Consolidating debt and refinancing loans are two great ways to save money on your monthly payments. Debt consolidation is typically used for unsecured debt and is especially effective for high-interest debt like credit cards, while refinancing a loan enables borrowers to “redo” an existing loan to get a lower monthly payment, different term length or a more convenient payment structure.
Both options are a great way of saving money each month. Ideally, you’d be able to measure the savings you’re seeing and put that toward your retirement planning. It might not sound like a lot of money, but even if you were able to save $50 a month, at the end of a year you’d have $600 to put toward your retirement.
Do you have debt that can be consolidated? Do you have loans that can be refinanced? You never know what your options are until you ask. Check with someone at our branch to see if we can save you some money each month to put toward your retirement.
Truth is, there are a dozen different ways you can prepare for retirement early and start saving money. You just have to find the ways that work for you.