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Nov 24, 20232 min read

Is It Too Late To Start Saving When I Am Already In debt?

Today's Q&A


Q: Is It Too Late To Start Saving When I Am Already In debt?

A: To be honest with you, in this current climate, we actually get asked this question all of the time.


Let's say, for instance, you are currently in major debt. You are up to your neck with many financial obligations, and can barely keep your head above water. And now you have to save on top of that? What do you do? Is there any hope or coming out of that situation? Yes, there is. Let's use that particular case as our example here today​.

Whenever you are in a situation where you feel as if you are in over your head, remember to take a step back, and try to write down as much as you can so that you can see things objectively. When you write things down like this, it allows for you to be mentally compartmentalized and provides a way for your brain to process things differently. Doing this can help alleviate your brain from the stress of trying to overcome it without a vision.


Next, start small, and work your way up.


Let's say that you have multiple credit cards that are now overdue. From here, you would want to contact those banking institutions' customer service departments and let them know your current financial situation. Chances are, they would be willing to work with you to either help put you on a plan so that you are no longer accruing interest, set you up a payment plan that you can currently afford, or close your account for a certain period of time with low monthly installments until your account is back in good standing. 


This is actually the biggest step! Once you cross that hurdle, making the contact to get everything squared away, you can make the other necessary steps to continue getting out of the debt process. Since you're paying down the balance, and your monthly payments have been temporarily lowered, you can use any additional money you would have spent, and begin to set up your 'rainy day' fund.

Doing this will help you get back on track, keep positive banking relationships and credit relationships, and will allow you to create a space specifically for savings to which you can refer if ever in an emergency in the future.


We hope that we can answer your question. If this blog helped you in any way, please link or share with someone else that this could help out. If you are in need of our services, please feel free to give us a call, or schedule an appointment using the link below, to see how we can save you money today.


- The Adocyo Team


Have a few questions or need help on how to save money as an investor?


Visit Us Our website at www.adocyo.com Or Give Us A Call at (949) 868-5528


Or Send Us An Email at: info@adocyo.com


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