Tips For Getting Out of Debt and Saving Money (at the SAME TIME) | Managing Money

In this video, I discuss the tips for getting out of debt and saving money at the same time. When you are looking at a mountain of debt it can be life crushing. I hope these money tips help set you on the right path.

There are 3 buckets you should be dividing you total income into to get out of debt and save money simultaneously. Those three categories are...

1. Expenses (70%)
2. Debt (25%)
3. Saving (5%)

If you can get your expenses down to 70% of your total income it will leave you with 30% of your total income (after tax). that extra 25% will go down to hitting your smallest debts first and work itself down to the biggest! During this "Snowball method" of paying down debt, you will be saving 5%. Its not a life changing amount, however it is a psychological win when you get to see debt go down and savings go up.

You can also GIVE that 5% away to increase your happiness during this process (I would recommend it!)

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Disclosure: I am not a professional (or even amateur) investment advisor. Nor do I claim to be. Please seek professional advice If you are looking to make any investment choices!