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America Saves Week Day 4 — Save by Reducing Debt

Today is Day 4 of America Saves Week — Save by Reducing Debt!

Do you consider paying down your debt as saving? You should! There are many natural benefits of reducing your debt, including saving money on interest and fees, increasing your credit score, and gaining more disposable or discretionary income to allocate as you see fit (like a SAVINGS account). Perhaps the best benefit of paying down debt is reducing your stress!

While being in debt might feel isolating, you're not alone. Almost 80% of Americans have consumer debt. Whether it be from a credit card, student loan, or mortgage — understanding how debt works, knowing where to go for help, and making a plan are the keys to help you better manage your debt. If you're reading this blog, you already have the most important thing you need to get out of debt...MOTIVATION. We suggest taking a look at this great blog from the America Saves Week team, which provides tried and true methods to reduce debt. 

Resource of the Day: Another great tool to learn about managing debt can be found in our Financial Learning Center

Keep on Saving

Stay tuned for more useful information and resources about saving money this week. Here are the themes for the rest of the week: 

Save Automatically | Monday, February 21
Save for the Unexpected | Tuesday, February 22
Save For Retirement | Wednesday, February 23
Save By Reducing Debt | Thursday, February 24
Save as a Family | Friday, February 25

Meeting your savings goals won't happen in just a week. It could take years of planning and following good habits to build your financial resilience. We recommend taking the savings pledge. By taking the pledge you will receive useful support, reminders and tips from the America Saves organization to keep you on track with your savings goals. 

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