5 Best Ways To Use What You Already Have To Repay Debt

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Achieving financial well-being involves more than just managing debt, saidConstance Craig-Mason, CEO of Concierge Financial Advisory.

Its about fostering a healthy relationship with your finances and making informed decisions that align with your life goals.

Here are the best ways to use what you already have torepay debt.

Identify talents or hobbies that can generate income, said Constance Craig-Mason, CEO of Concierge Financial Advisory.

For example, one individual cleared over $25,000 in debt by performing various tasks through an online marketplace.

List your debts from the smallest to the largest balance.

Focus on paying off the smallest debt first while making minimum payments on others.

Once the smallest debt is cleared, move to the next, creating a snowball effect that builds momentum.

By systematically paying off the smallest debts first, you will subsequently increase your financial confidence, Craig-Mason said.

Redirect these savings toward debt repayment, Craig-Mason said.

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The savings can be earmarked to start or increase your emergency savings account.

Craig-Mason also suggested bartering skills or goods to save money.

Building an emergency fund will help pay for unexpected expenses or emergencies.

Woroch recommended opening ahigh-yield online savings accountbecause it earns more back in interest.

This way, your savings is working for you.