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Using Debt Responsibly with YNAB
Debt can either unlock new opportunities or weigh you down like an anchor. Used responsibly, it helps you reach major life goals — like homeownership, education, or building a business. Used carelessly, it can lead to financial stress and limited options.
This article isn’t just about paying off debt — it’s about using it as a tool in a way that allows you to keep living your life without financial stress.
If you haven’t already, check out these related articles for a deeper dive into using debt responsibly and different debt repayment strategies:
- Three Strategies for Using Debt Responsibly
- Should Debt Consolidation Play a Role in Ending Debt for You?
- Three Approaches to Paying Off “Bad” Debt
Step 1: Understand Your Debt Situation
When I was first starting out in my adult life, if you’d asked me how much debt I had, I would have looked awkwardly at you and steered the conversation in another direction. And I was LUCKY! I finished college at a time when my parents were able to fund 100% of my education and they were able to help me get into my first apartment, buy my first car, and negotiate all the other transitions to adulthood. However, I had a spending problem and as such, I had an overwhelming amount of…
