How these fitness instructors budgeted out of debt - MarketWatch

As the pandemic continues to impact the world, many people are struggling with debt. Gym ownership and working as a fitness instructor have been popular side hustles for many people. However, with mandatory shutdowns due to COVID-19, many found themselves in debt. In a recent article from MarketWatch, fitness instructors who successfully budgeted out of debt shared their stories.

One instructor explained how they started by assessing their finances and creating a budget. They cut back on nonessential expenses such as dining out and subscriptions. They also found ways to earn extra income, such as offering virtual classes and renting out their equipment.

Another instructor discussed how they negotiated with their creditors and worked out payment plans. They also set up a savings account for emergencies and created a financial planner.

The article also stresses the importance of seeking professional help if needed. Debt counselors and financial advisors can help create a more detailed budget and come up with a specific plan for paying off debts.

As the pandemic continues to impact the world economy, it is essential to learn different ways to manage debt. Fitness instructors are not immune to financial hardships, but with careful budgeting and smart financial decisions, it’s possible to get out of debt. The article provides actionable insights on how to do it.