In this brief Q & A, Texas Lending answers common questions facing millions of Americans struggling to build their nest egg.
Q: I don’t have any extra money to save. How can I get ahead?
Texas Lending: You may have more disposable income that you think. If you can break your savings goal down into small amounts and divide it out by day, you’ll find that a few dollars here and there will add up fast. Let’s say you are in the habit of getting a latte on your way to work every day. At $5 a pop, you could see your savings grow by over $1,000 at the end of a year if you bring your coffee from home.
Q: Should I pay down debt before I start saving?
Texas Lending: No one will argue that getting ahead on bills is a great way to improve your long-term finances. However, if you don’t have a safety cushion, you need to consider diverting any extra you are paying out to savings. [Continue reading]