Is fixing your finances one of your New Year’s resolutions? A fix might include paying yourself first or saving money with your loyalty points.

Whatever your goals are this year, personal finance expert Barry Choi shared some tips to help you finesse your finances.

Strategies for Paying Off Debt

When it comes to getting rid of debt, Choi provided two options– the debt avalanche method and the debt snowball method.

The debt avalanche method focuses on eliminating your highest interest rate debt first.

The debt snowball method, on the other hand, involves paying off the smallest debts first before moving onto larger debts.

“When you pay it off, you get that nice mental boost to encourage you to pay off the rest of your debt,” Choi said in an interview on Morning Live.

Helpful Tools to Use

There are a plethora of resources available to help pay off your debt, which makes it difficult to know what is best for you.

That’s why Choi recommended choosing a suitable credit card and using a budgeting app.

“If you use your credit card responsibly, where you pay off your bills every single month in full, you can reap your rewards,” he said.

In order to discover what credit card is best for you, Choi said to think about where you regularly spend your money and then ask what would benefit you the most.

Choi also mentioned the You Need a Budget app, which connects to your bank account, analyzes your spending and breaks it down into categories such as dining and utilities.

“Once you see where your money is going, you can make those adjustments to be a smarter person with your finances.”