#49: Mistakes to Avoid When Paying Off Debt

Coming from the girl who’s gotten herself into and out of debt multiple times, I know a thing or two about the debt payoff process. Have you decided that now is the time you’ll pay off your debt once and for all? Now, be honest with me. How many times have you decided that now is the time you’ll pay off debt once and for all? You may have the best intentions when it comes to paying off your debt, but if you find yourself in the same position or trying to pay them off with no success, you could be making some costly mistakes. In this episode, I’m sharing some common mistakes to avoid when embarking on your debt payoff journey.

Here’s a glance at this episode:

• [01:45] Forgive yourself for getting into debt and choose grace as you move forward, otherwise you’ll never be happy throughout your debt free journey.
• [03:40] You need a budget! Leverage your budget to help you determine how much you can realistically afford to put towards your debt.
• [05:35] If you are working to pay down your debt, don’t continue using credit. This is a recipe for disaster.
• [08:49] Not sure how much to have saved before paying down debt? I break down how you can find the number that’s right for your situation.
• [12:45] Once you pay your credit accounts off, make sure to keep them open. This will benefit your credit score for the long haul.

Click here to listen!

Rate, Review, & Follow on Apple Podcasts

“I love Raya and City Girl Savings!” <– If that sounds like you, please consider rating and reviewing my show! This helps me support more people — just like you — to make the best money moves as they make their way to their dream life. Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, subscribe to the podcast. So many great episodes are on the way and, if you’re not subscribed, there’s a good chance you’ll miss out. Subscribe now!

Resources mentioned in this episode:

Let me create a budget plan for you! Listen to Episode 15 – My Debt Free Story and the Biggest Takeaways Download the Free Money Moves Packet Leverage a high yield savings account for your emergency fund. I recommend Synchrony and American Express Bank. Struggling with your finances? Schedule a free financial focus call with me! [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]