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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

So, you want to get started on debt repayment so you can focus on other financial goals? However, if you pay off these debts, there will be nothing left for investments in these tough financial times. Doing this actually gave me the peace of mind that I needed to focus on my financial goals.

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Top Tips for Strengthening Your Money Mojo

Prairie Eco-Thrifter

You want to be able to contribute to investment accounts and build up a solid savings to get you through an emergency or unexpected job loss. So, don’t set goals based on a monthly budget that has some wiggle room in it for fun things, things that enhance your life.

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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Emergencies constitute things like: Job loss Medical emergencies Accidents Unplanned large purchases (necessary large purchases) Natural disaster expenses You absolutely need to have this money set aside somewhere it can be easily accessed but also not within your day-to-day reach.

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

We also went through multiple job losses, surgeries, huge car repairs, etc. It’s all about living with the choices you make, and changing what isn’t working vs. telling yourself “oh well, but I can’t do that because __.” What are your financial goals now? We hit everywhere in between.

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Find out how Jessica paid off $56,000 of student loans, credit cards, and a car loan.

Family Balance Sheet

It took me five years to pay off my debt but two of those years I had a job loss, I was taking care of my grandparents and I had lost my motivation and drive to pay off the debt. I ended up taking Financial Peace University as well. What are your financial goals now? I had planned to pay it all off in 2.5