Debt can be a heavy burden to bear, but it doesn’t have to be a life sentence. With the right strategies and a little bit of elbow grease, you can free yourself from debt and start living a life of financial freedom. Wren, a long-time DIYer, has put together her top 20 tips to help you pay off debt and get back on track.
First, Wren recommends creating a budget and tracking your spending. This will help you identify areas where you can cut back and save money. Make sure to include all of your expenses, including rent, utilities, groceries, and entertainment. Once you have a good handle on your spending, you can start to pay off your debt.
Second, Wren suggests setting up an emergency fund. This will help you cover unexpected expenses without having to rely on credit cards or loans. Start by setting aside a small amount each month and then gradually increase it as you pay off debt. This will ensure that you have a cushion in case of an emergency.
Third, Wren recommends taking advantage of any available tax deductions or credits. This could include deductions for student loan interest or credits for childcare expenses. These deductions and credits can help reduce your taxable income, which can in turn reduce the amount of money you owe in taxes.
Finally, Wren suggests looking for ways to make extra money. You could take on a side job or start a business. You could also sell items you no longer need or use online marketplaces like eBay or Craigslist. Any extra money you make can go towards paying off your debt faster.
These are just a few of the tips Wren has used to free herself from debt. With the right strategies and a little bit of hard work, you too can become debt-free and start living a life of financial freedom.