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How to get out of Debt: Savings

Why is savings so important for debt management?

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  • KallieA Flag

    importance of debt management
    There are many important benefits that you can get from debt consolidation. Debt consolidation, or debt consolidation loans is a refinancing of all your debt which brings all your debt under one payment, for lower interest, giving you an easier route to a fresh financial start. There are a lot of debt relief options out there.To read more visit http://personalmoneystore.com/moneyblog/2009/04/23/dodebtrelief-options/.

Linda Stroman
Financial Education Coordinator, Capital Area Asset Builders
www.caab.org  
202-419-1440

Linda Stroman is the Financial Education Coordinator at CAAB. She provides instruction and one-on-one counseling to groups and individuals on money management and credit education. In addition, she coordinates program seminars and other events regarding CAAB's financial programs. Before joining CAAB, Linda worked for The Training Source, Inc. She provided life, professional, financial, and technical training to Maryland and DC residents and organizations.

Why is savings so important for debt management?

In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination. This video is designed to deliver basic financial information to assist individuals and families to be able to identify goals and process strategies for their specific financial needs. The topics included in this video cover are: self-evaluation of debt load, budgeting strategies, understanding the effects on your credit and scores, why savings is important, how to develop a debt elimination plan, and the importance of financial education and how financial counseling may be useful.

This expert: 14,662 views

This series: 5,185 views

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Debt

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Finances

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Savings

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Money

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Cash flow

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Budget

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Linda Stroman: Saving should be extra special piece of your budgeting. It should be often treated as an expense basically, because we want to save for emergency, we want to save for periodic increases in our debt such as rent, such as mortgage payments and things like that and also for the joys of life, the things that we want to do versus the things that we need to do and again, for retirement because retirement is important. Sometimes, we do not think about it when we are younger, well, we need to start saving for retirement as well. So, we need to incorporate that into our budget so that we can make that something that we do on a regular basis. "&78[^giyz(c)defiux(tm)3/4+INTny.

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