purpose

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The biggest football game of the year (the name of which we cannot mention) is this weekend and will undoubtedly garner many viewers nationally. However, while the players on the field will be focusing on tackling each other, most of us non-professional athletes are constantly trying to tackle our debt. I believe it’s fair to say that the vast majority of the population doesn’t make multi-million dollar salaries and aren’t granted the same financial freedom that professional athletes experience, when handled correctly. But that’s okay… really. There are plenty of smart ways for you to tackle your debt without breaking the bank.

Below we have outlined some effective ways for you to reduce your debt and get out from underneath pesky loans and payments earlier than expected.

Develop a plan

I’m sure you’re tired of hearing it, but before you bail on this blog… STOP!!! I know you’ve been told all your life to set a plan or budget properly and it might seem tedious, but it is very necessary. Outline your income and expenses and see where you can cut back or eliminate unnecessary expenses. This will provide you with more financial freedom and potentially allow you to accomplish our next recommendation much easier.

Pay more than is necessary

No one likes to read the words “pay more”, but it is amazing how much quicker you can get out of debt if you set a little extra money aside each month to pay down your debts. For example, if you are paying off a student loan, set aside an extra $100 or so each month and apply it to your monthly payments. You will be stunned how much quicker you will get your student loan debt paid off.

Avoid using credit cards

There is certainly nothing wrong with having credit cards, but knowing how to manage them is crucial to financial success. If you have gone through a spell where you have used a credit card at a more frequent rate, focus on paying off those cards as quickly as possible. Pay more than the minimum on your credit card payments and then once you have eliminated the debt avoid using credit cards, when possible. This will do wonders for your credit score too!

Have you tried getting out of debt with any of the methods mentioned above? If so, let us know! Debt can be a pain, but once you start making a real dent in your debt payments the outcome is very rewarding.

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