Save, Then Pay Off Debt

You should have an emergency fund. If not, start with at least $1,000. This way you don’t have to use a credit card. After you have filled your emergency fund with at least $1,000, begin a short, mid, and long term savings goals.

Once you have savings established, focus on paying off debt. Paying off debts can be part of your savings goals. Getting a $3,000 credit card debt down to zero balance is just as rewarding as saving that same amount of money. Paying off these bills will save you money in interest and boost your credit, too.

 

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