Becoming Debt–free For Next Year

You may have suffered from being debt-ridden for the current year, but it is not too bad to start the incoming year on a new leaf /clean slate when it comes to your finances.


When it comes to your finances, this is the best time to reflect on how you did with your spending and taking care of your debts; and plan for next year. You would also want to consider or think that you will finally taste debt freedom.

If you are carrying anything around the average credit card debt of $16,000 you likely feel the same way. Take heart, it can be done. You can kill your debt next year, or make significant strides towards it in a few simple ways.

Work on a Plan – if you want to “kill” your debt next year, there should be a plan. It is a simple process – just like planning ahead your next vacation for next summer. The basic key is to personalize it. You can use the debt snowball or debt avalanche method. You can start on a budget or you can just simply track your expenses.

Make More Money! – At times, we focus on cutting costs when we’re paying off debt. It perfectly makes sense as we need to find ways to free up some funds to pay off debts. However, this should not be focused solely on this. You may also want to find ways to earn extra money.

You don’t have to take on extra job to earn. Other ways to increase your finances can be:

  1. Ask for a salary increase.
  2. Start a side hustle.
  3. Pick up extra hours from work.

***Plus other great ways to earn extra money.


Make Friends – It is one of the most overlooked ways to pay off debt. Paying off what you owe can be very isolating at times. You might feel shame and disappointment or lack of courage to focus on your financial problem. Counteracting with friends will give you that sense of “company” to get over your financial trouble. These friends are meant to not only hold you accountable to kill the debt but also to motivate you. Trust me, both are needed to be successful.


Adjust your Attitude – Staying out of debt is a matter of adjusting our attitude. You don’t want to pay it off only to return to it in the future. Break the cycle of debt to look different for everyone. This means getting rid of the “I deserve it” attitude. Be self-aware to know what that attitude is and get rid of it. It will be difficult to do at first, but take one day at a time and over time you’ll see a changed attitude.

Bottom line is, commit to killing your debt now and you will be well on the road to tasting debt freedom next year.

Author: Michael Welter

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