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Blog Series

Debt Tips and Strategies for Women

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We get it. Debt can be a B****. It can feel like a heavy burden that you just want it gone! Unfortunately, it doesn’t disappear overnight. 

But here’s the thing.  It is doable when you have the right resources and experts to help you along the way. Whether it’s credit card debt, student loans, or other financial obligations, implementing these strategies can help you gain financial freedom and pave the way for a brighter future.

Use this checklist to help pay down debt!


❏ Create a Budget: A budget or spending plan will lead you to financial freedom. The first step is knowing your income, expenses, and debt obligations. Use the Where Is My Money Going guide to get started. (Working it through pen to paper makes all the difference!). When you track your spending, you can identify areas where you can cut back to allocate more funds toward debt repayment. A well-planned budget provides a clear roadmap for managing your finances and paying off debt.

❏ Prioritize High-Interest Debt: Focus on paying off your high-interest debt first. Higher interest rates accrue more interest over time, making them costlier in the long run. By directing extra payments towards your highest-interest accounts, you can save money on interest and accelerate your debt payoff progress. 

❏ Avoid New Debt: It might seem obvious, but when our goal is to pay off debt, it’s crucial to avoid accumulating new debt. When creating your budget, ensure that your monthly expenses are covered without using your credit cards.  Freeze your credit cards and work to avoid any new debt.

Snowball or Avalanche Method: Consider using either the snowball or avalanche method to tackle your debt. With the snowball method, you start by paying off the smallest debt first, gaining momentum and motivation as you eliminate each debt. The avalanche method involves prioritizing debts with the highest interest rates, saving more money on interest payments. This guide can help you track your success! 

Transfer for Lower Interest Rates: Consider moving your debt to a 0% interest card. This 0% interest can help you expedite your debt payoff. Sometimes there is a transfer fee, but it might still be a savings in the long run. Make sure you understand the fees and length of time the card is 0% interest. 

Increase Your Income: Explore ways to boost your income to accelerate your debt repayment journey. Look for opportunities to take on a side gig, freelance, or monetize a hobby. Use the additional income solely for paying down debt, and you’ll see your balances shrink faster.

Cut Expenses: Using the information from the Where is My Money Going worksheet, review your monthly expenses and identify areas where you can cut back. You could make a big move, like downsizing your living arrangements. This might cost a bit upfront (hello moving!) but can be a huge savings in the long run. Otherwise, see where else you might be able to save. Some ideas are canceling unused subscriptions, meal planning, and shopping strategically to save money. Redirect the saved funds towards debt repayment.

Seek Professional Advice: If you’re feeling overwhelmed or unsure about the best approach to tackle your debt, seek guidance from a money coach,  financial advisor, or credit counselor. These Purse Strings Approved Professionals can help you create a personalized debt repayment plan, provide valuable insights, and support you throughout your journey.

Karen Smith

Karen is an intuitive energy healer and a wealth abundance coach. As Founder and CEO of Pure Light Leadership, Karen will help you remove the practical and energetic blocks that are preventing you from reaching your greatest potential and success. When she isn’t working with women and money, she is holding court as the President of Colorado Cattlewomen Inc. Learn more from Karen about Money Mindset.

Karen Smith
Jeannie Dougherty

Jeannie Dougherty, MAPC, LCPC, CMC

Jeannie is a Money / Financial Coach helping you live by design, not by default. If you want to be able to sleep better at night without worrying about money, improve your mental health and be able to focus on the joys in life, then Jeannie is the person to connect with! Jeannie is an active person. You will find her practicing Kundalini Yoga or running a 5k!

Amanda Knieriemen

Amandas specialty is diving into your money mindset. Amanda is a financial coach who helps you focus on your needs, goals, and objectives. Once those are clarified, she will help you build a sound strategy that will lead the way to financial fearlessness.

Amanda Knieriemen

Celebrate Milestones: As you make progress in paying down your debt, celebrate your milestones along the way. Recognize and reward yourself for reaching specific goals or milestones, reinforcing positive financial habits, and keeping yourself motivated on your debt-free journey.

Stay Motivated: Paying down debt takes time and dedication, so it’s important to stay motivated throughout the process. Find support through online communities or with friends who share similar financial goals. Share your successes and struggles in our Facebook group! We are here to cheer you on to financial freedom! Surround yourself with positive reminders of your progress and visualize the financial freedom you’ll achieve once debt-free.


Paying down debt is an empowering journey that can transform your financial life. By working with a financial professional as a guide and expert, you can take control of your debt, gain financial independence, and be on your way to a financial future full of choices. Remember, small steps add up to significant progress, so start today and embark on your path to financial freedom.