Keep Debt Low With These 5 Tips
Time For a Debt Diet?
Keep your debt low with these 5 tips.

Take ownership of your financial well-being with these money-saving tips. 


Tracy P., manager, Walmart Services, shares this advice for managing your debt and preparing for your financial future.

Save with Purpose

Save money into separate accounts for different purposes such as “vacation savings” and “rainy day” savings. Setting aside money in advance can help you reach your savings goals and prevent unnecessary credit purchases.


Setting up direct deposits of even small amounts into your savings accounts can add up fast and help you keep your savings commitment, advises Tracy.

Plan to Pay

Plan credit purchases based on your ability to pay off the balance. Before you buy, do the math to know how much you’ll need to pay each month and for how long to pay off the purchase so you know what you’re getting into.


“Be aware of the types of purchases you choose to use credit for,” Tracy says, “so if you are incurring interest, you have a game plan on how to manage it.”

Know Your Options

There are different types of credit, including bank loans and a variety of credit card options. Tracy’s advice: Do your research in advance so you can make smart choices for yourself. This can include deciding what you need from the credit account, checking online reviews, and getting advice from a trusted source, like a financial service provider.


“The more you understand, the better decisions you can make,” Tracy says.

Maintain Control

When you take out a loan or open a credit card, take time to understand everything you’re signing up for. Don’t open credit on impulse. Know your plan on how you’ll use the credit account and how you’ll pay it off.


“There is value in credit cards because they help establish credit history, which affects your credit score and loan eligibility,” Tracy says. “Use them to your advantage by doing it on your own terms. Don’t just be along for the ride.”

Know Your Score

Make sure your credit score is a true representation of your credit history. Review credit reports annually to clean up accounts and monitor for accuracy.


“It’s easy to damage your credit but hard to clean it up,” Tracy says. “So, you have to be on top of purchases on the front end.”