Let’s Talk About Paying Off Debt (Q&A) | Clever Girl Finance

Should you save money or pay off debt? What is the best debt repayment method? Should you be investing if you have debt? Should you consolidate your debt? How are you navigating paying off debt? Tune into today’s Q&A session for the answers to these common questions!
#payingoffdebt #payoffdebt
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[@megan4127]

I use the snowball method to pay off debt. I'm down to the last 5k on my car. Student loans and credit cards have all been paid off!!!

[@Dr.Aisha_FNP]

Getting control of spending/being more self disciplined is key! I’m investing and paying off debt since time is the most important aspect when it comes to investing.

[@Clevergirlfinance]

You are absolutely correct! Thanks for sharing and tuning in!

[@cspann33]

I started out doing Dave Ramsey plan in 2018. Got out of debt and recently made some additional spending and now I’m in consumer debt again but not like before. I plan on doing the debt snowball method again because small wins motivate me a lot. I like watching CGF bc you ladies are relatable and keep me motivated.

[@mphomakgopa1205]

Good day
I totally agree with you on consolidation of debt. I did that , I regret that because it only made my financial situation worse

[@jdrancho1864]

First rule of debt: if you are in a hole, stop digging.

[@aishacooper6638]

AMEN!!!

[@Susan-to2vb]

I’m more comfortable paying off my debt first with an emergency fund

[@Clevergirlfinance]

Thanks for sharing!!!

[@jennifermcnear1678]

Thank you for this! My family and I are on one income right now and we have been trying to become more fiscally responsible with that more limited income. Your videos have been so helpful and building our confidence.

[@Clevergirlfinance]

Thanks so much for being here!

[@Amaspiritartist3]

I am paying off debt and starting to work on an emergency fund, while saving to start an ira

[@Clevergirlfinance]

Well done!!!

[@esthermutua1287]

Thanks alot @ Bola for sharing this woow I love the tips looking foward .

[@kevinmoore9524]

Thank You.

[@we4utube2]

I opted for the avalanche. I started in March of this year and in October my credit card debit of 11k will be paid. What a relief that will be.

[@JanellTillman]

Thank you for breaking down debt consolidation! I never understood the purpose before now and thought it seemed kind of predatory. Now I know it can be if I don’t read the fine print.

[@lmiller6675]

This was an excellent and very informative video!!!! Thanks!!!

[@Clevergirlfinance]

Thanks for tuning in!

[@dorothydunn6038]

Good Morning I’m using the snow ball method and it is really working well for me . Thanks 🙏

[@johnl9135]

Is paying yourself first consider as an emergency fund? Or this is separate from emergency fund? I am a little confuse between these 2. I'd to took out a low interest loan couple times when I was young to pay off all my credit cards. Now I only use one card and try to pay it off every month. Only use it to accumulate points. I am so dumb when I was young, I'd closed down a lot of my old credit card accounts. Luckily I'd built my FICO back to 820.

[@wonder219]

The concept of paying yourself first means consistently saving a portion of your income in order to invest and cover emergencies and anticipated expenses. When one is saving for anticipated expenses such as for a planned vacation, taxes, home repairs, scheduled medical visits, vehicle maintenance, education etc the savings are called sinking funds. Emergency funds on the other hand are savings that are set aside to cover unexpected expenses caused by a catastrophe, business making loss, job loss etc. A starter emergency fund is usually $1000 but it's advised to have 3-6 months of your living expenses and more especially if you are a business owner or real estate owner so that you are able to cover unexpected expenses without resorting to debt. Hope that helps

[@dddoranet5785]

I'm investing and paying off debts in avalanche way.

[@TexasGal.]

Great video! Thank you!😊

[@Clevergirlfinance]

Thanks for tuning in!

[@velmacoutee2613]

I am paying off debt first, instead of investing as of now.

[@Clevergirlfinance]

Keep going!

[@aishacooper6638]

That is what I am doing as well.

[@sandrasmith6207]

This is a very good topic

[@Clevergirlfinance]

Thanks for tuning in!

[@wonder219]

Nice topic

[@Clevergirlfinance]

Thanks for watching!

[@ChasingDestiny22]

Do you recommend the state retirement plan or 401k? My employer offers both.

[@Embracejustice]

Am yet to pay a 50€ debt....then fix the bills and save.

[@Clevergirlfinance]

You can do it!

[@Embracejustice]

@@Clevergirlfinance Ashe🤝

[@sandrasmith6207]

I am paying off debt and I have a healthy emergency fund you have too payoff your debt

[@sandrasmith6207]

That gives me peace of mind

[@sandrasmith6207]

The snowball is what I use

[@sandrasmith6207]

I'm investing a small amount

[@mothergoosesreadingcorner6360]

Check. K love

[@IsaroBururu]

Bola ♥️🌹

[@Clevergirlfinance]

Thanks for tuning in!

[@IsaroBururu]

@@Clevergirlfinance my pleasure!