Budget your debt away

Debt can feel overwhelming, but you can manage it while saving for other goals. Check out our budget worksheet and video to learn how.

Dealing with debt

Student loans. Credit cards. Mortgages. Most people have debt of one kind or another. Sometimes it may feel overwhelming. But you aren’t alone: 58% of retirement savers with debt see their debt as a problem, including 13% who say it’s a major problem.1 The good news is that debt doesn’t have to stop you from achieving your financial goals. 

Set goals to achieve goals

You probably have several competing financial priorities. Maybe you’re saving for a vacation, a new car or retirement. Maybe you’re focused on your debt. Setting specific, realistic goals can help you stay on track. Our research backs it up: savers who set yearly savings and debt repayment goals had better savings outcomes overall.2  Use our debt repayment calculator  to set debt repayment goals based on a payment amount or time frame.

Create a budget

You set your goals. Now find extra money. Creating a budget can help you separate needs from wants so you can pay off debt or work toward several savings goals at once. This budget worksheet  can help!

Budgeting can be as simple as sending part of your paycheck to a savings account. If you don’t see the money, you won’t think to spend it. Budgeting doesn’t have to mean sacrifice—small changes can make a big difference. Check out these tips for saving money.


Managing debt: striking the balance between spending and saving
Managing debt

Strike the right balance between saving and spending.

Save for retirement

With so many competing goals, don’t forget to save for your future! Put some of that extra money away to help you achieve a retirement you can look forward to. Log in to your account or talk to a financial professional to see how much you may want to save today.

1Lincoln Retirement Power® Participant Engagement Study, 2017.