Debt Repayment Plan

One of the most compelling reasons to create a budget is to pay off your debt faster and save on interest in the process. You can do this by finding extra money in your budget and putting it toward your debt.

If you do have extra funds, you can either put it toward your debt with the lowest total balance or your debt with the highest interest rate. Pick whichever option makes you feel more in control of your finances – there’s not necessarily a right or wrong choice.