Whether you've just graduated with student loans or have a mortgage to pay off from purchasing your first home, maintaining a budget while paying off your debt is a top priority for your personal finances. This will help you make your payments on time, avoid additional interest, and build or rebuild your credit. Budgeting to pay off debt is more than just skipping lattes and lunches out. If you’re living with debt, managing it responsibly begins with structuring your budget to complement your debt repayment plan. Check out these tips to get a better handle on paying down your debt while also refining your monthly budget.
Budgeting to pay off debt and repairing your credit is easier when you keep track of exactly how much you have and how much you can afford to put toward your debt. Consider these simple, yet impactful, ways to start creating your new budget:
Maximizing convenience is key when you’re budgeting to pay off debt. The easier it is to track your expenses and monitor progress, the more likely you are to stick to your new budget. With online banking from Citizens, you’ll have the option to pay your bills with the click of a button anytime. You can also set up direct deposit and automatic bill payments to streamline your regular transactions. Plus, our mobile banking app makes it even simpler to check balances and handle payments – helping you stay on track when you’re on the go.
If you’re currently living with debt and looking for ways to get the most out of your budget, consider One Deposit Checking from Citizens, a simple bank account designed to save you money. With One Deposit Checking, if you make at least one deposit per month, we’ll waive the monthly maintenance fee, leaving you with more money to put toward your debt repayment plan. To open a bank account or learn more about how online banking tools can make debt repayment easier, contact a customer service representative today.
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Disclaimer: The information contained herein is for informational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
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