Check out Jeremy’s latest podcast on managing your debt by listening on “Apple Podcasts” or “Google Podcasts” or read below for 6 Simple Tips to Save Money and Pay Down Debt.

#85 – Whether you’re a 20-year-old college student or a 70-year-old retiree, financial debt is something that can hold back people of all ages.

It’s important to manage your debts before they snowball into tremendous financial distress, or worse, delay your dream retirement.

Remember, just because you can’t pay doesn’t mean they will go away!

In this episode, Jeremy Keil speaks with Lyle Solomon, principal attorney at Oak View Law Group. Lyle explains how he has helped nearly 6,000 people become debt-free and shares simple tips to help you save more money.

Lyle discusses:

6 Simple Tips to Save Money and Pay Down Debt

1) Communicate With Your Creditors

Instead of a head-in-the-sand approach that some debtors take to run away from their debt obligations, consider reaching out to your creditors.

You never know who might be able to offer a repayment plan that can pull you out of debt.

As Lyle Solomon has said, just because you can’t pay doesn’t mean your debt will go away. If anything, avoiding confrontation can cause additional financial problems.

If the creditor decides to take the matter to court, you might end up paying additional costs and penalties. Plus, most loans are designed in a way that your debt accrues interest until it is paid off. The later you pay, the more interest you’ll owe.

In case of medical debts, some hospitals might also forgive a portion of your debt as part of their charitable programs.

To resolve your debt as soon as possible, reach out to your creditors to discuss your financial position. As someone has rightly said, “If you don’t ask, the answer is always no.”

2) Avoid Bankruptcy

You can file for bankruptcy when your debts far outweigh your assets. Once you do so, your debt obligations are discharged and you no longer owe any money.

However, bankruptcy does not come without severe consequences!

The biggest one is that your creditors can report to credit reporting agencies. This will immediately affect your credit score and jeopardize your ability to obtain credit in the future.

For instance, if you want to purchase a home, it can be difficult to secure favorable interest rates.

Once your credit record is negatively affected, it might remain so for 7-10 years!

3) Pay Yourself First

If you’re working and receiving an income, pay yourself first from that income by setting aside money for the future — even before paying any bills and other expenses.

By paying yourself first, you’re essentially establishing a consistent savings plan. Even if it’s a small amount, it can make a huge impact in the long run.

4) Start Early

We often encourage our clients to get their children/grandchildren interested in finances as early as possible. The earlier you start saving, the greater the impact.

Once you set up a new account for your kids, instill a habit of saving regularly. Sometimes, you might need to contribute the initial amount it requires to start an account. The amount of money you give them does not matter as much as creating their habit of saving money consistently.

Learn how you can pique your children’s financial planning curiosity in this fun blog: 5 Best Financial Gifts for Grandkids.

Note: The rule of starting early doesn’t just apply to your children. You can also start saving for your retirement well ahead of time!

5) Search for High-interest Rate Investments

In his article “Top banking mistakes that can ruin consumer finances,” Lyle Solomon highlights why saving most of your money in a low-interest savings account is a huge mistake.

Instead, search for alternative investments that can offer a greater interest rate without significantly increasing investment risk. Two great resources to shop for high interest rates are MaxMyInterest.com and Bankrate.com.

Recently, we also shared an interesting update on US Series I Savings Bonds (I Bonds) that can help you earn high interest on your savings. Check it out: May – October 2022 I Bond Rate is 9.62%!

6) Discuss Your Finances With Your Partner

In another intriguing article “What it is like to date someone in debt and how to help them,” Lyle Solomon explains the importance of discussing your finances with your partner.

This concerns people of all ages. Whether you’re in your first relationship or a retiree moving into a second marriage, if your partner has severe financial debt, it can affect your financial picture as well.

For example, if you have a joint bank account with your partner, both of you might be liable to pay off the related bank debt.

Before moving into a serious relationship, ask your partner about any pre-existing debt, assets, lifestyle, etc.

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Do you want to learn more about managing your debt? Check out the resources below!

If you have any questions, feel free to contact us or our guest Lyle Solomon using the contact information provided below!

Resources:

Connect With Lyle Solomon:

Connect With Jeremy Keil:

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