How To Pay Off Debt on a Teacher’s Salary

You’ve heard those success stories of people who pay off a big chunk of debt while earning $30-some thousand per year. You wonder if they can do it, why can’t I?

There are commonalities between those inspiring debt payoff success stories, and here are the proven strategies to pay off debt.

If you want to become debt-free, you know where you want to go. But before you can get there, you need to understand where you are on the money map right now.

UNDERSTAND HOW MUCH DEBT YOU HAVE

Once you choose a debt payoff method, rearrange your debt list in the order you want to pay them off. This is your debt payoff plan of attack.

CHOOSE ONE DEBT TO PAY OFF FIRST

If you take a careful look at how much money you’re earning and where it’s going, you’ll likely find some places you can cut back too.

CREATE A BUDGET EACH MONTH

Next, you’re ready to set a goal for paying off your debt. It may change over time, but that’s ok.

SET A LOFTY YET REALISTIC GOAL

Budgeting can show you places you can save money, such as monthly subscriptions, dining out, overdraft fees, or cable bills.

START A SIDE HUSTLE TO INCREASE YOUR INCOME

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