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How to Decide Whether to Pay Off Debt or Save Money?
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[QUOTE="Shaf, post: 282315, member: 25467"] Why would anyone want to save money when you have debts to pay? Logic would say that it will be better to pay that debt faster, so you can have more time and luxury to save as you wish. I do understand though that there might be debts you can't pay off immediately, like mortgage or student loans. Paying these back can take a long while and it's best to also save money as you are paying the loans back. Saving is necessary because emergencies cam come up anytime, and you might need to plan for things like vacations, weddings and welcoming a new child. You don't need to put those on hold just to pay long term loans. If you find yourself really stuck between saving and paying a loan, you can decide to adjust your budget to give more room for both, but that means you will have to live frugally. You can also get an extra source of income to help with one of the two. [/QUOTE]
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How to Decide Whether to Pay Off Debt or Save Money?
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