A Spin on Spending - Reducing Debt

Monday, February 04 at 09:00 AM
Category: Arvest News

Many people have debt they’re struggling to get out from under – one way to reduce this is by being forward thinking and taking it head on. 

Paying down your balance should be one of your top priorities. If you can afford it, pay off large amounts of your debt at one time or pay more than the minimum on your credit card balance each month.

Open a Savings Account. This may sound counterintuitive if you’re trying to get out of debt since you could be using this money to pay off your debt instead of saving it. But, an emergency fund in your Arvest Bank savings account can actually keep you from creating more debt by providing you with a safety net you can use instead of a credit card when an emergency comes up.

Setting a budget and tracking your spending isn’t always easy, but it’s the simplest way to know for sure where your money is going. Knowing your spending habits, and making a few conscious changes each month can bring you closer to your financial goals. 

Tags: A Spin on Spending, Arvest, Savings

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