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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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How to Create a Family Balance Sheet + Get a FREE one for your family!

Family Balance Sheet

You’ll know how much is in your checking and savings accounts and your retirement accounts. Debts still need to be paid, cars will need new parts, homes will need to be repaired, and kids will need braces. There was a time our spreadsheet reflected a lot of debt and not a lot of savings.

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How to Manage Your Personal Loan

Savings Corner

The worst-case scenario is that you get a loan without a clear picture of its impact on your monthly cash flow, leading you to take on more debt to make up for it. Consolidation puts all of your debts together under one monthly payment at one interest rate.

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How We’re Using Upromise to Save for College

Family Balance Sheet

Instead, it is my honest review. Way back in 2008 I signed up for a Upromise account and then it sat unused for many years. I don’t recall why I never used the account, but I guess it just slipped my mind. Right before the pandemic started, I opened 529 College Savings Accounts for our daughters. Hello, 2020.

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Our 2019 Financial Goal

Family Balance Sheet

Save $10k in a savings account, specifically earmarked for medical expenses. We discussed everything with the attorney over the phone, she then sent us drafts for us to review, and once the final copy was complete, we printed copies and had them notarized. Our 2018 Financial Goals: Finish our Will. 1 – DONE!!

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Personal Loans: Compare Top Lenders, Rates

Savings Corner

To qualify you, lenders look at factors including your credit score, credit report and debt-to-income ratio. Having steady income, low debt, a long credit history and a record of on-time payments will improve your chances of being approved. Using a car, savings account or other asset as collateral may get you a lower rate.

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Family Office Manager

Family Balance Sheet

Today at age 50+, I still optimize our cash flow, but my focus is shifting towards saving with our daughters’ future education costs, building our net worth, and planning for our retirement years. Over the years, my FOM duties included: Review the day-to-day/month-to-month budget and spending for our household.

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