5 Steps to Help Get Out of Debt Before Retirement

Prioritizing saving overspending will help you get the retirement you’re after. But, what if you’re already in debt and are now planning out your retirement? Here are some steps to help get out of debt before retirement.

Create a budget

Using a spreadsheet, track your monthly income, your mandatory and non-mandatory monthly purchases. Consider tracking your purchases for a month or two so you can get a good idea of where exactly your money is going. From there, you can focus on your debts and how much monthly income you have to pay them off.

Invest in an emergency fund

Participate in your employer’s retirement match

Pay down your ‘bad debt’ first

Speak with a financial advisor

Originally published at https://www.seniorfinanceadvisor.com.

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