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Tips, advice, and the latest news from the savings world.

Painless Ways to Pay off High Interest Debt

Debt
Written by Guest Blogger · 24 July 2012

By Erik Carter, JD, CFP® a resident financial planner at Financial Finesse.

Are you struggling with credit card debt? If so, you’re not alone. Paying off credit cards and other higher interest debt is one of the most common goals that people try to save for. Unfortunately, having to pay off a large amount of debt with ridiculously high interest rates can make you feel hopeless, especially if your budget is already stretched. But it turns out that you don’t necessarily need to make huge sacrifices to become debt free much sooner than you may have thought was possible.

Let’s take a look at an example. Suppose you have 4 credit cards. One has a balance of $1,800 at 19.8%. The second has a balance of 1,500 at 16.99%. The third has a $1,100 balance at 16.7%. The last has a balance of $1,000 at 5.9%. If you just make the minimum payments, it would take over 30 years to pay all that off! Sounds pretty discouraging for someone on a tight budget, huh?

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Find Your Balance

Budgeting
Written by Super User · 23 July 2012

July 23, 2012
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator

To many people, a budget seems very much like a restrictive diet, with all the negative implications involved.  People don’t want to make what seems like unpleasant sacrifices in the here and now just to ensure a comfortable, but nebulous, future.  But I like to flip that notion on its head: I like to think about what I’d specifically like to accomplish (Set a Goal!) and then what I am willing to give up to get there (Make a Plan).  It’s a delicate balancing act, but it’s one that most successful savers have learned to do, whether consciously or not.

Here is my own personal list of things I am willing to give up (and some I’m not!) in order to build up our new car fund:

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Tip of the Day

  • Written by Guest Blogger | April 29, 2014

    It's important to know your #credit score and what's on your credit report. Find out why it matters: http://ow.ly/whNQl

Saver Stories View all »

Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

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Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

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How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

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