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Spring is here and that means moving and cleaning!

Reduce Your Debt and Start Saving Now!

Does your credit card balance look higher than last year? Statistically, Americans increased their credit card debt by 5.9%, according to Equifax.1

Between child-care expenses, groceries, health insurance, taxes – how do you balance saving AND paying off debt?

  1. Know that it can be done. You may have to brown-bag your lunch, car-pool with a friend or pick up a second job – but this can be done.
  2. Create an emergency savings fund. How much? Start with $1,000.
  3. If your employer offers a 401(k) or 403(b) – maximize that benefit.
  4. Prioritize your debt. Pay off either the highest interest debt first or the smallest amounts first.
  5. Celebrate the small victories! Once you’ve reached your goal – whether that’s tucking away sufficient money in an emergency savings fund, paying off a credit card, or seeing the accumulation of your retirement plan at work – take some money and splurge a little on yourself. But keep it reasonable — and don’t charge it.

Sources:

1 Todd Campbell, “The Average American’s Credit Card Debt Grew This Much Last Year — How Do You Compare?” Fool.com, March 15, 2015. (http://www.fool.com/investing/general/2015/03/15/the-average-americans-credit-card-debt-grew-this-m.aspx)

2 www.bankrate.com, 401(k) Retirement Savings Calculator, calculated 05/2015.

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