Spring is a great time for cleaning our homes, and it can also be a great time to declutter debt and clean up finances.

Though it may seem intimidating at times, it’s possible – and important – to save for the future and pay down debt at the same time. Planning a strategy to get out of debt can help you gain control of your finances and put you on a faster path to your mortgage and financial goals. Here are some spring cleaning tips to help you save money and pay off debt.

Review Your Budget

To start, review your budget to figure out where you might have some flexibility. Identify must-pay expenses first, like bills or groceries. From what’s left over, prioritize saving and paying down additional debt.

Maximize Your Retirement Savings

In saving for retirement, you should save at least the amount your employer matches in your retirement plan. In other words, if your employer matches up to 3%, put a minimum of 3% toward your employer-sponsored retirement plan. Not taking advantage of an employer match is essentially leaving free money for retirement on the table.

If you don’t have an employer-sponsored retirement plan, you can still contribute to an individual retirement account (IRA) to make sure you’re putting away money for when you retire.

Debt Strategies

When it comes to paying off your debt, there are two common strategies: debt snowball and debt avalanche.

With both options, you make the minimum payment on all your debts, while making extra payments toward one debt until it’s paid off. Then, you add the amount you were paying on that debt to the next debt until that one is paid off too. Repeat the process until all debts are paid.

The debt snowball approach involves paying off debt with the smallest balance first. The debt avalanche method, meanwhile, involves paying down the debt with the highest interest rate first to save you the most money on interest over time.

Stick to Your Budget

If it seems impractical for you to both tackle your debt and save at the same time, focus on saving just enough to receive your employer match, if applicable, while paying down your debt with the highest interest rate. By taking a strategic approach to saving and paying off debt, you can set yourself up for a stronger financial future.