The Federal Trade Commission’s Consumer Advice guide for Getting Out of Debt can help you make a plan.
“Job security tends to be worse when a recession comes, it’s not a great time to accumulate debt,” said Ma.īut paying off your existing debt is easier said than done. Online banks sometimes offer better rates than traditional ones.ĬONSOLIDATE YOUR LOANS, AND DON’T TAKE ANY MOREĪs interest rates rise, experts recommend that you consolidate your loans to have just one fixed-rate loan and, if you can, pay down as much of your debt as possible. Her advice is to keep an eye on the monthly fees or service charges that might eat into your savings. Programs such as America Saves, a non-profit campaign by the Consumer Federation of America, can help create a roadmap.Īnd if you do have a savings account, it’s important to check whether your bank gives you a good interest rate and shop around if it doesn’t, Ma said.
It’s not possible for everyone, but Gene Natali, cofounder of Troutwood, an app that helps people create financial plans, says it’s ideal to budget to save enough to cover basic necessities for three to six months. The more non-essential expenses you can cut, the more you can save.
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“By understanding what money you are getting and what you are spending, you may be able to make changes to help you through tough times,” advises the Federal Deposit Insurance Corporation’s Money Smart, a financial education program.īudgets often reveal expenses that can be eliminated entirely or impulsive spending that can be avoided with planning.įor guidance creating a budget, free courses such as “ Creating a budget (and sticking to it) ” by CT Dollars and Sense, a partnership of Connecticut state agencies, and Nerd Wallet’s Budget Calculator can be good places to start.
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