Most of us carry various types of debt—student loan, credit card, home equity, auto loans, etc. A number of factors will determine which ones take priority: balance, interest rate (APR), tax deductibility, and term all have an impact. Let’s start by identifying what kind of debts you have.

• Debt type (i.e., credit card, student loan, auto loan, home equity loan)
• Debt holder (name of company holding your loan)
• Current balance
• Interest rate
• Minimum monthly payment

Experts often recommend having three to six months of essential living expenses in an emergency fund. But while you’re paying off debt, the idea of saving up a large chunk of cash can seem daunting. One alternative is to pay the minimums on your debt and save up $500, $1,000, or one month’s worth of expenses before you start putting extra money toward debts. When you’ve paid off your highest-interest debt, you’ll have more room in your budget to create a larger emergency savings account. Read more about How to pay off debt and (still) save.

When deciding the right strategy for paying off debt, it’s important to also factor in your retirement savings goals. Prioritizing your debt may seem like the best approach, but it could come at the cost of your long-term financial goals.

Need help determining the best balance for your situation? Check out our article, Pay off debt or save for retirement? Making the case for each

As mentioned above, the avalanche method and the snowball method are two simple repayment strategies that can help you tackle your debts. If your goal is to save as much money as possible, then you may want to consider the avalanche method, which prioritizes your debts with the highest interest rates. If you’d rather focus on small wins and pay off your smallest debts first, then the snowball method might be your best bet.

Learn more about each strategy in this five-minute read, Get out of debt … for good.

Getting out of debt takes both time and diligence. It also requires taking a closer look at your financial habits to identify the spending behaviors that may have derailed your finances in the first place. Luckily, there are steps you can take to get on the right track, including creating a budget, improving your money management skills, and setting tangible financial goals. Nobody wants to leave debt for a surviving spouse or estate to deal with, so taking these steps now can create greater peace of mind now and in the future.

Check out our guide to getting and staying out of debt for more information.

Navigating student loan repayments can be overwhelming. The good news is that you have a number of options if you find yourself struggling to make student loan payments.

If you have federal loans, you may want to consider switching to an income-based repayment plan or apply for a deferment. If your loans are private, you should look into your options for consolidation and refinancing.

To find out more about your options, check out our article, Paying off student loan debt during COVID-19 and beyond.