Recently the Oprah Winfrey show featured a multiple part series on debt called Debt Diet. The series emphasizes how Americans are drowning in debt and not saving enough. The show offers an action plan to help families get out of debt. The series follows three families as they wrangle with trying to implement the step by step action plan to reduce their debt.

It is critical that you know how much debt you really have and how much you are spending. If you have too much debt, you need to get your spending under control and manage your credit cards better. It may be a matter of teaching yourself to say “NO” to new purchases and to follow a spending plan. Or, you may need to explore new ways to increase your income.

When you are struggling with debt it is difficult to even think about saving for retirement. In order to have the resources you need later in life, you should begin to set aside resources now. Most people struggle with how much to save now, so they will be in good financial shape 20-30 years into the future. It may seem a bit like guessing or magic, but there are tools to help you estimate how much you will need. Social Security Online offers an estimate your retirement benefits calculator. There are other retirement calculators, as well.

Here are some additional resources to help you manage your debt and increase your savings:

Are your “get out of debt” strategies working for you? When it comes to retirement planning, do you think you are saving enough?