How to Save Money While in Debt - 2 Min. Tuesdays

Learn all about finding the balance between savings money and paying down your debt…in about two minutes.

So you have debt and want to save money. Follow these simple steps to learn the best balance:

1. Start saving an emergency fund. Without an emergency fund you might be stuck having to use a credit card to pay for an unforeseen emergency.

2. Take a look at your 401(k) retirement options with your employer. A lot of companies will match a percentage of what you put into your 401(k).

3. Look at what kind of debt you have. Do you have high interest credit card debt? If so, start paying it off ASAP. But what if you have a lower interest rate debt such as a student loan? I wouldn’t stress about paying it off so fast.

4. At this point, the best approach to savings while in debt is taking a blended approach. Paying down debt and saving money in equal proportions will make your financial situation easier to swallow!

Speaking of blending, here’s my recipe for the perfect strawberry banana smoothie:

Unsweetened Vanilla Almond Milk – ¼ cup
Frozen Strawberries – 4 to 5 strawberries (already cut and frozen)
Frozen Banana’s – 1 ½ banana’s (already cut and frozen)
Peanut Butter – 1 ½ tsp

Buy your banana’s and strawberries fresh, cut and freeze them over night. Take the almond milk, strawberries, banana’s, and peanut butter and put it in the blender. The frozen fruits will make your smoothie thicker and not as watered down. By using more banana’s, your smoothie will get the consistency of almost a milkshake.

By adding peanut butter, it gives you more energy throughout the day and adds a nutty delicious flavor to your smoothie. Make sure that all of your frozen fruits are fully blended. If needed, add more almond milk to make it less thick. After it’s blended, enjoy!

Check out Dave Ramsey's book, "The Total Money Makeover" here: daveramsey.com/store/product/the-total-money-ma…