3. Pay off all debt, except your house

Now that you've saved $1,000 for emergencies and if you're maximizing your company's 401(k)/403(b) match, it’s time to kick your debt to the curb.

Create or update your budget.

Budget your way to a debt-free lifestyle and see where and how you can adjust your spending.

Compare your monthly expenses to your balances and determine how much money you can use to attack your debt. Always make more than the minimum monthly payments to accelerate your debt-free payoff date.

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Pay off your debt faster with the debt snowball method.

This includes unsecured debt, like credit cards, consolidation loans, and student loans.

Use our free debt snowball calculator to see how quickly you can gain momentum to destroy your debt. Instead of taking the highest balance head-on, pay off the smallest balance first. When your smallest balance is paid off, start making payments toward your next lowest balance, and keep repeating until all your debt is paid off.

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Round up your debit card purchases to help pay down loan balances.

Use an automated debit card round-up program, like Change it Up, to help you pay down your loan balances faster.

Available for free with a FAIRWINDS Freedom Spending or Checking Account, each purchase you make with a FAIRWINDS Visa® Debit Card will automatically round up to the nearest dollar.

The difference will deposit directly into your FAIRWINDS loan account as a principal payment toward a new or used auto loan, personal loan, or RV loan.

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Refinance your car loan to a shorter term.

Not only will you pay off your loan faster, but you’ll also save hundreds in interest.

Choosing a longer-term loan with a lower monthly payment might seem obvious, but a shorter term will save you hundreds of dollars in interest! The amount you save in interest, combined with owning and keeping your car faster? That’s another taste of financial freedom!

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