4. Pay off debts.
If you have debt, it's important to focus on paying it off as quickly as possible. High levels of debt can be a major stressor and can impact your ability to achieve your financial goals. Consider speaking with a financial coach or advisor to help you create a debt payment plan. There are many strategies for paying debt, including the snowball method(Paying off smaller debts first) and the avalanche method(paying off debts with highest interest rates first).
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What are some tips for having a healthy relationship with money? | By Aymar Audry | Tealfeed
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Eager to share ideas I find from books and other useful videos. "Some people dream of success, while others work for it."
It's a common issue, and one that can have a big impact on your financial well-being and success.
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Similar ideas to 4. Pay off debts.
2. Pay off all debts
The debt snowball is another method made popular by Dave Ramsey. It is simply a way of paying off your debt from the smallest balance to the largest.
The snowball debt method
With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.
When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, yo...
Debt when you're on a tight budget
There are a couple of paths you can take to pay off your high-interest debt when you're on a tight budget.
- The snowball method. For those who need to see progress, pay off the lowest balance first. You'll feel inspired to keep going.
- The avalanche me...
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