Start small by setting aside a portion of your income each month. Even if it’s just a small amount, consistency is key. Having this financial cushion will give you peace of mind and help prevent you from going into debt when unforeseen costs arise.
- Pay Off Debt Strategically
Debt can be a major obstacle to financial stability, especially if it accumulates over time. Whether it’s student loans, credit card debt, or personal loans, it’s important to develop a strategy to pay off your debt. The two most popular approaches are the “snowball” method, where you pay off your smallest debts first, and the “avalanche” method, where you focus on paying off the debts with the highest interest rates first.