Getting out of debt is as simple as living within one’s financial means, not getting further into debt, and spending less than one takes in. Any cash beyond what one needs to live comfortably on can go to paying off debt. By working within these parameters, one can find out how to get out of debt and save money at the same time. The following information will delve into this idea to see if it really can be done.
Phoenix, AZ -- (SBWIRE) -- 11/28/2012 -- Believe it or not, one does not have to wait a full month to pay on a debt. One can set up automatic weekly payments with most creditors and alternate which gets paid when. The money comes right from one’s online checking account, saving one from having it in hand and having to let it go. This is just one effective answer to how to save money and get out of debt simultaneously. Other ideas are to add just a little bit to the weekly payments. The extra goes directly to the principal of a debt, making it easier to pay down. By the way, the remainder of the money in one’s checking account after sending payments to a creditor or two can be transferred into one’s savings account easily, allowing one to put a little away for a rainy day.
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Other ways to address how to get out of debt and save money include borrowing from one’s cash-valued life insurance policy. Use as much as necessary for paying off all of one’s debt and put the leftover into a savings or CD account. The same tactic applies to taking out a loan against one’s retirement account at work or using the equity in one’s home for debt repayment purposes. Anything left after getting rid of the debts one has goes into savings. Try picking up a part-time or weekend job. Use that weekly paycheck for debt repayment while putting part of the full-time job’s income into savings. Here’s a great thought: Cut back on “frivolous” spending and put money saved from it away. Whenever it is needed, that cash is there to go toward eliminating debt or saving up some money.
It is possible to learn how to save money and get out of debt at one time; it just takes a bit of ingenuity and creativity. Setting a budget and sticking to it helps. So does selling some things no longer needed.
www.Credit-yogi.com, an online marketing company out of Pittsfield, Massachusetts, has more information on how to both save cash and get rid of debt, and is happy to share it.