Episode 08: How to Pay Off Debt When You're Living Paycheck to Paycheck
Living paycheck to paycheck is a frustrating cycle, and being in debt makes it so much worse. So, how do you successfully pay off debt when you are so broke you can barely make ends meet? Here are some tried-and-true ways to start paying off your debt faster, even when you're broke and don't have a lot of money. Assess your balancesDetermine your debt repayment method (snowball vs. avalanche)Stop spending more on debtSet up a spending Freeze to reduce monthly expensesNegotiate your interest ratesManually consolidate your debt balancesPay more than the minimum paymentCheck out these helpful resources if you need more guidance on paying off debt, saving money, or perfecting your budget. Grab the Printable Budget Binder if you want to get organized with your money and finally take back control of your finances.