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Smart strategies to pay down debt

Individuals 03.08.2023 4 MIN

Let’s start with a simple fact: Most of us have debt. After all, few of us can pay for a house without a mortgage! Some debt is unavoidable. But you probably also have debt you would like to eliminate, like that credit card bill that may have grown due to some “impulse purchases.” It may take more time than the purchases did, but these strategies could help you reduce your debt. 

Snowball method

Picture rolling out a snowball. It starts small, but the more snow you add, the bigger it gets. In this method, the snowball is the debt you’ve paid off. 

Start by paying off your smallest amount of debt first, then turn to the second smallest and so on. Keep it up and you will find yourself paying down your largest balance. The momentum grows as you accomplish one payoff after another. Soon enough, you may find you’ve been able to reduce, or even eliminate, your debt!

 

Debt pyramiding

Debt pyramiding is the process of outlining your debt and determining a payment schedule based on paying off the highest interest debt first. After that highest debt is paid off, you can turn to the next highest.

 

Avoid accruing more debt

Of course, any debt reducing approach will only work if you do your best to not add to your debt! To avoid adding to your debt, you can work on reducing impulses purchases (or at least minimize them). Here are some steps to consider.

 

Pay cash

It’s true. When we pay for a purchase with cash, we’re less inclined to add on to the total with extra purchases.

 

Don’t shop when you’re emotional

We’re just more impulsive when we shop while unhappy or anxious. These are also the purchases we tend to regret most.1

 

Make a budget and stick to it

A budget is a spending plan. If your plan doesn’t include that fancy new smoker for BBQ season, you will be more inclined to stick with your original shopping list. 

If your company offers Goldman Sachs Ayco Financial Wellness as a benefit, creating a budget and demolishing debt are just a few of the financial goals your coach can help you with. Reach out to your coach today to better understand your overall financial picture and make a financial plan today.


If you have Goldman Sachs Ayco as a company benefit, register, log in or download our Goldman Sachs Wellness app to learn more about this and other financial wellness topics

 

1https://www.wsj.com/articles/why-am-i-now-impulse-buying-116624882822

2 Note: Any reference to an Internet site sponsored and maintained by third parties (the ”Site”) is provided solely as a convenience to you, and does not constitute an endorsement, authorization, sponsorship, or affiliation by The Ayco Company, L.P. or its affiliates. Ayco has not reviewed or tested any information, software, or products found on the Site, and therefore makes no representations regarding the content or sponsors of the Site or the suitability or appropriateness of the products or transactions described therein.

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