Secrets to being debt-free by 2026

(Dan Tri Newspaper) - It's not empty promises, the "no shopping year" trend, or the shock of "freezing spending" in the first three months of the new year that are the real key to helping many people escape debt traps.

The glass jar of loose change on the kitchen counter used to be a classic symbol of saving. But as we enter 2026, when money can "vanish" with a tap of a screen and compound interest silently erodes income, we need more than just a jar; we need a major overhaul of our financial mindset.

Financial expert Erica Grundza believes the new year is a golden opportunity to "diagnose" your finances. However, instead of dwelling on past mistakes, ask yourself the crucial question: How do you want your money to serve your life?

Below is a financial roadmap recommended by experts to make 2026 the year of financial freedom.

Instead of empty promises or simply hoarding loose change, 2026 demands a "major overhaul" of mindset: from reviewing credit reports to bravely "freezing" spending to focus on debt reduction (Photo: Fortune).

Replace "determination" with "action plan".

The hard truth is that most New Year's resolutions die prematurely because they're… too beautiful. MarieYolaine Toms, founder of Focused Fire, argues that promises like "I'll be debt-free this year" are more like a dream than a roadmap. Her philosophy is "don't make resolutions," but rather create a measurable, trackable, and adjustable plan.

The first step isn't to cut spending immediately, but to face reality: check your statement and credit score. From there, you can break down your goals into smaller steps, such as saving $25 a week or paying off a small loan completely.

Whether you choose a 50/30/20 budget or another method, the core principle is that it aligns with your own spending habits.

The shock of a "reset" lifestyle: Freezing spending for 90 days.

If small, incremental changes aren't enough to revive your finances, Melissa Cox, an expert from Future-Focused Wealth, suggests a more drastic measure: freezing spending.

This is a deliberate "pause" period, ideally from January to March. During this time, you still pay for essential needs like electricity, water, and housing, but completely halt impulsive spending such as eating out, shopping sprees, or unnecessary upgrades.

All the money "rescued" during these 90 days will be used to pay off high-interest debts. This strategy not only frees up cash flow but, more importantly, breaks the habit of unconscious spending. After 3 months, you will return to your normal life with a completely new mindset and a significantly lighter debt burden.

In fact, this trend is gaining popularity among young people under the name "No-buy year." Tiana Stewart, 26, from Maryland, chose to balance enjoying her youth and saving after witnessing her grandfather's death shortly after his retirement. Stewart realized that while retirement savings are important, she also needed to set spending limits to pay off debt, invest, and not miss out on life's experiences.

Facing the "debtor" in the mirror.

Debt is not just a number; it's a psychological burden. The story of Rachel Pelovitz, 33, is a prime example of this determination. Having lost her job, with her husband experiencing prolonged unemployment, and facing mounting debt, she and her husband made the painful decision: to sell their house.

"Instead of borrowing more to cover the losses, we sold the house to cut our losses," Pelovitz shared. Her goal for 2026 is to use the proceeds from the sale to pay off 50% of her credit card debt and reinvest. The lesson here is: Sometimes you need a big step back to create momentum for two steps forward.

However, Nate Baim, co-founder of Pursuit Planning and Investments, warns that the biggest obstacle is "your inner voice." Self-reproach only leads to giving up. Instead, build momentum with small victories, such as paying off a small loan or using credit card reward points to reduce your balance. Motivation is built from very small steps.

Invisible financial loopholes

Jenni Lee, 27, a tech employee and content creator in Chicago, admits that social media "microtrends" are a sweet trap. To prepare for buying a house, she drastically cut back on clothing and eating out – short-term pleasures that hinder her long-term goals.

Automating payments and closely monitoring every penny "leaking" through subscription packages is the most effective way to prevent debt from silently eroding your income (Photo: JP Morgan).

Automation: The Key to Discipline

Even the best plans fall apart when procrastinating. Melanie Duarte, 23, owner of a marketing company, chose automation to discipline herself. Despite student debt and credit card debt, she consistently sets aside $50 each time for an emergency fund. “Don’t wait until you have extra money to save; save first, then spend the rest,” Duarte says.

Experts recommend automatic debt payments to protect your credit score and avoid penalty fees. With the 50/30/20 rule, if you want to clear debt quickly, you can dedicate 20% of your income to debt repayment, or split it in half: 10% for debt and 10% for savings, as long as you maintain consistency.

2026 presents not only opportunities to make money, but also challenges to keep it. Whether you choose to freeze spending for 90 days, sell assets to restructure debt, or carefully save every $50, the most important thing is to start today with a plan, not a promise.

As Erica Grundza emphasizes, look towards a future where you are in control of your money, instead of letting debt control your life.

Source: https://dantri.com.vn/kinh-doanh/bi-kip-de-sach-no-nam-2026-20251231005050751.htm