I’ve opened a debt savings account which may sound strange so let me explain how my new account is going to work.
A debt savings account is where you save to pay off your debts. Every month I’ll place all my saving from cutting back and streamlining my budget into my debt account. Then at the end of the month or at regular intervals spend it on the debt I own on top of any minimum payments.
Using this saving method will help to clear debt quicker. To create your own:
1. Open a New Online Savings Account.
2. Prepare your finances – Do a budget and see where you can cut your expenses.
3. Put the money you save into your Debt Savings Account.
4. Regularly pay the money into your debt.
Running your own debt savings account like this will rid you of debt sooner. If you can spend with debt you can save to pay it off and turn your fortunes around. By savings up to pay off debt you can cross the finish line of debt freedom sooner.
