8 Tips From EveryDollar Budgeters on How to Pay Off Debt This Year

You’re sitting down to make your monthly budget, and there it is: that big, ugly category called debt. You know the one. It takes up an annoying amount of space in your budget. And boy, do those payments add up!

Imagine what your budget would look like if you didn’t have debt. Think about how much you could give, save and spend.

It may sound too good to be true, but tons of people are paying off their debt and taking control of their paychecks. And you could be next!

We asked some of our EveryDollar budgeters for their tips to paying off debt, and we couldn't have said it better ourselves! Here’s what they had to say:

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The Fastest Way to Get Rid of Your Student Loans

More than one in 10 Americans are still paying for their college degrees.

According to the 2016 survey by the National Foundation for Credit Counseling, 39% of those polled said they weren’t able to save for emergencies because of their student debt. And 30% said they couldn’t save for retirement.

There’s a lot you can’t do while you have huge student loans. But there’s even more you can do once your entire paycheck belongs to you again. You can save more, give more, and cook less. Hello sushi Fridays!

Get to the good stuff faster by losing your student loans with the debt snowball. It’s worked for millions of people, and it will work for you too! Here’s how:

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What Debt Do You Pay Off First?

It’s a common question when paying off debt—Should I pay the debt with the highest interest rate first since it costs me the most money?

Short answer: No. But we’ll explain. It’s best to start with the smallest balance. Here’s why.

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Create a Game Plan for Attacking Your Debt

Paying off your debt is a lot like scoring a game-winning touchdown. You start with a solid plan and end with an over-the-top victory dance.

Whether you’re a beginning budgeter or you’ve been budgeting for years, everyone tackles debt the same way: one yard at a time. So get out there and start running!

Here are three straightforward steps to help you pay off your debt once and for all.

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How to Pay Off Debt Easier and Faster Than Ever

Getting out of debt doesn’t have to be stressful. Make the process of paying off debt easier and faster by breaking it down into smaller, more manageable chunks. This will keep you on track (and motivated) as you pay off your student loans, car debt, or credit card balances.

The key is to start as soon as possible. There’s no reason to wait!

The sooner you start, the sooner you’ll be keeping more of your money for what you want. Remember, you’ve got this! Here are four easy steps to help you get there:

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