Chipping away at debt doesn’t have to be a massive task. Here are three simple things you can do to help your financial position right now.
Let resources do the work for you
Use a free budgeting app likethat directly links to your bank accounts to automatically allocate portions of your income for debt repayment, expenses and monitor your savings. Try the program, which helps you set a savings goal and then matches your savings, dollar for dollar, up to $500.
Get bank smart
Reduce bank fees by finding financial institutions that offer accounts with no account fees, no minimum deposit amounts and no overdraw fees. Eliminate high interest credit cards by
Try debt snowballing
To make a huge snowball, you start by packing a small amount of snow into a ball and rolling it through more snow. This method also works when paying off your debts. Start with the smallest debts and work your way to the largest by making minimum payments on everything. When the smallest debt is paid in full, roll the money you were paying on that debt into the next smallest balance. Keep this up until your repayments can become savings.
Follow these techniques and you’ll be cashed up in no time.