Financial Tips: When To Save And When To Pay Off Debt

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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.

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