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Dont Save When You Owe Money.
 People are curious creatures. We don't always do whats best for us - rather, we do what feels best, and try to blot out any reasons why it may not be the right thing to do. Possibly that's how come there are so many people who have both savings and debts.
Its a Matter of Psychology.
Sure, it makes you feel better to have savings. Saving makes you feel like you're building a foundation for your future, whilst paying off your debts makes you feel like you're throwing your money in to a hole. That money is for the kids future, or for doing up your home, or whatever else - and it's in an bank account realizing a useful rate of interest. What can be wrong with that? Lots, if you owe money.
Dont Be Fooled.
There are almost no savings institutions that will offer you interest rates as high as the ones credit cards wrest from you. Heres food for thought: if you have $10,000 in a bank account realizing 5% a year and $5,000 on a credit card at an interest rate of 20% per year, how much hard cash do you have? After just five years, the answer is effectively $0 - what you owe would have grown to around $12,500, the equivalent sum that your savings are now worth.
You may not imagine it now, but it truly is much better to pay off your debt. If you utilized one half of your savings to pay off that debt, youd be in such a better spot that it's truly astonishing. You avert five years of compound interest on the debt, but you still get to keep $5,000 in your bank account, bringing in interest - after five years, that's approximately $6,380.
If youd still rather keep your savings intact instead of using them to pay off your debts, ask yourself this elementary question: is your pride worth $6,380 of your familys cash?
Think of Your Financial Well-being.
When you get enough money 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 want as much of your financial resources as possible to be savings, not debts. If your savings account and credit card are with the same bank, then youre effectively paying for the privilege of borrowing your own cash from them. Why on earth would you do that?
There are additional advantages to getting rid your debt with your own money. Youll be less strained 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 have to go into debt in the future.
I know it can be hard. You just have to remember that any cash you've saved hasnt really been saved at all. Its money you should have been spending as an alternative to buying things with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your children's education - but always bear in mind that whenever you use a credit card to spend that same money, youre spending away your future, plus interest. In any case, if you've got the debt, then that money has already been spent - stop denying it to yourself.
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