Debt Repayment
By Shari Stone

Start Where You Are

Shari Stone, a mom from North Carolina, says she knew that having an emergency fund to fall back on was something that she needed to work on but was convinced there was no way she could save while having outstanding debt.

Related Topics

Pay Down Debt

Shari Stone, a mom from North Carolina, says she knew that having an emergency fund to fall back on was something that she needed to work on but was convinced there was no way she could save while having outstanding debt.  

Then, around 8 years ago, Shari was introduced to America Saves and decided it was time to act and make a change. She was tired of debt holding her back. Motivated by what she learned, Shari put together a plan that would help her meet her financial goals and build a nest egg for the future.

She set out to focus first on reducing her debt with a plan to later redirect the money she saved in interest payments to savings.

Shari says that realizing the amount that she was paying in interest to others could be working toward her future was a huge motivator. She felt like it was money she was wasting.

At first, Shari used the snowball method to pay off a few smaller debts. Having those behind her, she then switched to the avalanche method to tackle a loan with a high-interest rate.

Since taking the pledge, not only has Shari eliminated all her debt but she has also been able to save over $8000 and recently increased her contribution to her employer’s retirement plan.

When asked what her best advice for those making the move to save would be, Shari says she believes everyone should start where they are and set realistic goals for their current situation.

She says she believes a well-thought-out plan and written goals are a “MUST” and recommends automating savings by setting up a direct deposit or auto-transfer.

Having calendar reminders set were also key to her success and says making time to review and update her plans and goals kept them fresh in her mind and helped to keep her dedicated and focused. Shari says she also now plans for future purchases so she can avoid incurring any unnecessary interest and fees if possible.

CHECK OUT OTHER SAVINGS JOURNEYS FROM SAVERS JUST LIKE YOU

SHARE YOUR SAVINGS TIP OR STORY WITH US

If we feature you in our newsletter, you get $50.

You May Also Be Interested In...

Take the America Saves Pledge

Make a pledge to yourself and create a simple savings plan that works.

Connect to a Campaign

Connect with a local America Saves campaign for one-on-one help and to learn more about savings initiatives and events in your area.

Sign-up for ASAW

America Save at Work is a hub of information and resources to help employers promote financial wellness for their employees.

Partner News & Updates

Join the America Saves email list to receive information about engaging content and events throughout the year.