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[ INSERT OR LINK SAVE BY REDUCING DEBT video ] It’s Day Four of America Saves Week, and here’s the ONE take away you need to know as you consider today’s focus, “Save by Reducing Debt”:
WHEN YOU PAY DOWN YOUR DEBT, YOU’RE SAVING!
By actively reducing your debt, you are saving on interest. When you pay on time, you save on late fees and maintain your credit score— saving money long-term.
With so many Americans being affected financially by the pandemic, actively paying down your debt may not be a priority, and that’s okay. Be sure that you talk to your creditors and take advantage of any repayment options or arrangements that allow you to keep your credit score intact and avoid additional interest and late payment fees.
Check out today’s blog, “Paying Down Debt Is Saving,” for tips, resources, and tools that help you get a clear view of your finances and decide how to best approach reducing your debt and expenses.
We encourage you to join a community of people on a similar savings journey. The #ThinkLikeASaver Facebook Group is hosted by America Saves and is a great place to get ongoing support and interact with like-minded people committed to saving effectively.
Three more actions you can take as part of America Saves Week:
1. Take the America Saves Pledge to get support and accountability as you reach your savings goal.
2. Enter the #ImSavingFor Sweepstakes for a chance to win up a $500 cash prize.
3. Join us for the #ThinkLikeASaver: Tackling Debt Town Hall on the America Saves Facebook page at 2 pm ET.
Need help getting into the savings habit: A Financial Coach or a Daily Money Manager can be a good partner for you!