Feeling Overwhelmed With Debt? Here Are 14 Ways To Improve Your Financial Future

Gabrielle Olya   Tue, November 9, 2021

Change Your Mindset

"Making the decision to get out of debt is the first step, but also the most difficult," said Cory Chapman, personal finance coach and CEO of EFC Wealth Management. "Actually changing your mind and accepting that you need to make life changes is the hardest part. The process of getting out of debt is going to take discipline, but it starts with the mindset that you want to be debt-free."

Get a Clear Picture of How Much Debt You Actually Have

To get rid of debt, you first have to be aware of how much you actually have, said Michael Gerstman, ChFC, CLU, CEO of the Dallas-based retirement planning firm Gerstman Financial Group.

"List all of your debts, current balances and what the interest rate is on each debt," he said.

Consider Consolidating Your Debt

Debt consolidation might be a good option for those who have various high-interest debts and want to just make a single monthly payment that works toward paying down all your debts at once. If you go this route, taking out a personal loan could help you achieve your financial goals in a more manageable and affordable way.

Don't let your debt overwhelm you more than it should -- take advantage of smarter ways to pay it off.

Track Your Monthly Spending

Now that you know how much you owe, get a clear picture of where your money is going, whether it's on your morning coffee, tech, shopping, dining out or planning for your dream wedding.

"Most people don't even know what they are buying on a monthly basis," said Chapman. "The miscellaneous items and little purchases eventually add up. Use an app or program to help you keep track of your spending habits."

Eliminate Any Subscription Services You Don't Really Use

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