Saving and paying down debt have become national pastimes as Australia enters its first recession in nearly three decades.
Amid revelations of a record economic contraction, household spending fell by $35.2 billion in the three months to June 30 while household savings rose by a whopping $42 billion.
Fitzpatricks Private Wealth certified financial planner Randall Stout said that meant Australians were doing the right thing and building up a financial buffer in uncertain times.
Here are three tips to help you do the same.
1. Fight the avalanche
There are two schools of thought when approaching debt repayment: The snowball and the avalanche.
The avalanche method involves making minimum repayments for all your debt, and funnelling any ext…
Read the full article at: https://thenewdaily.com.au/finance/your-budget/2020/09/03/how-to-pay-down-debt-recession/
