{"id":14697,"date":"2023-04-04T18:00:31","date_gmt":"2023-04-04T07:00:31","guid":{"rendered":"https:\/\/thebooksitters.com.au\/?p=14697"},"modified":"2023-03-14T09:37:55","modified_gmt":"2023-03-13T22:37:55","slug":"6-tips-to-paying-down-your-personal-debt-in-2023","status":"publish","type":"post","link":"https:\/\/thebooksitters.com.au\/6-tips-to-paying-down-your-personal-debt-in-2023\/","title":{"rendered":"6 tips to paying down your personal debt in 2023"},"content":{"rendered":"

\"Avery<\/h3>\n

6 tips to paying down your personal debt in 2023<\/span><\/h2>\n

2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many of us have more debt than we\u2019re comfortable with.<\/p>\n

How do you get ahead while you\u2019re still trying to catch up?<\/p>\n

Here are some tips on how to pay down your personal debt this year.<\/p>\n

1. Take stock of your debt<\/span><\/h3>\n

There\u2019s no way to fully understand your situation if you don\u2019t take the time to identify everything you owe. Because looking at your monetary situation can be stressful, many people choose to ignore their financial statements and just keep a rough estimate of how much they think they owe.<\/p>\n

This is a mistake. Turning a blind eye to the numbers won\u2019t change them, and neglecting to look at your debts regularly will make it easier to continue spending.<\/p>\n

2. Identify which debt is costing you the most<\/span><\/h3>\n

Between a mortgage, outstanding loans, credit card debt, car payments, lines of credit, and many more forms of debt, some will cost you more than others to maintain. Once you have a clear picture of everything you owe, determine the interest rate on each debt.<\/p>\n

This way, you can plan to pay down the most expensive debt you have first. Doing so will save you as much interest as possible, meaning that you can pay down your debt faster as time goes on. So make your money work as hard as it can by paying down that higher interest debt.<\/p>\n

3. Consider consolidating your debt<\/span><\/h3>\n

While working with a debt consolidator can temporarily hurt your credit score, it might be worth it in the long run. It can be extremely stressful to look at multiple sources of debt, and it\u2019s easy to be overwhelmed by it all. This often leads to missed payments, which also hurts your credit score.<\/p>\n

By consolidating your debt, you end up with one regular payment, which is much easier to manage. The temporary credit score hit can be well worth it if you have a complex debt situation or simply feel overwhelmed.<\/p>\n

4. Set a budget and save<\/span><\/h3>\n

Once you have figured out your repayment strategy, make a plan so you\u2019re not working against yourself. Look at the actual cash you bring each month and allocate those funds. Set aside money for living expenses, entertainment, and your existing debt payments.<\/p>\n

If you have any leftover money, start putting that in a savings account. You should work towards setting aside 3-6 months of living expenses so that if something unexpected happens, you have the money to deal with it and don\u2019t have to rely on credit to help yourself.<\/p>\n

5. Adjust your credit card habits<\/span><\/h3>\n

Credit cards come with many perks, but they\u2019re only worthwhile if you can pay the amount you\u2019re spending on them. Doing so responsibly builds your credit score and allows you to take advantage of the benefits of being a cardholder.<\/p>\n

If you don\u2019t have the actual money to pay your credit card off each month, tuck it away somewhere so you\u2019re not tempted to use it. It\u2019s
\neasier than ever to tap your card, but without the funds to back it up, you\u2019ll find yourself back in debt before you know it.<\/p>\n

6. Increase your income<\/span><\/h3>\n

Nobody wants to hear that they have to work more, but if after looking at your financial situation, you find that there simply isn\u2019t enough money coming in to pay for what you\u2019ve already spent, you will likely need to find a side hustle. The only other option is to decrease your living expenses, which is tough to do in 2023.<\/p>\n

Final thoughts<\/span><\/h3>\n

Paying down your personal debt isn\u2019t anyone\u2019s idea of a good time, but it\u2019s essential. The debt isn\u2019t going to go away on its own. Once you start seeing improvements, you will feel encouraged to continue until it\u2019s eliminated. Call your personal accountant to devise a strategy to pay down your debt this year.<\/p>\n

See below for our\u00a0bookkeeper locations<\/a><\/strong>.<\/p>\n

Justine Day\u00a0|\u00a0<\/strong>Southern Highlands Bookkeeper<\/a><\/span>
\nPetra Austing\u00a0|<\/strong>\u00a0Southern Highlands Bookkeeper<\/a><\/span>
\nNicole Navratil<\/strong>\u00a0|<\/strong>\u00a0Southern Highlands Bookkeeper<\/a><\/span>
\nKarin Evans\u00a0|<\/strong>\u00a0Gold Coast Bookkeeper<\/a><\/span>
\nPru Hall\u00a0|<\/strong>\u00a0Wollongong Bookkeeper<\/a><\/span>
\nJackie Short\u00a0|<\/strong>\u00a0Canberra Bookkeeper<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

6 tips to paying down your personal debt in 2023 2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many … Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":14728,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[89,1],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\n6 tips to paying down your personal debt in 2023 - The BookSitters<\/title>\n<meta name=\"description\" content=\"6 tips to paying down your personal debt in 2023 2023 is expensive. 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