On this episode Sarah and Georgia firstly discuss the breaking news and then they talk about the 3 main ways to pay off debt. Georgia then gives her tips for staying warm without having to turn your heating on.

KEY TAKEAWAYS

There are 3 common methods for paying off debt: debt consolidation, the snowball strategy and the avalanche strategy.

To start with, write down the different debts you have, the amounts that you owe and the interest rates on those debts.

In brief, debt consolidation is where you combine several small debts into one larger debt and therefore only make one payment a month towards your debts (ideally with a lower interest rate).

The debt snowball strategy is where you put any extra money towards paying off the smallest of your debts first (once the minimum amounts are paid on all your debts) and once this is paid off, then you put the extra money towards paying off the next-smallest debt.

The avalanche strategy is where you pay off the debt with the highest interest rate first and the lowest interest rate last.

The method you choose will be the one that's right for you and your circumstances.

BEST MOMENTS

'This is just madness.'

'The UK bond market went wild.'

'Just hold tight. Don't make any knee-jerk decisions.'

'Make sure the new monthly payments fit within your budget.'

'It's about mindset and having a plan in place.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

⭐CONTACT METHOD⭐

E: [email protected]

W: https://www.thegoodmoneycoach.com

IG: https://www.instagram.com/sarah_talks_money/ 

LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/ 

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