I’m 22 & paid off £36K of debt in 18 months – the six tips I swear by and why you need to bung ‘money leaks’ immediately

WITH the cost of living crisis affecting households up and down the country, chances are your bank balance isn’t looking as healthy as it once did.

But if you’re struggling with debt, then no fear, because money expert Chloe Elise (@deeperthanmoney) has shared her top tips on how she paid off £28.8k ($36k) of debt in 18 months at 22-years-old.

Chloe, 22, paid off £29.8k of debt in 18 monthsTik TokTik TokThe money expect revealed her top six tips[/caption]

In the informative video shared to TikTok, she firstly advises calculating how much you spend per month.

She then notes to take that number x 1-3 (depending on what is most feasible) and put that money in a high yield savings account for emergencies.

The idea is that your emergency savings will cover at least one month’s worth of your outgoing – bills, petrol, food shopping and housing – so that if you was to lose your job or are out of work for any reason, you’ve already have all of your bills covered.

Chloe says this should be the case for one month at least, but will ideally be for three months.

The money guru then recommends tackling your high interest debt first, before going on to advice tackling “money leaks.”

She urges: “Cancel unused subscriptions, monthly fees etc.”

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Next, Chloe recommends taking advantage of your company’s retirement match.

Finally, she says: “Set a goal of making £82 ($100) or more extra from a side hustle if you want to pay it down faster.”

The money whizz captioned the post: “Debt free hits different.”

The video has since gone viral, racking up over 100k views and several comments from social media users.

“Thank you for this!!! i’m 22 and trying to do this right now,” wrote one.

A second praised: “Yesssss girl!!!”

A third noted: “Too bad my debt is 120k! I would have to live without sooo many things for so long.”

Another penned: “Watching this until it sinks in.”