Having too much debt can hold you back on other financial goals, such as building wealth and saving for retirement. If having debt feels inevitable, it doesn’t have to be — you can take steps to pay it down while still planning for the future.

For You: I’m Retiring a Multimillionaire: Here’s What I Wish I Knew in My 30s

Check Out: Mark Cuban Says Trump’s Executive Order To Lower Medication Costs Has a ‘Real Shot’ — Here’s Why

Experts explain that it’s more than possible to manage debt repayment and wealth building simultaneously by following a few key strategies.

Paying off debt should largely come before investing, according to Jay Zigmont, Ph.D., a CFP and founder of Childfree Wealth.

“When you pay off your debt you effectively get a risk-free, tax-free return of the interest you avoid,” he said. Considering that the average stock market return is somewhere between 7% and 10%, paying off a credit card that charges more than 20% interest offers a much higher return, he explained.

“Remember that your net worth is everything you own minus everything you owe. When you pay down your debt, you raise your net worth just like you would by saving and investing.”

Explore More: I’m a Financial Advisor: My Clients Who Retire Early All Do These 3 Things

Of course, if you’re pausing some expenditures or contributions to free up more money for debt repayment, there’s one that you shouldn’t necessarily pause: putting money towards your retirement plan, especially if it’s offered by your employer, according to Andrea Woroch, a consumer and money-saving expert at Andrea Woroch.

“Many employer-sponsored retirement plans offer to match your investments, usually for up to 3% of your salary,” she said. “You don’t want to miss out on this free money, so you should still consider contributing at least enough to get the full match — even while working to pay off high interest debt.”

Many Americans are living paycheck to paycheck these days, so finding extra cash to pay off debt or boost investment and savings can feel impossible, Woroch said.

“However, there are steps you can take to reduce your monthly bills you may not have thought about. Every bit you save can go toward your debt repayment — and eventually to savings and investments.”

Woroch recommends:

• Reviewing your mobile data usage and switching to a lower tiered plan if you’re overpaying.

• Negotiating bills with current service providers and asking about new promotions.

• Signing up for e-billing or autopay, which may offer small discounts, or using apps like BillCutterz that will haggle for you.

• Bundling insurance policies and increasing your deductible to save up to 20% on monthly premiums.

• Reviewing your subscriptions and canceling the ones you don’t need or use.

• Cutting back on streaming subscriptions too and using free options through your library app.

• Picking up a side hustle for additional income.