EP03: What are 4 Ways to Pay Down Your Debt? with Felicia Gopaul

Do you want to pay off your credit cards and personal loans faster? 

It's time to get creative and increase your income and take a more careful look at your spending habits and aspects you may be missing out on because no amount is too small to help you get on track in your repayment plan! 

Tune in to this new episode and glean lessons on making additional dollars every month to help you get to your financial goals faster. 

Key points covered in this episode: 

✔️ Tip #1: It pays to be diligent in checking your expenses regularly and take time to reassess memberships and subscriptions that no longer serve you. Eliminate unused monthly subscriptions and use that money that you've saved to pay your debt. 

✔️ Tip #2: Increase your income and use the increase to pay down your debt. This may be only possible once a year when you're up for an annual raise or bonus, but don't settle for that reality. Get creative. If you are unsure of your talents and skills, you can gauge this by checking what people turn to and as to you for help or advice. You may not recognize it at first, but specific problems you can solve for others can be another stream of income that will take you to the path of financial freedom. 

✔️ Tip #3: Rethink your current major expenses to see if there are opportunities to save money and use the savings to pay down debt. According to a 2013 study released by the Bureau of Labor Statistics, the average family spends about 64 percent of their annual spending on your mortgage or your rent, your car expenses, & your food budget. Imagine saving two hundred dollars or fifty dollars a month for each of these three areas. 

✔️ Tip #4: The fourth option is using a combination of these ideas to increase your cash flow and accelerate paying down your debt. Imagine how quickly you'd be out of debt if you use the $600 saved from your mortgage, car expenses, and food and put that money towards paying down your debt. Many women would be debt-free in 24 months or sooner. 

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About Felicia Gopaul, CFP

Ms. Gopaul is a Money Confidence Catalyst and author of an Amazon best-selling books "Preparing for the Five Ds: Divorce, Disability, Downsizing, Disasters, and Death" and "Local Business Mavericks - Volume 20: Insights & Innovation From Top Local Business Owners, Professionals & Community Leaders."

 She is also a speaker and Certified Financial Planner Ambassador (only one of 50 people in the United States). She teaches accomplished, successful and educated women to heal their money mistakes, rebuild their wealth, and ultimately reclaim their power. 

Her business, Financial Control Mastery, teaches women to honor themselves through their money and actions. Know more and visit www.FinancialControlMastery.com