Love To Stay Inside in the Fall? Here Are 4 Books About Paying off Debt
For some, fall is about heading outside and enjoying the colors of the changing leaves before winter sets in. But for others, it’s the start of the cold season. And that makes it a perfect time to get cozy indoors and pick up a good book.
If that’s more your speed and you’re looking for a nonfiction read to inspire your debt payoff journey, here are four options to get you started.
4 books about paying off debt
Best for financial beginners: ‘Broke Millennial: Stop Scraping By and Get Your Financial Life Together’
“Erin Lowry does a good job of offering solid strategies not just for getting out of debt but setting up your financial life so that you stay out of debt,” she says.
In addition to being an author, Lowry is a financial writer and speaker. (Disclosure: Lowry was content director for MagnifyMoney from 2014 to 2016.) This entry in the “Broke Millennial” series covers topics like understanding your relationship with money, managing student loans, handling social spending and talking to your partner about finances.
If you want to gain insight into those topics and are among the Americans with thousands in credit card debt, this book could be a solid pick.
Best for a psychological approach to money: ‘Nudge: Improving Decisions About Health, Wealth and Happiness’
“It’s not about getting out of debt, per se,” Mangla says. “Rather, it’s about how we make choices and what influences our thinking, including how and why we get into debt.
This book discusses how people can make better decisions, which can prove especially helpful when tackling the difficult issue of paying off debt. It includes “dozens of eye-opening examples” backed by behavioral science research, according to an overview.
In the overview, “Nudge” is pitched as a solid option for those who enjoyed books like “Blink: The Power of Thinking Without Thinking” by Malcolm Gladwell, “The Power of Habit: Why We Do What We Do in Life and Business” by Charles Duhigg and “Atomic Habits: An Easy and Proven Way To Build Good Habits and Break Bad Ones” by James Clear.
If that resonates with you and you’re looking for a book that can help you address the behavioral side of getting out of debt, this is the book for you.
Best for financial minimalists: ‘The Index Card: Why Personal Finance Doesn’t Have To Be Complicated’
“The Index Card” also provides an action plan for those looking to take action and improve their finances, covering topics like avoiding debt, investing wisely, finding a solid financial advisor and generally keeping your finances simple.
The authors are Helaine Olen, an opinion writer at the Washington Post and author of “Pound Foolish: Exposing the Dark Side of the Personal Finance Industry,” and Harold Pollack, Helen Ross Professor at the University of Chicago Crown Family School of Social Work, Policy and Practice.
While it doesn’t address getting out of debt as in depth as some other books, it can help you level up your financial knowledge, giving you a framework to start managing your money.
Best for those who want a simple debt strategy: ‘Pay It Down!: Debt-Free on $10 a Day’
The book, according to its description, includes “practical, accessible strategies” and real-life examples of ways to find that $10 per day, including getting lower interest rates and raising your credit score.
Chatzky is the CEO of HerMoney.com, host of the HerMoney With Jean Chatzky podcast and a former NBC Today financial editor.
Each of these books has its merits, but they’re far from the only solid options. If you’re looking for more options, it’s important to do your research so you don’t choose potentially harmful advice.
“I look for authors and experts that have established a good track record before publishing a book,” Mangla says. “It’s also smart to read reviews and look at recommendations from experts you already trust.”