Eliminate Debt ASAP
What use is narrowing your finances down to the last penny if you’re just carrying debt around? This is likely one of your major expenses. By now, the more you carry debt, the more money you’re essentially throwing away.
So, if you eliminate debt now you’ll not only make more room for saving, but you’ll also avoid the risk of going into retirement with debt, which could cripple your spending significantly as you grow older.
Think of how the money you’re spending on your debt now affects you. For example, let’s say you free up $1,000. By the time you retire, if you invested in it, then you’re probably looking at $3,500- and how long can you stretch this amount of money when you’re in your 60s, 70s, 80s or above?
Use this as a motivator to finally tackle your debt so that you’ll finally have all the financial freedom you’d want, both now and when you’re older.
