![]() Small Step: Whichever method you choose for paying down debt, start by adding a small amount to one of your current payments. While you will likely save more money paying off debts with the highest interest rates, it may be faster to pay off the smallest balances first, and seeing this progress may help keep you motivated. Many experts recommend focusing on either debts with the highest interest rates or debts with the lowest balances to pay off. ![]() Make a list of your debts, noting the monthly payment, current balance, and interest rate, and make a plan to start paying down the debts. Once you’re comfortable with saving a small amount consistently, you can increase it.įor information about the various savings accounts available, visit:ĥ29 Plans: Questions and Answers Pay Down That Old Debt in the New YearĬonfronting your debt and thinking about how to pay it off can be scary and overwhelming. For example, if you open a basic savings account, deposit $25 every month and sign up for direct deposit or automatic withdrawals from your checking account to ensure that amount is saved. ![]() Small Step: Decide on the type of savings account that will meet your goal and commit to depositing a set amount on a regular basis There are many types of savings accounts available to save for both short term and long term goals. Think about what you want to save for the coming year and commit to opening a savings account to reach that goal, whether it’s creating an emergency fund or setting money aside for your kids’ future college tuition. Here are some ideas to consider as you set your financial goals for the New Year. As you reflect on the past year, focus on your experiences – build on what worked and what didn’t – to shape this year’s money habits. While diets come to mind, setting new financial goals should be on the top of our lists. The New Year holiday creates a feeling of starting fresh and encourages us to set new goals. Diciembre 2018 - PDF Pay down that old debt in the new year
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