moonchild
VIP Contributor
By saving money, you will be able to speed up in debt payment, in the previous article we have talked about emergency fund, now if you have some saved up money you will be able to use that money and pay off your debt, that is why it is very important to always have some amount saved in case of rainy days which paying off debt is among.
Now, if you plan on saving your money to pay off debt you have to shop smarter, another way to save money is to shop smarter. before making a purchase, do your research to find the best deal there are a lot of alternatives from online to even offline. Use coupon websites or apps, compare prices at different stores, and wait for sales before buying big-ticket items I know these can be stressful, but you have to do what you got to do. you can also save money by buying generic or store-brand products instead of name brands if you are the type.
You can cut back on energy usage by reducing your energy usage, it can also help you save money on your monthly bills. turn off lights and electronics when you're not using them, and set your thermostat a few degrees lower in the winter and a few degrees higher in the summer. You can also save money by using energy-efficient light bulbs and appliances if you live in first world country where these bills add up pretty quick.
You should pay off high-interest debt first If you're carrying high-interest debt, such as credit card debt, focus on paying that off first. make the minimum payments on all your debts, and put any extra money towards your highest-interest debt. pnce that debt is paid off, move on to the next highest-interest debt, and so on in that way.
Now, if you plan on saving your money to pay off debt you have to shop smarter, another way to save money is to shop smarter. before making a purchase, do your research to find the best deal there are a lot of alternatives from online to even offline. Use coupon websites or apps, compare prices at different stores, and wait for sales before buying big-ticket items I know these can be stressful, but you have to do what you got to do. you can also save money by buying generic or store-brand products instead of name brands if you are the type.
You can cut back on energy usage by reducing your energy usage, it can also help you save money on your monthly bills. turn off lights and electronics when you're not using them, and set your thermostat a few degrees lower in the winter and a few degrees higher in the summer. You can also save money by using energy-efficient light bulbs and appliances if you live in first world country where these bills add up pretty quick.
You should pay off high-interest debt first If you're carrying high-interest debt, such as credit card debt, focus on paying that off first. make the minimum payments on all your debts, and put any extra money towards your highest-interest debt. pnce that debt is paid off, move on to the next highest-interest debt, and so on in that way.
