How to Eliminate Debt and Save Money in Uncertain Financial Times – NBC 5 Dallas-Fort Worth

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According to a recent study by Capital One and Decision Lab, reported by CNBC, 77% of Americans say they feel anxious about their financial situation.

Often a new year brings new financial goals, but consumers need a plan to achieve those goals.

Rashida Thomaspersonal finance and financial mindset coach in Dallas, said it’s good to have a goal, but you have to have a plan to get there.

“Give yourself a little grace. It’s the first thing you have to do first,” Thomas said. “You have to understand that you didn’t go into debt overnight, so dating isn’t going to happen like that either.”

Thomas said consumers need to be intentional about which debts they want to pay off first. Preferably starting with the one that really keeps you up at night.

“Work to pay this one before all the others. Once you’re done, start paying back others using that snowball effect,” Thomas said.

She also talked about the importance of contributing whatever you can to your company’s 401K offering.

“For those who are still lucky enough to have a job right now, you have to contribute to this pension plan. Even if only a little. A little can turn into a lot, especially when your employer pays a certain amount,” Thomas said.

When it comes to cash for your savings account, she said the key is to make saving sense.

“What I mean by dumb is saving in a way you don’t even think about. Create a savings account with your checking account that takes a certain amount of money from your checking account every paycheck. That way you just set it and forget it. Even if it’s just $25 or $50, at least it’s something,” Thomas said. “Savings apps as Figure can also help. I even use this one!”

She also mentioned finding money in places you might not have thought of.

“For those who are still working from home, calculate the amount of money you used to spend on gas each week to get to work. If you can, try to save it in an account. Keep doing this until let it be time to get back to the office,” Thomas said.

Thomas also offers free, 30 minute consultation sessions and budget sheets to help people reach their savings goals.

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