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

Penny Pinchin' Mom

The post The Age Old Question: Should You Pay Off Debt or Save? Should you pay off debt or save? 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.

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

Family Balance Sheet

Welcome to Debt Free Stories. She and her husband paid off $147,000 in debt–including their home. After paying off the debt, she was able to quit her job to pursue her passion. She blogs at The Debt Myth. Quitting my job is one of the things being debt free has enabled us to do.

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Money Matters: How to Prepare Your Finances for a Recession

Motherhood Moments

Nobody knows for sure whether we’ll see a recession or not,” said Amy Maliga, financial educator with Take Charge America, a nonprofit credit counseling and debt management agency. Prepare by paying off debt. Hatch a plan to tackle your debt, particularly high-interest balances, to help you free up more cash.

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Small Money Mistakes That Have Big Consequences

Prairie Eco-Thrifter

Increasing your credit card limit is really increasing your debt, or at least your exposure to debt, so say ’No!’ Not Having an Emergency Fund It is dangerous to spend every cent you earn and not to have buffer against illness, injury, job loss or hard economic times. Make establishing an emergency fund a priority.

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Why You Should Be Skeptical of Financial “Rules of Thumb”

Prairie Eco-Thrifter

The rule of thumb that states that it makes sense to spend 30% of your income each month on a housing payment doesn’t take into account the fact that you might have other debts, and that taking on more might over-leverage you. Markets and economic conditions change as well.

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10 Things To Do When You Lose Your Job

Prairie Eco-Thrifter

7.) Pay only the minimum on debts. Until you have a job again, focus on keeping your financial reserves, as you may end up regretting paying that extra $20 a week off your debt. It will cost you in interest, but if you have no income for a long time, you won’t be able to get the extra your paid off the debt back again.

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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. Do you want to pay off a particular debt in a certain timeframe? It is about making sure we are being responsible and smart with our money. So, what are some of your goals?

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