In 2018 alone, Americans spent $104 billion paying off credit card interest and fees. With so much money going towards paying off accumulated expenses, saving money can seem like a daunting task. Whether your expenses come from paying for college, a medical bill, or credit cards, there are ways to pay off your financial obligations while also putting money to the side. However, sometimes the two do not necessarily work together, but in tandem. Like any matter surrounding personal finance, many of the options depend on what your finances look like. Read through the tips below to determine your best option:


For many people, paying off expenses and saving money isn’t feasible. When it comes to saving and paying items off, sometimes prioritizing is the smartest bet. If you don’t already have money saved for emergencies or sudden expenses, you should focus on creating a fund that will keep your finances safe if something bad were to happen, potentially putting you in more debt. Basically, save more and pay the minimum on credit cards and bills. When you’ve built a sufficient cushion, you can then begin to balance out your savings and expenses.


If you’ve attained a healthy balance between saving and paying expenses off, consider investing to maximize your money. Additionally, if your employer offers a retirement plan, you should invest enough to match their contribution. Such an investment usually offers between 25 -100% return on contributions. If investing, you may need to step back and continue paying the minimum balance on your bills. If this seems like a setback, remember that it’s only temporary given the return you’re receiving on your investment.


Though it may seem counterintuitive, if you’re trying to pay off a credit card with a high interest rate, look into transferring your balance to another card. Many companies offer the opportunity to transfer balances for no extra cost and the chance to pay interest free, sometimes for up to 15 months. Other companies may charge a fee but offer an extended period of interest free payments. Transferring your balance could save you upwards of $100 depending on how high your current interest rate is, which is another $100 or more you could be saving.

Assess your financial needs and capabilities and think back to some of the variables discussed here. If you’re still at a loss, visit to learn more about how we can help you.