How to Live With Debt

Debt has nothing to do with money and everything to do with our values, habits, and mindset.

Back in January 2016, I started my journey towards eliminating $50,000+ of debt. It comprised of government student loans, a private line of credit (“professional student loan” as the financial institution called it), and a sprinkle of credit card debt. Although there are plenty of people out there who graduated school with much more debt than I did, I felt that these loans were insurmountable. It was the first time I was in debt, I had no guaranteed job, and I knew nothing about personal finance.

If I could go back in time and read one blog post about how to manage my debt, it would be this one. If you are currently struggling with debt, read on. The obstacle can be overcome.

How to Pay Down Debt

Track. Before you do anything, you have to know where your money is going. At least for the first three months, track every single purchase and bill payment that you make. At first, it’ll seem inconvenient and burdensome — but realizing how frequent money leaves your bank account or how often you swipe your credit card is important. You can either write down all your purchases and their amounts on your phone in real-time (my preferred method) or sit down once a day or every few days and write down all your recent expenditures.