GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
That feels like a lot, because it is a lot.
Between student loan debt and other forms of debt, Millennials are being squeezed out of their retirement savings.
The situation may seem dire.
And nobody is saying you should have to give that up completely.
While youre at it, take an honest inventory of all your spending over the past few months.
Is your TV cluttered with apps you dont watch?
Do you have a penchant for brand-name products?
Start buying generic wherever it’s possible for you to.
Are you mesmerized by the shiny and new?
Explore dollar and thrift stores, and learn to find quality items used.
Lather, rinse, repeat across credit cards and loans.
It might take longer to get what you need, but you wont be accumulating additional debt.
Some experts suggest setting aside even a small debt-free fund each month to replace purchases you might typically finance.
Take a deep breath.
you could dig yourself out of this avalanche one snowball at a time.
The snowball method can help reduce that overwhelming feeling, allowing you to pay off debt over time.
Eventually, this process will have a snowball effect get it?
clearing one debt after another, each one progressively larger until you no longer carry debt.
Then, you could take all the money you used for debt payments and put it toward retirement.
or a surprise health issue, you need a dedicated emergency fund.
But dont stash your emergency fund just anywhere.
Scrutinize your spending habits, pay down your debt and prioritize emergency savings.
More From GOBankingRates
Share This Article:
