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Strategies to Tackle Debt 
and Boost Savings in the New Year

The start of a new year is the perfect time to take charge of your finances. Achieving your goals doesn’t mean choosing between reducing debt and building savings—both are essential. With small adjustments, you can tackle debt, grow your savings, and set the stage for a brighter, more secure future. The earlier you begin, the better prepared you'll be for whatever the year brings.

Strategies for Reducing Debt
Make a Budget
Track your income and expenses to identify opportunities for paying down debt. Focus on high-interest balances first while setting aside a small amount for savings.
Cut Back on Expenses
Look for areas where you can trim costs. Whether it’s canceling unused subscriptions or dining out less often, even small changes can create room in your budget for debt payments and savings.
Lower Interest Rates
Explore options like transferring high-interest credit card balances to a 0% APR card or refinancing loans. A lower rate reduces the cost of debt and frees up money to save.

Strategies for Growing Savings
Start an Emergency Fund
Build a safety net by setting aside a little at a time. Even modest contributions can add up to a fund that helps you handle unexpected expenses without going into debt.
Plan for Retirement
Once your emergency fund is set, focus on retirement savings and take advantage of employer match programs.
Find Additional Income
Side jobs, freelance work, or selling unused items can provide a financial boost. Use the extra funds to accelerate your progress toward paying off debt or growing your savings.

Automate for Success
Set up recurring payments to pay down debt and regularly contribute to savings accounts. It’s a small step that makes a big difference.

Start the Year Off Right
This New Year, make financial freedom your goal. By tackling debt and building savings simultaneously, you’ll create a strong foundation for the future. Need help getting started? Contact us today for tools and support to achieve your goals.

Additional Resources 
Debt Consolidation - 10 minute module 
How to Save for an Emergency - 5 minute module
Debt Management - 5 minute module
Building Emergency Savings - 5 minute module

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