How can I effectively manage personal debt and improve financial wellness in 2024?

1. Create a budget and stick to it
2. Pay off high-interest debt first
3. Build an emergency fund
4. Seek professional financial advice if needed

Create a Budget and Stick to It

Creating a budget is essential for managing personal debt. It helps track income and expenses, identify areas for saving, and prioritize debt payments. Stick to the budget to avoid overspending and accumulating more debt.

Pay Off High-Interest Debt First

Prioritize paying off high-interest debt, such as credit card balances, to reduce overall interest payments and free up more money for other financial goals.

Build an Emergency Fund

Set aside funds for unexpected expenses to avoid going further into debt in case of emergencies. Aim to save at least three to six months' worth of living expenses in an easily accessible account.

Seek Professional Financial Advice if Needed

Consider consulting a financial advisor or credit counselor for personalized guidance on managing debt and improving financial wellness. They can provide tailored strategies and support to achieve financial goals.