Are you wondering whether it is possible to save for your dream vacation, second home, and your child’s college education while you are still struggling to pay off the debts?
To answer your question: Yes. It is possible to save money while you pay off your existing debt. People who are debt(early in their life) are known to be the ones who create a secured life in their retirement age. With debt, you also get the leverage that you need to stay disciplined, spend responsibly and save for your future.
Here are a few tips on how to save money while paying off debt.
1. Set up a debt repayment plan
A debt repayment plan might sound like a debt management scheme provided by the government. But it actually is a strategy that any debtor can build and implement– all by themselves.
Basically, you have to evaluate your expenses in the past three months. Create a personal income sheet(using Excel or Google sheets) with expenses in one column and income in another column. Once you are done with this, you can filter out the Continue Reading