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Age Doesn't Define Who You Can Be AT FORTY FIVE Magazine Issue 2021 14

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The magazine for women 45+ who want to own aging with spirit and joy. For those of us rediscovering who we are and exploring what we want next. And we want more; health, wealth, happiness, and fulfillment.

WEALTH FINANCIAL FREEDOM

WEALTH FINANCIAL FREEDOM Requires Debt Reduction and a Savings Strategy by Sherry Kallergis Editor We all aspire to have financial freedom as we age. That most often requires a debt reduction and a savings strategy. There are questions on the best route to attaining financial freedom. I posed the question in our Facebook groups, of whether you should pay your debt off first or save money. Most of the people who responded were in favor of paying the debt off first. And that is a good strategy. After all, with debt you are paying interest, you are paying more money so paying the debt off faster makes sense. Right? Yes and no. Paying your debt off faster will save you money in interest payments. But what happens if you have an unexpected expense and don’t have funds available to pay for that expense? What are you going to do? Delay paying for the expense until you save the money. Alternatively, put the expense on a credit card? Probably the latter, right? 22

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