Discover the satisfaction of saving money
Two things will happen as you begin to pay down your debt, stick to your budget and reduce your expenses:
- Your credit score will improve. For more about credit score improvement, see the article: Nine ways to improve your credit score.
- You’ll have money left over at the end of the month. You’ll need to decide what to do with that money. This is a good time to develop the habit of using a savings account to save money.
Begin by setting a goal
Finance experts recommend building an emergency fund equal to three months of living expenses. If that seems too ambitious, set a lower goal.
Even if your goal is just a few hundred dollars, the sense of satisfaction you’ll get from reaching that milestone could motivate you to save more money. The sense of satisfaction you'll gain from this simple but important step will pay off in the long run.
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