Home » 7 Tips for Paying Off Debt This Summer While Still Having Fun

7 Tips for Paying Off Debt This Summer While Still Having Fun

by UNN Feed

According to a recent GOBankingRates survey of nearly 1,000 American adults, 41% said they’re going to build their wealth this summer by paying off debt. When we normally want to tackle money we owe, we think of tightening our belt — i.e. no trips, no dinners out, no fun.

However, financial experts are here to save the day. You don’t have to completely forget about travel or restaurants if you want to get out of debt this summer. Here’s how you can still have a great time these next few months while paying off your debt.

Automate Your Debt Payments

One way to ensure you’re putting money toward debt is to make it effortless. Kevin Guarino, a partner and wealth manager at Clover Leaf Financial, said you can do that by setting up automatic payments for when you get your paycheck.

“Take the decision-making aspect out of the equation, and just automate your payments,” he said. “Your payments will be consistent, so there is no chance of forgetting.”

This way, you’ll see exactly how much you have left to put toward your summer plans, and you’ll be paying off your debt without even thinking about it.

Consider a Balance Transfer

If your main debt is credit cards, Anthony DeLuca, CFP, CDFA and expert contributor at Annuity.org, suggested transferring your balance.

“This is a process where you move credit card debt from one card to another, often with a 0% introductory APR,” he explained. “Now, you can focus on excess cash paying off the principal debt while having a little left over for summer enjoyment [i.e.] money that would have needed to go into interest payments.”

Start a ‘Sinking Fund’

Not sure what a “sinking fund” is? According to Mark Pierce, the CEO and founding partner of Wyoming Trust, it’s a way you can do more of what you want this summer while still making progress on your debt.

“Every month, you’ll allocate some money toward your summer goals, whether taking a small trip or attending a long-awaited…

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