In this age of economic turbulence and post recession hangover, can you imagine your life without mounting credit card bills, payday loans, medical bills and student loan debts? No, I guess. This is quite common in US. Millions of consumers have their entire salary paid to their credit card debts and only one percent of their paycheck occasionally goes towards their retirement plan. What they fail to understand is by following this lifestyle they could hardly take care of your savings account and end up getting into more debts. However, if you could have saved a substantial amount of your income and build up a strong saving account, you don’t have to depend on credit card debts or pay day loans to cover your urgent expensed. If you are wondering which to do first, paying off your debts, or saving for future, the following article can help you out.
Read on to know the tips, which can help you pay off your debts and save for a secure future, both at a time. Pave the path towards a debt free life while making a little extra savings for secure financial future.
• First and foremost, contribute as much as you can towards your debt payment.
• Next, look for government aids, which will help you save more.
• One more trick that you can play to deal with debt payment and saving both together.
• Try to devote all the extra money you earn to pay off your debt faster.
• Last but not the least; make sure you put all these extra money towards paying off your debts.
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