John Holt, president and CEO of Nutmeg State Federal Credit Union, talks about knowing when to save and when to pay down your debt. Here are some tips from Holt:
What are some simple steps people can take to save money?
- Pay your bills on time. This saves the added expense of late fees, extra finance charges and higher interest rates.
- If you pay off a loan in full keep making the monthly payments to yourself.
- Avoid debt that does not provide some type of short or long-term financial benefit.
- Avoid borrowing money for things that do not last as long as the loan. Examples include a vacation, gifts and dinners out.
- Save your change at the end of the day: Take that change and deposit it into the bank every week or month.
- Make wise investments.
For more information, visit www.nutmegstatefcu.org.