2. Cut spending
Once you know where your money is going, now it is time to cut some unnecessary things out. Financial expert, David Bach calls this the Latte Factor, referring to things that are small that you don’t think about that are actually adding up to a lot. Perhaps it is that daily stop for a Diet Coke or Latte in the morning that may not seem like a lot, but is actually equating to a large amount each month. If you are able to find things that you can cut back on, you will then be able to use that money to pay down debt.