Banks Near Austin TX 78752

[Sherri Grocke]

If you're like most people, there's a good chance you have one or more debts or loans that you're paying off. This article will look at one way of completely eliminating all your debts, and then hopefully staying debt free.

Most debts can be divided into good or bad debt, depending on whether it is tax deductible or not. You might decide to start with your bad debts before tackling the good debts, however you will eventually want to pay off all your debts, good as well as bad. True wealth comes from your net worth and the assets you own that bring you an income. Financial independence comes from making enough money from your assets to exceed your expenses. Remember, DEBT IS NOT WEALTH. Debt is debt and will eventually have to be repaid.


Due to job loss, medical bills, unexpected expenses, or lack of planning, your debt may slowly and steadily get out of control. It can be daunting, but the first step to improve your finances is to get real about what you owe. Use an app like Mint or GoodBudget to list all your accounts, the interest rate, the amount owed, and the minimum monthly payment.

Do What Works Best for You

While some financial experts advise you to make extra payments on the account that has the highest interest, others advise paying off the account with the smallest balance first to get a boost psychologically. While one method may save you interest, another method may raise your credit score more quickly, which may help you apply for a mortgage or car loan. We are here to help! Our staff is happy to work with you to find the best method to help you meet your goals.

Build a Support System

You don't have to disclose all your financial information if you don't want to, but share your goals to reduce spending with your friends and family members. Explain to them that you'd like to try cooking together instead of eating out, or go shopping together so they can encourage you to stick to your goals.

Think Outside the Box

Unless you're working 60 hours a week, you can probably find some spare time to take on an odd job or two so you can save money to pay down debt. For example, if everyone raves about the invitations you create, offer to provide this service for a small fee. Or maybe your talent is scrapbooking or taking family photos. Look on your neighborhood Facebook page or NextDoor app to see what kind of services are being requested -- tutoring, yard work, etc. Clean out drawers, cabinets, and closets to sell online items you no longer want or need. Or, can you trade services you are using? Instead of hiring a babysitter or dog walker, alternate services with a friend or neighbor so you can both save money. Check to see if there is a co-op you can join in your area.

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Banks Near Austin TX 78752