Ep 17 | Get Out of Debt

This podcast is for everyone who is wanting to pay off debt but doesn't know where to start. The key is finding an option that works for you. Everyone is different. You need to look at the whole picture and to know your numbers so you know what you're up against. Then you can hit the ground running. Our in-house budgeting specialist offers some options for boutique owners:

Snowball Method: Target your smallest loans first and get those paid off to reallocate monies to additional principal payments to the higher amount loans. Or you can target higher interest rate loans to reallocate those monies to the lesser interest rates. This method can feel like an encouraging process to pay more debt off.

If you don't have the funds: Find the funds in different places. Some options are to refinance, get a better interest rate, extend the term and get a lower minimum payment, transfer balance on a credit card to a zero interest card, or combine two or three loans into one by consolidation. 

Make your monthly payment biweekly: You'll end up making 13 payments a year instead of 12. That's one extra payment to your loan and a very simple thing you can do to get out of debt more quickly. Many get paid biweekly so you can just budget that into your paychecks. 

Create a budget: Use the budgeting and debt templates in Boutique School. You can lay all the information out in front of you. You may find that you change simple habits like making your coffee at home instead of going to Starbucks or meal prepping instead of eating out. 

Learn more from our budgeting specialist, Autumn Dowdy, and get the budgeting and debt templates in Boutique School. If you want to invest in really affordable online education on how to run a business and be a part of a community of likeminded boutique owners - join Boutique School today, our membership program that gives you the road map to take your boutique from hobby to legacy. Whether you're an aspiring, new, or established boutique owner, this online resource + community is for you.