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Dont Save When You Are in Debt.
 Humans are curious creatures. We don't always do whats best for us - instead, we do what feels best, and try to blot out any reasons why it may not be the best thing to do. Possibly that's how come there are so many people who have both savings and debts.
Its an Issue of Psychology.
Sure, it makes you feel better to save. Saving makes you feel like you're building a base for your future, whilst paying off debt feels like you're giving your cash in to a hole. That money is for the kids future, or for improving your home, or whatever else - and it's in an account gaining a good rate of interest. What can be wrong with that? Lots, if you have debts.
Dont Be Fooled.
There are just about no savings accounts that will offer you interest rates as high as the ones credit cards take from you. Heres something to consider: if you have $10,000 in a bank account pulling in 5% per year and $5,000 on a credit card at an interest rate of 20% per year, how much hard cash do you have? After only five years, the answer is effectively nothing - your debt would have grown to around $12,500, the equivalent total that your savings are now worth.
You might not believe it currently, but it truly is much better to pay off your debt. If you used half your savings to pay off that debt, youd be in a much better spot that it's really astounding. You avert five years of compound interest on the debt, but you still get to keep $5,000 in your bank account, earning interest - after five years, that's more or less $6,380.
If youd still prefer to keep your savings intact rather than using them to pay off your debts, ask yourself this simple question: is your pride worth $6,380 of your familys money?
Think of Your Financial Well-being.
Once you have sufficient cash to pay off your debt, theres absolutely no reason on earth 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 banking company, then youre in effect paying for the privilege of borrowing your own cash from them. Why would you do that?
There are additional benefit's to getting rid your debt using your own savings. Youll be less worried about your debts, and your credit statement will show that you were able to pay everything back - getting you a much smaller interest deal if you should have to go into debt in the future.
I know it's never easy. You just have to remember that any money you've saved hasnt really been saved at all. Its money you should have been spending as an alternative to buying with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your future - but always bear in mind that whenever you use a credit card to spend that same amount of money, youre spending away your future, plus interest. In any event, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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