Before you get into the nitty-gritty of debt payoff, start by figuring out the big reason why you want to be debt-free.
Once you identify the motivation for paying off debt, it’s time to figure out where you currently stand and devise a basic budget.
Once you have a basic budget in place, take a look at your discretionary spending (AKA your “wants”) and look for opportunities to cut unnecessary spending.
You can only scrimp and save so much. In addition to cutting your spending, another way to pay your debt more aggressively is to earn more income.
Instead, focus on accomplishing one goal at a time. You’ll make progress quicker, and progress leads to persistence.
“We recommend breaking down your finances into micro-goals that allow you to focus on 30-60 day sprints that will build-up to the big goal,” Walsh said.