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Last Updated on June 24, 2022 by coffeepo
Debt can be a major roadblock to saving for retirement. Not only do you need to worry about making regular contributions to your retirement fund, but you also have to pay off your debt each month. However, there are ways to get out of debt and save money for retirement at the same time.
Here are 21 tips that can help:
1) Create a budget and stick to it
2) Make extra payments on your debt
3) Stop eating out and cooking at home instead
4) Cut back on expenses
5) Sell unwanted items
6) Get a side hustle
7) Invest in yourself by taking courses or learning new skills
8) Automate your finances
9) Use tax-advantaged accounts
10) Stay motivated!
11) Get a handle on your credit score
12) Make a debt payoff plan
13) Consolidate your debt
14) Refinance your debt
15) Get help from a nonprofit credit counseling agency
16) Consider bankruptcy only as a last resort
17) Start small, but start now
18) Invest in a Roth IRA
19) Consider moving to a less expensive location
20) Invest in Real Estate
21) Invest in Mutual Funds
Conclusion
If you follow these tips, you can get out of debt and save money for retirement at the same time. With a little bit of effort, you can reach your financial goals and build a bright future.
