Many people believe that you either save money or avoid debt. You either have enough money to save or you are struggling to get by. The truth is that you can save money and avoid debt at the same time. You just have to be smart about it. Just take this process one small step at a time.

Create A Rainy Day Account

If you do not have an account that is set aside just for unexpected expenses then start one and if you have one then keep adding to it. In uncertain times, those who plan ahead are the ones best able to weather the storm. The biggest problem most people have is finding money after paying bills.

This is why you want to have money automatically taken out of your paycheck and put into the savings account. This way you stop counting this money as part of your monthly budget to be spent on bills and luxuries. You can learn to live on less money but odds are you will not do it until that money is no longer available.

The type of account you want will allow you to access your funds anytime without a fee and that will give you enough of a return to shield your money against inflation. You do not want an investment account with risk. This is money that should be there when you need it.

This is the ultimate example of saving money while avoiding debt. Sometimes debt creeps up on you over the months and years and other times it comes in one big financial blow. This rainy day account will help to protect you from whatever might come.

Get The Right Checking Account

Your have options when you choose a checking account so why not choose a checking account that is free?

This is painfully obvious but not if you have stayed with the same checking account for years or if you did not know you could easily get a free one. Some checking accounts require minimum balances or hit you with monthly service charges or fees every time you make a transaction.

You don't have to pay these fees so don't. Shop around until you find a checking account that isn't slowly bleeding you dry. Accounts of this type can often be found in credit unions, community banks, and even online banks so you can begin your search with these institutions.

Pay Off Your Credit Cards

You know you should pay your credit cards off but know what interest rates you are paying on each card too. The exact interest rates will tell you just how much these cards are impacting your finances. This way you can pay off the credit card that you have with the highest interest rate first and do the most good. You will reduce the balance that you are carrying on your credit card and the interest charges that go along with it.

Saving money and avoiding debt are touchy subjects. You want to save money for the future but this can be challenging. You want to avoid debt but tough times make this seem like an uphill battle, and sometimes the only way out looks to be credit card debt help. By combining all these ways to save money and avoid debt, you will be that much closer to being where you want to be financially.

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