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How To Guide For: Deciding Whether You Should Invest Or Reduce Your Debt

October 25, 2016

 

Reducing and paying off your debt is very important and so is saving money for a rainy day. Putting money into a savings account and trying to pay off debt at the same time won't really help you get ahead. So what do you do. What you can do is work towards building an emergency/rainy day fund. When building this emergency/rainy day fund you want to try to start off by putting one month's salary into this emergency/rainy day fund. Yes, I know it sounds like a lot and maybe even difficult since we all have different financial situations. But just because it sounds and may seem difficult doesn't make it impossible. If you can't start with one month's salary you can start when you get paid, if you have some extra money left over maybe you might want to put this towards the emergency/rainy day fund. Then once you've created and started to put money towards the emergency/rainy day fund then you can make a list of your debts and prioritize them by the order you want to pay them off, and get started paying them off. Another thing that you can do while reducing and paying off your debt is you want to try and setup a 401(k) this is another way of investing and saving but towards retirement. Another way to invest and save is by opening up a savings account, investment accounts and brokerage accounts. These can also help you while you work on reducing and paying off your debt. The bottom line is that your aim should be to pay off your debt completely. But due to different financial circumstances it may not always work out that way. Also things come up sometimes last minute. So you'll really need to sit down and assess what your options are. But you can do it. To get more information on whether you should invest or reduce your debt -- click the pictures below to read the articles.

 

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