HOW TO SAVE MONEY

Published By Livemint | 09 Aug, 2023

36% of American consumers have more credit card debt than emergency savings, reported CNBC Make It, quoting a Bankrate study. Credit : Pexels

Here are 4 steps on how to save money while paying off loans, as compiled by CNBC Credit : Unsplash

1. Focus on savings

By setting up automatic transfers from your checking account to your savings account each month. Credit : Pexels

The “debt avalanche” method is basically the opposite of the debt snowball, people make the minimum payments debts. Credit : Unsplash

You can always continue making all minimum monthly payments, but rather organizing debts by their interest rates. Credit : Pexels

By this debt management strategy, you use a personal loan to pay off all your other existing debts. Credit : Unsplash

By balance transfers, move your credit card debt from a credit card with a high interest rate to a credit cards Credit : Pexels

Taking on a second job, a professional may be able to help you identify and prioritize your goals. Credit : Pexels

CLICK FOR MORE VISUAL STORIES