Living paycheck to paycheck?

Reading Time: 2 minutes

Beginning a new year always seems like a great time to start fresh with your goals, whether they are financial, physical, or professional goals. However, what if you can’t seem to shake the stress of trying to reach your financial goals because of lingering debt?

First, take a deep breath.

Second, check out some considerations below for how you may begin to tackle your financial stress.

List out your debts in order of smallest to largest.

Whether you have two debts on your list or 20, remind yourself that you are taking the first step and you can do it. Be proud of yourself for taking the first step in recognizing how much debt you have.

Choose a debt payoff method.

Do you want to pay off the debt with the highest interest rate first, while also making minimum payments on the rest? This is the avalanche method. If you want to pay off the lowest balance first and then take that amount and roll it into the next debt amount, this is the snowball method. Whichever method you choose, remind yourself that this is going to help you address your debt!

Create a budget.

This is vital to any financial plan, whether you have debt or not. Set aside a specific amount that will go towards your debt payoff goal. When you dedicate a certain amount each month, this will also help you to project a timeline for when your debt will be paid off.

Work with a professional.

If you want more advice, you may decide to work with a financial professional. Working one-on-one with a professional may help you understand the steps you can take to help get on the right track.

If you participate in a retirement plan through the ABA Retirement Funds Program (“Program”), you have access to financial professionals from Voya Financial Advisors1 through the Program. Visit to schedule your complimentary appointment or call 844.253.8692.2


Financial Professionals are Investment Advisor Representatives and Registered Representatives of and offer securities and investment advisory services through Voya Financial Advisors, Inc. (Member SIPC).
For more complex situations, your representative can design a complete financial plan for a fee of up to $1,500.

Contact Us