Eight Tips for Making Paying Off Debt Easier: Expert Advice

Beth, a chartered accountant and TikToker, has shared her simple ‘blueprint’ for paying off debt, drawing from her own experience of eliminating £18k worth of credit card debt and improving her credit score. In her latest newsletter update, she outlined eight key steps to make paying off debt easier.

Firstly, Beth emphasized the importance of knowing your numbers by listing all your debts, including interest rates and minimum payments. This step helps in creating a realistic plan to tackle your debt effectively. She also stressed the need to create a budget to track income and expenses, identifying areas where you can cut back and allocate more money towards debt repayments.

Additionally, Beth recommended choosing a payoff method that works best for you, whether it’s the debt snowball or debt avalanche method. She also advised cutting unnecessary expenses and increasing income through side hustles or part-time jobs to accelerate debt payoff.

Furthermore, Beth highlighted the importance of staying motivated by setting milestones and celebrating small victories along the way. Building an emergency fund was also emphasized to avoid getting back into debt when unexpected expenses arise.

Lastly, seeking support from friends, family, or online communities was encouraged by Beth to stay accountable and motivated throughout the debt payoff journey. By following these eight steps, individuals can make paying off debt a more manageable and achievable goal.