Should I still be saving money while trying to eliminate my debt?

If you’re trying to eliminate debt, you need to be sure to include a portion of your money into a savings account. Even though you are trying to eliminate your debt it’s important that you still set aside money to put into our savings account. This is important because let’s say you are trying to pay off your credit card bill, but suddenly your car breaks down and you have to fix it. If you don’t have extra cash saved somewhere then you will have no choice but to put it on your credit card. I like to call this riding a debt roller coaster. When this happens it will take you even longer to pay off your debt and it will also add more interest.

Once you’ve made a list of all of your debt it’s important to eliminate non essential spending. I know I know you love getting a manicure and pedicure, in face you believe you deserve to treat yourself. Getting out of debt must be more important than going to to eat, shopping, and buy other things you don’t need. The faster you get out of debt, the more money you will have to build wealth and save. Having lot’s of debt will only stop you from building wealth.

Let’s take a look at those credit cards. Some people recommend paying off the credit card with the highest interest first while others recommend paying off the credit card or store card that has the lowest balance first. This way you can knock out one bill at a time and can create small wins. Once the smallest debt is paid off then you move on to the next card. Which ever plan is best for you. Personally, I like to pay off the card that has the lowest balance first because it makes me feel good to be done with one. While I’m putting more money to pay off one card I’m still putting money on my other credit or store cards as well. You just want to make sure that you’re paying off debt as soon as you can, while still putting aside a portion of your extra cash into savings in case of an emergency.

“A budget is telling your money where to go instead of wondering where it went.”
― Dave Ramsey

Quick recap:

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1. If at first you have a ton of credit card debt I would recommend knocking that out the way.
2. Eliminate non essential spending.
3. Once your credit card debt is paid off then use the same amount of money you were paying on your credit cards, but put it towards your student loan debt with the highest interest.
4. Then move on to the next loan with the highest interest.
5. Once your debt is paid off you’ll have more money to save and invest. Yay!

Just like there’s no magic pill to losing weight, there’s also no fancy way or secret to eliminating debt. You just have to adjust your lifestyle and spend as much as you can on debt, so that later on you can have more money to build wealth and save.

Sources:
www.youngyetwise.com