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

Savers who make a plan are twice as likely to save successfully. 

Take the America Saves Pledge

Tip of the Day

  • Written by Katie Bryan | November 23, 2013

    Tip to #Save: Pay off Credit Cards as Soon as Possible. http://ow.ly/FJyDM via @Bankrate

Saver Tips and Stories View all »

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...

Saving With My Boys

Written by | September 2, 2019

When Kelly was a kid, she loved the picture book A Chair for My Mother by Vera B. Williams. In the story, a little girl lives in an apartment with her mother and grandmother. The little girl’s mother is a waitress and sole provider for their family. Together the family saves money by putting their change in a giant jar every day. They are saving for a big cushy chair for the little girl’s hard-working mother. Together with patience and diligence, they buy the mother a very comfy chair.

Read more...

#ImSavingFor Winner Story

Written by Lindsay Ferguson | June 13, 2019

America Saves awarded one lucky saver, Pedram R. from California, $750 for sharing his #ImSavingFor story. Pedram said, “Saving is important to me because it proves I am not willing to buy unnecessary things to please others or to be perceived as successful.”

Read more...

Receive Updates

Take the Pledge

Written by Super User | September 16, 2013

Start Saving

Receive Texts

Written by Tammy G. Bruzon | July 15, 2014

Learn More

Partner News & Updates

Written by Katie Bryan | October 18, 2013

Sign Up