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Forbes: How to Save Money When You're Broke

Factor in Age

If you’re older or more financially stable, or if your employer matches your contributions to a retirement account, you’re probably better off saving for retirement while keeping up with minimum monthly payments on outstanding debts.

If you’re younger and your employer offers no retirement benefits, reduce debt before switching gears to retirement planning. Your balance will decrease each month as you become closer to being debt-free. This can free up some cash and save interest over the term of your loan or debt. Another benefit: Reduced debt can improve your credit score, helping you achieve better lending terms in the future. This is important if you have financial milestones before retirement, such as starting a business or buying a home.


More From Forbes:
Ten Steps To Get Your Retirement Back On Track
25 Best Places For A Working Retirement
10 Best Countries To Retire To in 2013

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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