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Dont Save When You Owe Money.
 Human beings are curious creatures. We don't always do whats best for us - instead, we do what feels best, and try to wipe out any reasons why it might not be the right thing to do. Possibly that's why there are so many people who have both savings and debts.
Its a Matter of Psychology.
Yes, it feels better to save. Saving makes you feel like you're constructing a cornerstone for your future, while paying off your debts feels like you're giving your cash in to a hole. That money is for the kids education, or for doing up your home, or whatever else - and it's in an savings account bringing in a valuable rate of interest. What can be wrong with that? A great deal, if you are in debt.
Dont Be Fooled.
There are almost no savings companies that will give you interest rates anywhere near as high as the ones credit cards charge. Heres a question: if you have $10,000 in a savings account earning 5% per year and $5,000 on a credit card at an interest rate of 20% per year, how much cash do you have? After only five years, the answer is effectively zero - your owings would have grown to about $12,500, the equivalent sum that your savings are now worth.
You may not believe it currently, but it really is a lot better to pay off your debt. If you utilised half your savings to pay off that debt, youd be in a much better position that it's truly awesome. You avert five years of compound interest on the debt, but you still get to keep $5,000 in your savings account, pulling in interest - after five years, that's approximately $6,380.
If youd still prefer to keep your savings intact instead of using them to pay off your debts, ask yourself this simple question: is your pride worth $6,380 of your familys cash?
Consider Your Financial Health.
When you get enough money to pay off your debt, theres absolutely no reason to hang on to it. Debt is for people who don't have the money, and need to borrow it. Debt costs money, and savings make money - you need as much of your financial resources as possible to be savings, not debts. If your savings account and credit card are with the same financial institution, then youre effectively paying for the privilege of borrowing your own cash from them. Why would you do that?
There are other advantages to lowering your debt with your own money. Youll be less distressed about your debts, and your credit statement will show that you were able to pay everything back - resulting in getting you a much better interest deal if you ever need to go into debt in the future.
I know it's hard. You just need to bear in mind that any money you've saved hasnt really been saved at all. Its money you ought to have been spending as an alternative to making purchases with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your nest egg - but always remember that when you use a credit card to spend that same money, youre spending away your future, plus interest. Anyway, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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