Seminar offers ways to reach financial freedom

A seminar was held this week to help people learn to better manage their finances.

Ever wondered how to effectively save your money?

This week the Tennessee Department of Commerce and Insurance along with several experts gathered to discuss ways to save money and invest earnings.

The average American is around $90,000 in debt. That includes everything from credit cards to students loans. Personal finance columnist, Michelle Singletary explains an effective way to pay off your debt.

“The method that I actually recommend, you list all your debts from the smallest to the largest, and then you attack the little debts first. And you make the minimum payments on everything else and you throw everything you can find from your budget on that first debt,” Singletary said.

Singletary also says if you can get rid of debts quickly, it helps you stay in the mode of paying things off.

Staying on top of your payments is another issue many Americans face.

Experts say setting up automatic payments might be the key to some type of financial stability.

“The reason that I like that so much is psychologically, because then you don’t go to bed at night or wake up every morning thinking oh, what am I supposed to pay off today? It’s a constant grind,” said creator of “MoneyTrack” Pam Krueger.

More than half of Americans are spending more than they earn. In order to balance all of your earnings, you need to have a solid budget.

“If you think about how much you want for retirement, how much you want for emergency savings, how much you want for vacations, even holiday spending. These are all goals that you need to account for in your budget, and make sure you’re saving for them,” said Personal Finance Expert, Laura Adams.

If you need help with budgeting your money, there are apps out there. If you need a budget, experts say these apps can help you spend your money more wisely.

To learn more about organizing a budget, visit our ‘Seen on 7‘ section of our website.

Categories: Seen On 7