Yusra3
VIP Contributor
I get it. It's a tough choice: Should I pay off my debt or save?
And one thing is for sure, if you're not saving, your debt is going to be a lot bigger if you don't start now. But if you do decide to save, then the best way to do that is with an emergency fund. And the best way to build an emergency fund is by paying down your debt!
So here are some tips for making this decision:
1. If you have debt, then pay off as much as possible until there's nothing left but the smallest amount of interest payment on your credit card. This will help keep your monthly payments low and make sure that when an emergency arises--like a car repair or unexpected medical bill. you can still manage without having to worry about being able to meet those payments.
2. If you don't have any debt yet but want one anyway, then save up as much money as possible so that when you do get into debt later on down the road (hopefully not anytime soon), having an emergency fund will help protect against unexpected expenses like car repairs or medical bills that come up unexpectedly.
And one thing is for sure, if you're not saving, your debt is going to be a lot bigger if you don't start now. But if you do decide to save, then the best way to do that is with an emergency fund. And the best way to build an emergency fund is by paying down your debt!
So here are some tips for making this decision:
1. If you have debt, then pay off as much as possible until there's nothing left but the smallest amount of interest payment on your credit card. This will help keep your monthly payments low and make sure that when an emergency arises--like a car repair or unexpected medical bill. you can still manage without having to worry about being able to meet those payments.
2. If you don't have any debt yet but want one anyway, then save up as much money as possible so that when you do get into debt later on down the road (hopefully not anytime soon), having an emergency fund will help protect against unexpected expenses like car repairs or medical bills that come up unexpectedly.
