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.
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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.
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