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Dont Save When You Are in Debt.
 Human beings are curious animals. 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 most effective thing to do. Possibly that's why there are so many people who have both savings and debts.
Its an Issue of Psychology.
Sure, it makes you feel better to have savings. Saving makes you feel like you're constructing a foundation for your future, whilst paying off debt feels like you're throwing your cash in to a hole. That money is for the kids future, or for improving your house, or whatever else - and it's in an bank account pulling in a useful rate of interest. What can be wrong with that? A great deal, if you have debts.
Dont Be Fooled.
There are about no savings companies that offer interest rates anywhere near as high as the ones credit cards charge. Heres food for thought: if you have $10,000 in a savings account realising 5% a year and $5,000 on a credit card at an interest rate of 20% per year, how much money do you have? After only five years, the answer is effectively nada - your debt would have grown to about $12,500, the same total that your savings are now worth.
You may not think it at present, but it really is a great deal better to pay off your owings. If you used half your savings to pay off that debt, youd be in a much better situation that it's truly amazing. You avert five years of compound interest on the debt, but you still get to hang on to $5,000 in your savings account, bringing in interest - after five years, that's about $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 hard cash?
Consider Your Financial Health.
Once you have enough money to pay off your debt, theres absolutely no logical reason to keep 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 banking company, then youre effectively paying for the privilege of borrowing your own money from them. Why would you do that?
There are other benefit's to lowering your debt with savings. Youll be less worried about your debts, and your credit report will show that you were able to pay everything back - getting you a much smaller interest deal if you ever need to go into debt again.
I know it's hard. You just have to bear in mind that any money you've saved hasnt really been saved at all. Its money you should have been spending instead of making purchases with a credit card. Yes, it feels much worse to spend money thinking that youre spending away your future - but always remember that when you use a credit card to spend that same amount of money, youre spending away your future, plus interest. Anyway, if you've got the debt, then that cash in the bank has already been spent - stop denying it to yourself.
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