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First & Second Generation Wealth Builders, Business & Financial Services Professionals and Changemakers

10 Tips to Significantly Reduce Your Debt in a Year

8/15/2021

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Written By Shatoyia Jones, FLP Founder, Wealth Building Educational Consultant; Business Development Specialist

​There are many different options to reduce debt outside of bankruptcy. Here are 10 Tips for reducing your debt in 3 months to a year.

Tip #1: Track Discretionary Spending
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​Tip #2: Don't Wait Too Long To Tackle Your Debt

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Tip #3: Pay Down a Little More Than the Minimum & Pay Biggest APR First

*** Reminder***
​
Tip #4: As you pay your debt back, you will automatically see an increase in your credit score, and it will feel really good and motivate you to keep going

​
Tip #5: Practice Discipline but Still Live Your Life While Managing Your Money

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Tip #6: Increase your credit to get a lower interest rate on loans, esp. the most desirable -- superprime loan

Tip #7: Not as important as how much money you make; more important what you do with it / how you manage it


​*** Reminder ***

Tip #8: ​Don't want money to stifle your growth but to help your growth - make your $ money work for you.


Tip #9: Change your mindset on money --- from shiny candy to tool for investment and to make more money. With a shiny candy mindset, you'll always be broke no matter how much money you make (Refer back to tip #7)

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Tip #10:  Lower Your Debt to Income Ratio - 30% is ideal.

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  • IMPACT + TOUR
  • LOCATIONS
    • Massachusetts >
      • Downtown Springfield
      • Springfield B
    • Louisiana
    • FLP Global (Virtual)
  • PROGRAMS
    • Communities & Networking >
      • First Generation Wealth Builders Community at FLP
      • MMAP Springfield MA
      • Poverty Reduction Think Tank
      • Multicultural Community Team (Children in Welfare)
    • Academy: Financial Planning, Business and Investing Masterclasses and Educational Programs
    • Group and Private Coaching >
      • FLP Generational Wealth Coaching (Membership)
      • FLP Mentor Directory (Find a Mentor)
    • Access Free Resources
  • Shop