toy man carrying debt and searching for a stress free emergency fund

Tips For Managing Debt Without Stress

Written By Emma Frost

Published on January 30, 2024

Carrying a lot of debt can feel like walking through a treacle — it's painfully slow and incredibly stressful when all you want to do is get out of it. But is there a way to manage debt stress-free?

The answer, you'll be pleased to know, is yes. It won't necessarily be accessible in the beginning. However, you'll grow accustomed to your budgeting ways and learn that you can even enjoy finding financial security.

In the following sections, we'll review everything you need to know for stress-free debt management. From building emergency funds to adhering to frugal living ideas, you'll be a pro by the end!

How Can You Manage Your Debt Without Stress?

Tip #1: Face Your Debt

Until now, your preferred way to manage debt has been to stick your head in the sand and act like it doesn't exist. Unfortunately, this is a widespread yet highly damaging way to view it.

Granted, it escapes short-term discomfort, but it's only delaying the inevitable and elongating your stress. So, it's time for you to change your method.

Obtain a clear picture of what you owe by:

Write down your debts, including credit cards, buy now pay later plans, student loans, and more.
Record interest rates, minimum amount each month, and payment due dates next to each.
Acknowledge there is a route through your debt with our top tips.

man learning about tips for managing debt without stress and text tips for managing debt without stree

Tip #2: Embrace These Frugal Living Ideas

Unbeknownst to popular belief, frugal living doesn't mean cheap living; it means resourceful living. It's all about finding ways to save where possible so you can focus on the things you value (i.e., managing debt).

Here are a few frugal living ideas to get you started on this empowering journey. We've sorted them into categories to make it easier to choose the ones that best fit your lifestyle:

Food	Shopping	Entertainment	DIY Projects	Home Expenses
time	Head to thrift and consignment stores Use a browser extension to find online shopping deals Use coupon apps (they're free!) Try a no-spend weekend every month Uninstall shopping apps you often use to avoid the temptation Avoid impulse purchases by sticking to a list Shop through online and in-person garage or rummage sales Join your local clothing swap or buy-sell-trade groups Understand the best time to purchase certain products Buy clothes when they're out of season	Check out magazines, movies, and books from your nearest library Visit museums and national parks when they're free to enter Host family game nights instead of going out Use credit card rewards to snag free flights, hotel stays, and car rentals Volunteer Join a free sports group or gym Hike or go on a bike ride Go star-gazing Make or listen to music Exercise Host a yard sale	Make your face masks, deodorants, and dry shampoo using simple pantry staples Rent tools and equipment that you won't use often Repair and tailor your clothes by hand Make cleaning products, like laundry detergents and window cleaners Find your local "lending library" for tools and other valuable items Barter services with friends and neighbors	Get free television with a digital antenna Ask your cellphone carrier for a better deal Turn your thermostat down Wash your car Utilize gas apps to save on fuel Refresh your cabinets with new paint or hardware rather than splurging on remodeling Cut streaming services you barely use

Tip #3: Build Emergency Funds

You can manage debt and save money using the frugal living ideas above. Ideally, you should build emergency funds with this money. After all, these will stop you from fretting when another emergency arises.

Financial experts recommend saving at least three months of outgoings to cover costs associated with job loss, illness, and other unexpected happenings. But if these things happen when you need more money saved, you can always turn to us at Georgia Auto Pawn, Inc.

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Building emergency funds and following frugal living ideas allows you to manage debt stress-free. But if you're ever caught between a rock and a hard place with your finances, a title pawn from Georgia Auto Pawn, Inc. is a handy, secure option. Fill in the form to get started!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.