facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
%POST_TITLE% Thumbnail

Savings vs. Debt - 5 Strategies to Start Saving Today!

Debt is sweeping the nation. With student loan debt becoming astronomical among millennials and credit card debt piling up in the background, it can feel overwhelming that your savings is getting the short end of your paycheck. According to the Federal Reserve Bank of New York, Americans’ total household debt has reached $13 trillion – a record high. Thoughts of financial stress flood our minds like how we are going to afford our current lifestyle and our future in retirement.  

Don’t know where to start? Outlined below are some initial steps in helping you recover from debt and work towards financial security for your future. 

Identify bad spending habits: In order to tackle your debts, you are going to need extra cash flow. Identify where you can cut spending.

Set up an emergency fund: If you lose your job or you are hit with an unexpected expense, you need to be ready. A good rule of thumb is saving enough for 3-6 months of expenses.

Pay at least the monthly minimum: If you don’t pay off the minimum, your credit score will drop, you might be stuck with penalties and become at-risk for bankruptcy.

Prioritize by interest rate: After paying the minimum on each debt, pay more than that on debts with higher interest rates. This will save you large payments in interest down the road. Credit cards tend to have the highest interest rates.

5 Consider refinancing / consolidating: For debts like student loans or mortgages, you may be paying more interest than you should. Search for lenders and their current offerings for refinancing. By doing so, you may reduce your monthly payment AND the period of the loan.

For more information, Contact your MCF Financial Advisor, today!

Hunter Nighbert

Financial Advisor




MCF Advisors, LLC (“MCF”) is an SEC-registered investment adviser. Please remember that past performance may not be indicative of future results.   Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this presentation will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this presentation serves as the receipt of, or as a substitute for, personalized investment advice from MCF.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed herein to his/her/its individual situation, he/she/it is encouraged to consult with the professional advisor of his/her/its choosing.   MCF is neither a law firm nor a certified public accounting firm and no portion of the webinar content should be construed as legal or accounting advice.  A copy of MCF’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an MCF client, please remember to contact MCF in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing / evaluating / revising our previous recommendations and/or services. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement.