Save Money or Pay Off Debt? Why Not Both!

On Wednesday, July 30th, Experian invited America Saves to be a guest in their weekly #CreditChat, which focused on the great debate of saving money vs. paying down debt.

The chat covered a range of topics that we as savers address each and every day: What am I saving for? What has been stopping me from saving? How do I keep myself motivated to pay down debts? What should I be looking for in a financial counselor? What are warning signs to watch out for?  

Lumped together, these questions can seem daunting. Fortunately, the steps to begin saving money or to begin paying down debt start the same way – set a goal and make a plan. Getting out of debt is the #3 goal Savers select when they pledge to save. With planning, discipline, patience – and perhaps some outside help! –anyone can reduce their debts and build their savings. And if paying down debt is the goal you reach towards, it doesn’t mean that you can’t also put some money away for a rainy day. A little extra savings can go a long way, after all.

 

The National Foundation for Credit Counseling (NFCC), a fellow guest of the #CreditChat, shared a great deal of information about the ways in which Consumer Credit Counseling Services can work with you to develop your budget, find out what your financial options are, and even negotiate with creditors to repay your debts. Be wary of the product-pushers or those without the proper credentials!

 

The chat unearthed resources, tools, and advice available to savers and future savers. To see our contributions, as well as our chat friends’ and partners’, check out the full tweetchat at https://storify.com/Experian_US/full-recap-save-money-or-pay-off-debt. Highlights of the tweetchat are also available through Experian’s SlideShare presentation, which was one of the most popular slide decks in the Economy/Finance Section of SlideShare’s site:

 

Let us not forget to mention that, along with the tweetchat, Experian’s Mike Delgado hosted a Google+ Hangout with Katie Bryan (America Saves), Gail Cunningham (National Foundation for Credit Counseling), and Maxine Sweet (Experian). Check out the video of the Google Hangout hosted by Experian:

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Blogger Resources

We are always looking for guest bloggers to share their savings tips and advice with our readers. 

Review Submission Guidelines

Tip of the Day

  • Written by Katie Bryan | December 21, 2013

    Putting aside fifty cents a day will allow you to #save nearly $500. 

Saver Stories View all »

The Gift of Homeownership

Written by Tammy Greynolds | August 5, 2015

Quaneka Willis, a single mother of three children, was receiving rental assistance through the Housing Authority of the City of Milwaukee when she decided to take control of her finances. So, in September of 2013 she attended the Make Your Money Talk program and pledged as a Wisconsin Saver. In less than 12 months, she had maximized her savings and was beginning the process of purchasing her first home.

Read more...

Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

Developing a Savings "Game Plan"

Written by Katie Bryan | October 28, 2013

Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”

Read more...

Receive Updates

Sign up for Texts

Written by Tammy Greynolds | July 15, 2014

Read more...

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving