Financial freedom and debt-free living are attainable goals. To achieve these goals, it’s important to manage one’s finances, savings, and especially debts wisely. Paying off debt requires a thoughtful and disciplined approach. But some mistakes can not only prolong this journey but also get in the way of building essential emergency funds for a secure financial future. Here are some debt repayment mistakes and suggestions for better financial planning for lasting financial well-being. Not changing spending habits Maintaining the same spending habits can affect one’s financial stability and efforts to reduce debt. It’s essential to reassess and adjust one’s expenditure patterns, which involves curbing impulsive purchases or unnecessary luxuries like the latest gadgets or insistence on eating out every day. Simple changes in one’s spending habits and adding on a few ways to save and invest more can expedite one’s debt repayment and build a foundation for future financial well-being. Not contributing to a retirement account A retirement account is like a safety net for an individual once their income from a regular job comes to a standstill. These funds are often undervalued during the younger working years, but they build a solid foundation that gives an individual much financial stability and mental peace in old age.