How to Save While Paying Off Debt
Getting rid of debt is important - and responsible. But it doesn't have to get in the way of saving for the future. Here are some tips to create a well-balanced financial life.
- Determine your financial goals. Create a budget to see how much money you have after mandatory expenses and paying debt minimums.
- Assess your emergency fund. We recommend securing 6-12 months of income in case the unexpected happens. Put your emergency fund in a separate account so you won’t be tempted to use it.
- Pay debit minimums. If you have a low interest rate, consider paying the minimum amount due each month. This could leave you more money to put toward savings.
- Pay off debt sooner. If your interest rate is high, paying more than the minimum balance each month could save you on interest in the long run.
How you could pay off debt even faster:
- Consider using your tax refund or work bonus
- Refinance loans when rates drop
- Decide what you’re saving for. Develop a timeline of future goals and purchases.
Our accounts earn you higher interest so you can maximize your savings.
PNC Premiere Money Market Account
A savings solution that:
- Offers higher interest rates for higher balances when linked with select PNC Checking accounts*
- FDIC insured to the maximum permitted by law.
PNC Virtual Wallet®
Simplify your financial life with convenient visual tools:
- See what you're spending, making and saving all in one place
- Create budgets for categories like groceries, education and more
- Set up automatic savings to help you reach your long-term goals
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