Guen Garrido paid off nearly $70,000 worth of debt by picking up a side hustle, limiting her spending and adhering to the debt repayment strategy popularized by money expert Dave Ramsey: the "snowball method." But the 32-year-old also became debt free by changing her mindset, she tells CNBC Make It.
Specifically, she says, “I focused on being grateful for what I already had.” And it helped.
"Especially in this day and age, with social media, you compare yourself to other people — you see where they are traveling and what they have, so you are tempted to compete with them and have the same things and buy more things,” Garrido says.
Indeed, as one study found, social media can have a significant impact on spending habits, particularly those of millennials: 90 percent of millennial respondents said social media creates a tendency to compare their own wealth or lifestyle to that of their peers.