3 Exciting Ways for a Debt-free 2023

February 11, 2023

Struggling with debt is a daily hardship. Not knowing how you are going to pay back the money that you owe is stressful. This stress impacts your budget, too, and you have to balance your income with the amount that you need to pay back each month.

From discounts to budget tips, there are ways in which you can start to make great reductions to your debt. In this article, we will discuss three exciting ways that you can start to tackle your debt and live debt-free in 2023. Let’s dive right into it!

3 Exciting Ways for a Debt-free 2023

Put Money in Your Emergency Fund

This tip might seem counterintuitive, but one of the best ways that you can make progress toward your existing debt is to ward off future debt. By establishing an emergency fund, you can avoid borrowing money in the future by using your savings to address emergencies and unforeseen problems.

Not doing so is one of the worst mistakes that you can make while trying to pay off debt. Many people truth to pay off their debt as quickly as possible and speedrun paying those that they owe. While doing so, they drain their savings and prevent themselves from addressing an emergency without taking on more debt.

Get Rid of Unnecessary Bills

One other way to allow yourself to pay off debt faster is to get rid of unnecessary bills. Doing so lightens your budget and allows you to place more money towards debt and savings instead of paying additional bills every month. Get rid of subscription services that you don’t need, such as Netflix, Hulu, Uber Eats, and other luxuries.

These luxury bills should be the first to go, but you can also get rid of essential bills, such as your phone bill, by signing up for a key government program. The Lifeline program is a communication assistance program that helps Americans to save money on their phone bills and even possibly receive a free phone.

To apply for the Lifeline program, you must be eligible and apply for the program before receiving benefits. After doing so, you can receive the benefit through phone service providers that help supply the Lifeline benefit. If you are curious about whether or not you qualify for the Lifeline program, click here for more information. You can also apply through Lifeline and receive your benefit through Safelink Wireless today.

Start with the Smallest Debt

This method is known as the “debt snowball” method, where you start paying off the debts that you have in order. From smallest to largest, pay down your debts so that you are fully getting rid of some of your monthly debts and interest accrual. By doing so, you can lessen the number of debts that you have while paying down debt. Doing the snowball method not only helps you to cross things off your to-do list but it helps you to gain confidence while you are accomplishing this task. The debt snowball method is a great way of becoming debt-free and reclaiming control over your financial life.

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